would like the board to know:
1. That neither myself, not the Managing Director(including our spouses) sold any shares in the last eight years-excepting for a small proportion declared and sold for philanthropic purposes.
2. That in the last two years a net amount of Rs 1,230 crore was arranged to Satyam (not reflected in the books of Satyam) to keep the operations going by resorting to pledging all the promoter shares and raising funds from know sources by giving all kinds of assurances (Statement enclosed, only to the members of the board). Significant dividend payments, acquisitions, capital expenditure to provide for growth did not help matters. Every attempt was made to keep the wheel moving and to ensure prompt payment of salaries to the associates. The last straw was the selling of most of the pledged share by the lenders on account of margin triggers.
3. That neither me, nor the Managing Director took even one rupee/dollar from the company and have not benefitted in financial terms on account of the inflated results.
4. None of the board members, past or present, had any knowledge of the situation in which the company is placed. Even business leaders and senior executives in the company, such as Ram Mynampati, Subu D T R Anand, Kesab Panda, Virender Agarwal, A S Murthy, Hari T, S V Krishnan, Vijay Prasad, Manish Mehta, Murali V, Sriram Papani, Kiran Kavale, Joe Lagioia. Ravindra Penu Metsa, Jayaraman and Prabhakar Gupta are unaware of the real situation as against the books of accounts. None of my or managing directors immediate or extended family members has any ideas about these issues.
Having put the facts before you, I leave it to the wisdom of the board to take the matters forward. However, I am also taking the liberty to
recommend the following steps:
more in next post
ref: The Economic Times
Posted in Ahmedabad, Dhirendra, Dhirendra Patel, News, Newspaper, Ramalinga Raju, Satyam Computers, SEBI, Stock Market
Tagged Letter of ram, Ramalinga Raju, Satyam Computers, Satyam Letter
Good Morning Friends
Well, I think Indian Stock market is going to spoil diwali of investors. It’s already on down side and I just got news that BES Sensex is all time low for 2008. When I am writing this it is 9866.65 and it’s -303.25 for today.
The BSE Sensex is seen falling to fresh 2-¼ year lows on Thursday in the aftermath of another global rout of equities, with fears of global recession expected to lead to further withdrawals of foreign investment funds.
Asian stocks dropped to a four-year low for a second day on Thursday, with exporters especially hard hit, on growing fears that a severe global downturn would depress corporate earnings further. Emerging markets were hit the hardest on foreign portfolio outflows.
Nifty stock index futures traded in Singapore were down 4.66 percent at 0319 GMT, indicating sharply lower open for local markets.
The 30-share BSE index dropped 4.8 percent to 10,169.90 on Wednesday after rising 7.1 percent in the previous two sessions.
The index hit its 2008 low of 9,911.32 on Oct. 17, and last traded below there in July 2006.
news from yahoo india website.
Good Morning Friends, my day NOT starts with walk today. I not go for walk as I weak up at 7-00 am. There are many reasons to weak up late. Conscious Dhirendra Patel inside me is feeling bad because I miss my daily routine walk because of my little laziness. I give strong commitment to my self for not repetition of this action again.
I am person of HRM. People management is my subject of interest. Finance is another subject of interest for me. I am taking active interest in Indian stock market as well as American stock market. We all are aware with the news that on Monday American stock market Down Jones was down by 778 point.
Stocks crushed with 778 point which is biggest single day point loss ever. It is around 7% down in a single day. Many news channels called it like the day America Trembled. Approximately $1.2 trillion in market value is gone after the House rejects the $700 billion bank bailout plan. Read the complete news at CNN Money.
Approximately $1.2 trillion in market value is gone after the House rejects the $700 billion bank bailout plan.
Stocks skidded Monday, with the Dow slumping nearly 778 points, in the biggest single-day point loss ever, after the House rejected the government’s $700 billion bank bailout plan.
The day’s loss knocked out approximately $1.2 trillion in market value, the first post-$1 trillion day ever, according to a drop in the Dow Jones Wilshire 5000, the broadest measure of the stock market.
The Dow Jones industrial average (INDU) lost 777.68, surpassing the 684.81 loss on Sept. 17, 2001 – the first trading day after the September 11 attacks. However the 7% decline does not rank among the top 10 percentage declines.
The Standard & Poor’s 500 (SPX) index lost 8.8%, its seventh worst day ever on a percentage basis and the biggest one-day percentage drop since the crash of ’87, when it lost 20.5%. The Nasdaq composite (COMP) fell 9.1%, its third worst day on a percentage basis and also its worst decline since the crash of ’87.
Stocks tumbled ahead of the vote and the selling accelerated on fears that Congress would not be able come up with a fix for nearly frozen credit markets. The frozen markets mean banks are hoarding cash, making it difficult for businesses and individuals to get much-needed loans.
More story in next post.
News courtesy CNN Money