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| Topic: |
Business
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| Number of pages / Number of words: |
49 / 13561 |
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The day after, Raju announced his ill-fated plan to shell out $1.6 billion to acquire his sons' companies, Maytas Properties and Maytas Infra. It created such a furore that Raju was forced to backtrack. But what was widely seen as a move by Raju to bail out his sons was actually aimed at covering Satyam's tracks through fictitious cash transfers (details inside)...
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A day after the sensex crossed the 10,000-mark, it plunged by 749 points, wiping out almost Rs 1.3 lakh crore (or trillion) of market capitalization. There's intense speculation as to what finally triggered Raju's confession of wrongdoing. It's clearly more than coincidence that it came hot on the heels of investment banker DSP Merrill Lynch's letter to the company on Tuesday evening (followed by another to Sebi this morning) terminating its 10-day-old agreement with Satyam to advise it on strategic options because of ``material accounting irregularities''...
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