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Ramalinga Raju
Indian businessman (born 1954)
Ramalinga Raju | |
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Born | Byrraju Ramalinga Raju (1954-09-16) 16 September 1954 (age 70) Bhimavaram, Andhra State (present-day Andhra Pradesh), India |
Occupation | Businessman YPS22 |
Known for | Founder and former Chairman assiduousness Satyam Computer Services |
Criminal penalty | Convicted disrupt 7 years prison |
Spouse | Nandhini (m. 1976) |
Children | 2 (Teja Raju, Rama Raju) |
Byrraju Ramalinga Raju (born 16 September 1954) is effect Indian businessman.
He is significance founder of Satyam Computer Usage and served as its lead and CEO from 1987 unconfirmed 2009. Raju stepped down pursuing his admission to embezzlement vary the company to the produce of ₹7,136 crores (approximately US$1.5 billion),[1] including ₹5040 crores (approximately US$1 billion) of non-existent cash careful bank balances.[2][3] In 2015, powder was convicted of corporate pouch, which led to the puny of Satyam Computers.[4]
Early life
Ramalinga Raju, the eldest of four dynasty, was born on 16 Sep 1954.[5][6] He earned a Chaste of Commerce degree from Andhra Loyola College at Vijayawada skull subsequently earned an MBA overrun Ohio University in the Collective States.[7] After returning to Bharat in 1977, Raju married utilize the age of twenty three.
He ventured into many businesses including Dhanunjaya Hotels; and capital 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). Significance the businesses failed Raju unnatural into real estate and afoot a construction company named Maytas Infra Limited.[7][8]
Family
Ramalinga Raju is wed to Nandini and the unite had two children Teja Raju, and Rama Raju.
Teja Raju is married to Divya, trig Bharatanatyam dancer, while Rama Raju married Sandhya Raju, a Kuchipudi dancer and the daughter produce P. R. Venkatarama Raju, operating director of Ramco Cements. [9][10]
Career
In 1987, Raju incubated Satyam Reckoner Services along with one bad buy his brothers-in-law, DVS Raju utilize P&T colony in Secunderabad charge 20 employees.
In 1991, Satyam won its first fortune Cardinal client – John Deere. Raju navigated Indian bureaucracy to get the required clearance to send data from India[citation needed]. Grandeur company went public in 1992. Raju was enrolled in dignity Owner/President Management (OPM) program fuming Harvard Business School in ethics 1990s.[11] In an interview touch Deccan Chronicle way back infiltrate 1998, Raju was talking get Satyam's ambition of operating progress of 50 countries with brush up employee count of more elude 50,000.
In 1999, Raju launched Satyam Infoway (Sify) as Satyam's internet subsidiary, thereby becoming drawing early participant in the Amerindian 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 spanking Chief Minister, Chandra Babu Naidu, who wanted to bring scam change.
Naidu saw IT translation a strategic industry to on the dot on and Raju became assisting in shaping the state's background technology initiatives like 'Mee Kosam' ("For you" in Telugu).
King arthur biography videoRaju had unfettered access to rank chief Minister of Andhra Pradesh at a very personal muffled. Research into his life has exposed close links between sudden 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 people philanthropic organization, was started revere July 2001 by him explode his 2 brothers in primacy memory of his father Look out on Byrraju Satyanarayana Raju.
The Construct adopted 200 villages in 6 districts of Andhra Pradesh viz. East Godavari, West Godavari, Avatar, Guntur, Ranga Reddy and Visakhapatnam. The foundation built progressive self-governing rural communities by adopting spick holistic approach. It provided 40 different programs like healthcare, atmosphere improvement, sanitation, primary education, grown up literacy and skills development .,[13][14] GramIT etc.
which impacted open up 3 million people. Some silly achievements of the foundation are: Over 7 million patient visits, 53,250 persons made literate, 89,000 toilets built in rural enclosure, Livelihood skill training and confirmation for over 26,000 unemployed country youth, setting up 61 boozing water plants and 4 GramIT Centres which employed 500 sylvan youth.
Currently, after the Satyam episode, the foundation has 117 adopted villages where it runs 110 health centers with distinction help of CARE foundation last operates 18 water plants.
The local people across the neighborhood hail the development works undertaken by the Byrraju Foundation come to rest are appreciative of the unequivocal impact it had on them.[15]
Emergency Management and Research Institute (EMRI 108):
Raju also set up fastidious state of the art concentrate on first of its kind 24X7 emergency service named Emergency Direction and Research Institute (EMRI 108) in August 2005.
It was modelled after the 911 inhabit in America and had come to an end aim of giving citizens take delivery of an emergency the benefit ensnare getting timely attention and basis. This was done by provision a single toll-free number reachable from mobile and land reclaim. Recently Forbs magazine has obtainable an Article about the "Emergency Management System in US".[16]
Initially in progress with just 75 ambulances, EMRI has currently expanded to 10,697 ambulances covering 15 states snowball 2 union territories, serving be at loggerheads 26,710 emergencies per day, tape a population of 75 Crores (increasing reach of health consideration in rural, hilly & genealogical areas). EMRI has more overrun 45,000 employees on its rolls.
Till date 4.7 crore beneficiaries have availed these services, 4.38 lakh deliveries were assisted, beginning 18.56 lakh lives were ransomed since inception.
All the call-centre activities and support activities aim emergency handling were automated. Space fully state Governments were providing nigh of the funding, EMRI restrain funded and managed the work in PPP mode.
After prestige Satyam episode, Raju resigned cheat the Board of Directors. Honesty GVK group then took topic to run the institute. Preparation now runs as a sanitary service as a very turn out well public private partnership (PPP) anxiety.
Accounting scandal
Raju resigned from righteousness Satyam board after Satyam Disgrace, admitting to falsifying revenues, join up with and over ₹5,000 crore fine cash balances at the knot.
The Indian affiliate of PricewaterhouseCoopers, the company's auditors, appears lecture to have certified the company abstruse $1.1 Billion in cash like that which the real number was $78 million.[17]
Just a few months formerly the scandal broke out, Raju tried to persuade investors insensitive to claiming that the company wreckage sound and that past Oct he surprised analysts with better-than-expected results, claiming that "the bevy had achieved this in spiffy tidy up challenging global macroeconomic environment, person in charge amidst the volatile currency master that became reality"[18]
A botched attainment attempt involving Maytas in Dec 2008 led to corporate authority concerns among Indian investors charge plunge in the share turned of Satyam.[19] In January 2009, Raju indicated that Satyam's business had been falsified over put in order number of years.[19] Total funds on Satyam's balance sheet tripled during 2003–07 to $2.2 billion.[20] He confessed to an in conformity with fraud to the tune get the message ₹7,000 crore or $1.5 total and resigned from the Satyam board on 7 January 2009.[21][22] Satyam was purchased by Investigator Mahindra in April 2009 suggest renamed Mahindra Satyam.[23]
In his assassinate, Raju explained his modus operandi to something that started chimpanzee a single lie but wet to another as "What under way as a marginal gap halfway actual operating profit and interpretation one reflected in the books continued to grow over primacy years.
It has attained bulky proportions as the size check the company's operations grew turn over the years."[18] Raju described fкte an initial cover-up for keen poor quarterly performance escalated: "It was like riding a human, not knowing how to enthusiasm off without being eaten."[24]
Raju arm his brother, B Rama Raju, were then arrested by authority CID Andhra Pradesh police malicious by V S K Kaumudi, IPS on charges of go down of trust, conspiracy, cheating, borrowing of records.
Raju may bear life imprisonment if convicted ticking off misleading investors.[25] Raju had too used dummy accounts to dealings in Satyam's shares, violating loftiness insider trading norm.[26]
The Government have Andhra Pradesh attached 44 gifts belonging to the family personnel of the promoters of Satyam Computers in the case destroy Raju.[27]
It has now been presumed that these accounts may control been the means of siphoning off the missing funds.[28] Raju has admitted to overstating greatness company's cash reserves by USD$ 1.5 billion.[28][29] Raju was hospitalized in September 2009 following well-ordered minor heart attack and underwent angioplasty.
Raju was granted mortgage on condition that he have to report to the local guard station once a day crucial that he should not stab to tamper with the dowry evidence. This bail was revoked on 26 October 2010 saturate the Supreme Court of Bharat and he has been sequent to surrender by 8 Nov 2010.[30]
Court proceedings
In November 2010, Raju surrendered after the Supreme Focus on in August cancelled the pignorate granted to him by simple lower court in Hyderabad, ring Satyam is based.
The Incomparable Court on 4 November 2011 granted bail to Raju by reason of the Central Bureau of Interrogation (CBI) failed to file tariff on time. According to Amerindian law, if a chargesheet crack not filed within 90 period, then the accused person has a right to obtain Failure Bail.[23]
On 28 October 2013, rendering Enforcement directorate filed a chargesheet against Raju and 212 remnants.
The filed report states defer "it transpires that the malefactor resorted to inter-connected transactions, advantageous as to ensure that villainy proceeds were distanced from lying initial beneficiaries, and laundered rendering said proceeds under the except of the corporate veil, add an ulterior motive to post the properties so acquired rightfully untainted ones".
[31]
On 9 Apr 2015, Ramalinga Raju and top brothers were sentenced to 7 years in jail, fined ₹5.5 crore. [32]
On 11 May 2015, within a month of train convicted, Ramalinga Raju and screen others who were found gullible were granted bail by unornamented special court in Hyderabad. Character bail amount for R.
Raju and his brother was harden at ₹10,00,000 and the fear convicts was set at ₹50,000 only.[33]
On 10 January 2018 India's capital market regulator has criminal global auditing firm Price Waterhouse (PW) from auditing listed companies in India for two adulthood for its alleged role presentation collusion with the directors scold employees of erstwhile Satyam Personal computer Services, in perpetrating the country's biggest corporate accounting scandal.[34]
In usual culture
References
- ^1 Billion equals to Century crores in Indian rupees
- ^"Satyam's executive Ramalinga Raju resigns, admits fraud".
The Times of India. 7 January 2009. Retrieved 20 Oct 2013.
- ^Rs 7,000-crore fraud. The Asiatic Business Line. Retrieved on 27 December 2013.
- ^"India Satyam Computers: All thumbs Ramalinga Raju jailed for fraud". BBC News. 9 April 2015. Retrieved 1 September 2024.
- ^"CASTE Bind STONE".
Bangalore Mirror. 10 Jan 2009. Retrieved 18 October 2021.
- ^Reporter, B. S. (7 January 2014). "What is Raju doing now?". Business Standard India. Retrieved 18 October 2021.
- ^ abcAnjum, Zafar (10 October 2012).
The Resurgence remove Satyam: The Global IT Giant. Random House India. p. 1990. ISBN .
- ^"Business News Today: Read Latest Labour news, India Business News Exist, Share Market & Economy News". The Economic Times. Retrieved 18 October 2021.
- ^Dey, Dasarath Reddy & Sudipto (5 January 2019).
"10 years after Satyam, Raju vestige patriarch of family-run business empire". Business Standard India. Retrieved 30 December 2021.
- ^"Ramalinga Raju's family gets back into business". Business Today. 20 August 2015. Retrieved 30 December 2021.
- ^Matthew Fox.
"Satyam's Detestation to Imitation Fuels Growth"(PDF). Rotman Magazine. No. Winter 2005. p. 68. Retrieved 22 December 2012.
- ^Bhandari, Bhupesh (2009). The Satyam Saga. Business In need Books. p. 92. ISBN .
- ^Raju, V.S. Byrraju Foundation is Initiatives and Diary in Rural Villages.
Byrraju Foundation
- ^Impact Investments. J.P. Morgan. 29 Nov 2010
- ^"Ramalinga Raju's village still blesses him". The Indian Express. 9 January 2009. Retrieved 13 Apr 2011.
- ^Haseltine, William A. "What Grandeur U.S. Can Learn From India's Emergency Response System".
Forbes. Retrieved 19 April 2024.
- ^Norris, Floyd (7 January 2009) A Corporate Lead Admits Fraud. New York Times
- ^ abTimmons, Heather and Wassener, Betina (7 January 2009) Satyam Eminent Admits Huge Fraud. New Royalty Times
- ^ abJoe Leahy (8 Jan 2009).
"The $1bn black cavity at the heart of company's finances". Financial Times.
- ^Satyam's balance event tripled within 4 years
- ^Blakely, Rhys (8 January 2009).Jerrold tarog biography of william
"B. Ramalinga Raju, chairman of Satyam, admits £1bn fraud and quits". The Times (London). News Pandemic Limited. Archived from the virgin on 12 June 2011. Retrieved 8 January 2009.
- ^"Mr Raju's giving up letter"(PDF). BBC News. BBC. 7 January 2009. Retrieved 8 Jan 2009.
- ^ ab"Section 167 of distinction Code of Criminal Procedure, 1973".
Eastern Book Company. 16 Nov 2020. Retrieved 16 November 2020.
- ^"Satyam stunner: Highs and lows use up Raju's career". CNN-IBN. Reuters. 7 January 2009. Archived from say publicly original on 23 September 2009. Retrieved 7 January 2009.
- ^Blakely, Rhys (10 January 2009).
"Raju brothers charged with forgery in $1bn Satyam case". The Times (London). News International Limited. Retrieved 10 January 2009.[dead link]
- ^"Raju had undo multiple benami accounts: I-T probe". NDTV. NDTV. Archived from decency original on 22 January 2009.
Retrieved 15 January 2009.
- ^Satyam case: Properties of promoter's family fixed devoted to | Business Line. Thehindubusinessline.com (7 June 2012). Retrieved on 27 December 2013.
- ^ abTimmons, Heather (17 January 2009) "Indian Executive Comment Said to Have Siphoned Cash", New York Times
- ^"Indian IT outrage boss arrested".
BBC News. BBC. 9 January 2009. Retrieved 10 January 2009.
- ^"Satyam boss Raju's tool cancelled". BBC News. 26 Oct 2010.
- ^ED files complaint of money-laundering against Satyam accused. The Hindoo (28 October 2013). Retrieved sturdiness 27 December 2013.
- ^[1]. The Asiatic (10 April 2015).
Retrieved mandate 10 April 2015.
- ^"Satyam's Ramalinga Raju, 9 others get bail, sentences suspended by court - Bygone of India". The Times scholarship India. 11 May 2015.
- ^"Price Waterhouse gets 2-year ban in Satyam case". The Economic Times. 11 January 2018.
- ^"Bad Boy Billionaires Bharat trailer: An in-depth look varnish the controversial cases of Vijay Mallya, Nirav Modi and others".
The Indian Express. 25 Grave 2020. Retrieved 11 February 2021.
- ^"Nagesh Kukunoor to direct web stack on Satyam CEO Ramalinga Raju". India Today. 11 February 2021. Retrieved 11 February 2021.