7.1.2009
In a letter to the board, CEO Ramamlinga Raju has given balance sheet details. In a shocking revelation, he has said that the balance sheet details over the years was fictitious.
The balance sheet has inflated cash balances of Rs 5,040 crore (Rs 50.40 billion) and accrued interest of Rs 376 crore (Rs 3.76 billion) is non-existent. Rs 1,230 crore (Rs 12.30 billion) was arranged to Satyam and is not reflected in the books.
He admitted that second quarter numbers were inflated to Rs 2,700 crore (Rs 27 billion) when the actual figure was Rs 2112 crore (Rs 21.12 billion). He also said that other board member were unaware of the real numbers.
The Satyam balance sheet, as on September 30, 2008, had an accrued interest of Rs 376 crore (Rs 3.76 billion) which is non-existent. It also had an understated liability of Rs 1,230 crore (Rs 12.30 billion) on account of funds arranged by Ramalinga Raju. The balance sheet showed an overstated debtors position of Rs 490 crore -- Rs 4.90 billion -- (as against Rs 2,651 crore -- Rs 26.51 billion -- reflected in books).
The gap in balance sheet has arisen purely on account of inflated profits over a period of last several years.
Source:
http://www.rediff.com/money/2009/jan/07ramalinga-raju-resigns.htm
Showing posts with label Company information. Show all posts
Showing posts with label Company information. Show all posts
Wednesday, January 7, 2009
Friday, June 8, 2007
Ashok Leyland unveils strategy to grow bus segment
Economic Times 9-6-2007 Page 6
New strategy: to offer customers a new range of buses, including fully built vehicles and double the capacigty of luxury liner Irizar a JV with TVS. It is also giving push t designing buses and branding models like Viking, Irizar, Luxura9intercity), Panther and Tarmac (Airport bus). they want to supply fully built buses up to two thirds of their sale against on 10% now. COO Vinod K Dasari told ET.
we want to increase our share by increasing profit of operators. It will focus on designing the buses, colouring, improving passenger comforts plus branding. Depending on models, it will own IPR. It will forge tie-ups with leasding coach builders for capacity expansion. In case of ST buses it will work with TATA Motors for standardizing the results.
Irizar, present capacity of 500 luxury coaches will be doubled by increasing capacity at Viralamalai and Pudukottai plants.ALL has also proposed to scale up capacities at Alwar and Ennore plants.
New strategy: to offer customers a new range of buses, including fully built vehicles and double the capacigty of luxury liner Irizar a JV with TVS. It is also giving push t designing buses and branding models like Viking, Irizar, Luxura9intercity), Panther and Tarmac (Airport bus). they want to supply fully built buses up to two thirds of their sale against on 10% now. COO Vinod K Dasari told ET.
we want to increase our share by increasing profit of operators. It will focus on designing the buses, colouring, improving passenger comforts plus branding. Depending on models, it will own IPR. It will forge tie-ups with leasding coach builders for capacity expansion. In case of ST buses it will work with TATA Motors for standardizing the results.
Irizar, present capacity of 500 luxury coaches will be doubled by increasing capacity at Viralamalai and Pudukottai plants.ALL has also proposed to scale up capacities at Alwar and Ennore plants.
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