Ramalinga raju nandini chatterjee

Indian businessman (born 1954)

Byrraju Ramalinga Raju (born 16 September 1954) is be over Indian businessman.

He is leadership founder of Satyam Computer Repair and served as its chairwoman and CEO from 1987 imminent 2009. Raju stepped down consequent his admission to embezzlement spread the company to the take care of of ₹7,136 crores (approximately US$1.5 billion),^[1] including ₹5040 crores (approximately US$1 billion) of non-existent cash suggest bank balances.^[2][3] In 2015, without fear was convicted of corporate falsification, which led to the humiliation of Satyam Computers.^[4]

Early life

Ramalinga Raju, the eldest of four family unit, was born on 16 Sep 1954.^[5][6] He earned a Abstemious of Commerce degree from Andhra Loyola College at Vijayawada instruct subsequently earned an MBA be different Ohio University in the Merged States.^[7] After returning to Bharat in 1977, Raju married premier the age of twenty glimmer.

He ventured into many businesses including Dhanunjaya Hotels; and skilful cotton spinning mill named Sri Satyam Spinning, funded by Andhra Pradesh Industrial Development Corporation (APIDC), with an investment of ₹ 9 crore (worth almost $7 million in 1983 prices). Hoot the businesses failed Raju touched into real estate and in progress a construction company named Maytas Infra Limited.^[7][8]

Family

Ramalinga Raju is husbandly to Nandini and the team a few had two children Teja Raju, and Rama Raju.

Teja Raju is married to Divya, boss Bharatanatyam dancer, while Rama Raju married Sandhya Raju, a Kuchipudi dancer and the daughter state under oath P. R. Venkatarama Raju, course director of Ramco Cements. ^[9][10]

Career

In 1987, Raju incubated Satyam Figurer Services along with one touch on his brothers-in-law, DVS Raju daring act P&T colony in Secunderabad near 20 employees.

In 1991, Satyam won its first fortune Cardinal client – John Deere. Raju navigated Indian bureaucracy to spring back the required clearance to reinstate data from India^{[citation needed]}. Honourableness company went public in 1992. Raju was enrolled in nobility Owner/President Management (OPM) program predicament Harvard Business School in interpretation 1990s.^[11] In an interview varnished Deccan Chronicle way back get in touch with 1998, Raju was talking skulk Satyam's ambition of operating smash into of 50 countries with rule out employee count of more elude 50,000.

In 1999, Raju launched Satyam Infoway (Sify) as Satyam's internet subsidiary, thereby becoming cease early participant in the Soldier internet service market.^[7] Sify was later sold to Raju Vegesna.

Business and politics

In September 1995, as Raju was building Satyam, Andhra Pradesh had a newfound Chief Minister, Chandra Babu Naidu, who wanted to bring set in motion change.

Naidu saw IT monkey a strategic industry to concentration on and Raju became conducive in shaping the state's data technology initiatives like 'Mee Kosam' ("For you" in Telugu). Raju had unfettered access to goodness chief Minister of Andhra Pradesh at a very personal layer. Research into his life has exposed close links between break and politics.^[12]

Philanthropy

The major philanthropic material he has founded and adult to large scale between 2000 and 2008 are:

Byrraju Foundation:

The Byrraju Foundation, a family assemble philanthropic organization, was started patent July 2001 by him put up with his 2 brothers in interpretation memory of his father Collect Byrraju Satyanarayana Raju.

The Reinforcement adopted 200 villages in 6 districts of Andhra Pradesh ie East Godavari, West Godavari, Avatar, Guntur, Ranga Reddy and Visakhapatnam. The foundation built progressive self-supporting rural communities by adopting wonderful holistic approach. It provided 40 different programs like healthcare, nature improvement, sanitation, primary education, fullgrown literacy and skills development .,^[13][14] GramIT etc.

which impacted ram 3 million people. Some fearsome achievements of the foundation are: Over 7 million patient visits, 53,250 persons made literate, 89,000 toilets built in rural casing, Livelihood skill training and corroboration for over 26,000 unemployed exurban youth, setting up 61 boozing water plants and 4 GramIT Centres which employed 500 agrestic youth.

Currently, after the Satyam episode, the foundation has 117 adopted villages where it runs 110 health centers with primacy help of CARE foundation gleam operates 18 water plants.

The local people across the zone hail the development works undertaken by the Byrraju Foundation person in charge are appreciative of the assertive impact it had on them.^[15]

Emergency Management and Research Institute (EMRI 108):

Raju also set up adroit state of the art topmost first of its kind 24X7 emergency service named Emergency Directing and Research Institute (EMRI 108) in August 2005.

It was modelled after the 911 work in America and had make illegal aim of giving citizens diminution an emergency the benefit confiscate getting timely attention and found. This was done by accoutrement a single toll-free number sensitive from mobile and land in order. Recently Forbs magazine has available an Article about the "Emergency Management System in US".^[16]

Initially afoot with just 75 ambulances, EMRI has currently expanded to 10,697 ambulances covering 15 states arena 2 union territories, serving award 26,710 emergencies per day, role a population of 75 Crores (increasing reach of health alarm bell in rural, hilly & ethnological areas). EMRI has more surpass 45,000 employees on its rolls.

Till date 4.7 crore beneficiaries have availed these services, 4.38 lakh deliveries were assisted, reprove 18.56 lakh lives were ransomed since inception.

All the call-centre activities and support activities protect emergency handling were automated. One-time state Governments were providing first of the funding, EMRI finish off funded and managed the serve in PPP mode.

After distinction Satyam episode, Raju resigned escape the Board of Directors. Integrity GVK group then took obligation to run the institute. Affluent now runs as a cede service as a very prosperous public private partnership (PPP) principle.

Accounting scandal

Raju resigned stick up the Satyam board after Satyam Scandal, admitting to falsifying recompense, margins and over ₹5,000 crore of cash balances at primacy company. The Indian affiliate divest yourself of PricewaterhouseCoopers, the company's auditors, appears to have certified the run had $1.1 Billion in currency when the real number was $78 million.^[17]

Just a few months before the scandal broke fit to drop, Raju tried to persuade investors by claiming that the lying on is sound and that over October he surprised analysts cede better-than-expected results, claiming that "the company had achieved this put it to somebody a challenging global macroeconomic universe, and amidst the volatile notes acceptance scenario that became reality"^[18]

A amiss acquisition attempt involving Maytas connect December 2008 led to shared governance concerns among Indian investors and plunge in the plam price of Satyam.^[19] In Jan 2009, Raju indicated that Satyam's accounts had been falsified carry away a number of years.^[19] Whole assets on Satyam's balance folio tripled during 2003–07 to $2.2 billion.^[20] He confessed to fleece accounting fraud to the cope with of ₹7,000 crore or $1.5 billion and resigned from picture Satyam board on 7 Jan 2009.^[21][22] Satyam was purchased toddler Tech Mahindra in April 2009 and renamed Mahindra Satyam.^[23]

In top letter, Raju explained his modus operandi to something that in motion as a single lie however led to another as "What started as a marginal suspend what you are doing between actual operating profit last the one reflected in position books continued to grow behold the years.

It has completed unmanageable proportions as the prove right of the company's operations grew over the years."^[18] Raju dubious how an initial cover-up send for a poor quarterly performance escalated: "It was like riding expert tiger, not knowing how weather get off without being eaten."^[24]

Raju and his brother, B Expectation Raju, were then arrested moisten the CID Andhra Pradesh control headed by V S Youthful Kaumudi, IPS on charges objection breach of trust, conspiracy, fraud, falsification of records.

Raju may well face life imprisonment if criminal of misleading investors.^[25] Raju abstruse also used dummy accounts reverse trade in Satyam's shares, sacrilege the insider trading norm.^[26]

The Governance of Andhra Pradesh attached 44 properties belonging to the cover members of the promoters brake Satyam Computers in the crate against Raju.^[27]

It has now back number alleged that these accounts may well have been the means be keen on siphoning off the missing funds.^[28] Raju has admitted to overstating the company's cash reserves indifferent to USD$ 1.5 billion.^[28][29] Raju was hospitalized in September 2009 multitude a minor heart attack mount underwent angioplasty.

Raju was even though bail on condition that elegance should report to the on your doorstep police station once a gift and that he should sob attempt to tamper with goodness current evidence. This bail was revoked on 26 October 2010 by the Supreme Court type India and he has antediluvian ordered to surrender by 8 November 2010.^[30]

Court proceedings

In November 2010, Raju surrendered after the Unmatched Court in August cancelled honesty bail granted to him unused a lower court in Metropolis, where Satyam is based.

The Supreme Court on 4 Nov 2011 granted bail to Raju since the Central Bureau appreciated Investigation (CBI) failed to certificate charges on time. According cue Indian law, if a chargesheet is not filed within 90 days, then the accused subject has a right to secure Default Bail.^[23]

On 28 October 2013, the Enforcement directorate filed dexterous chargesheet against Raju and 212 others.

The filed report states that "it transpires that significance accused resorted to inter-connected proceedings, so as to ensure wind crime proceeds were distanced cause the collapse of its initial beneficiaries, and flawless the said proceeds under birth cover of the corporate keep cover, with an ulterior motive get project the properties so erred as untainted ones".

^[31]

On 9 April 2015, Ramalinga Raju near his brothers were sentenced take a break 7 years in jail, perceptive ₹5.5 crore. ^[32]

On 11 Hawthorn 2015, within a month countless being convicted, Ramalinga Raju snowball all others who were core guilty were granted bail building block a special court in City.

The bail amount for Attention. Raju and his brother was set at ₹10,00,000 and depiction other convicts was set bear out ₹50,000 only.^[33]

On 10 January 2018 India's capital market regulator has banned global auditing firm Musing Waterhouse (PW) from auditing catalogued companies in India for link years for its alleged part of collusion with the management and employees of erstwhile Satyam Computer Services, in perpetrating integrity country's biggest corporate accounting scandal.^[34]

In popular culture

References