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Chairman of Satyam Computer Ramalinga Raju has resigned from the company’s board. In a shocking disclosure, he has revealed some financial irregularities in the company, including an inflated cash balance of Rs 5,040 crore.

Shares in Satyam Computer Services Ltd (SATY.BO) could jump 20-30 percent on Monday after the government stepped in to appoint a three-man board in a bid to restore confidence in the outsourcing company rocked by the country's biggest corporate scandal.

Shares in Satyam Computer Services Ltd (SATY.BO) could jump 20-30 percent on Monday after the government stepped in to appoint a three-man board in a bid to restore confidence in the outsourcing company rocked by the country's biggest corporate scandal.

Satyam Computer Services Ltd., which abandoned a $1.6 billion bid to buy companies linked to its chairman, gained in Mumbai trading after a report that Tech Mahindra Ltd. has proposed an all-stock merger.

A legendary entrepreneur overstated his company's assets and understated the liabilities. Many clients who had reposed their trust inSatyam may feel cheated and might walk away. In the hypothetical scenario of Satyam facing a zero-revenue and zero-account receivables situation starting today, how long would it be able to pay its 53,000 employees? The 'fudged' cash and bank balances could have lasted them 10 months but Ramalinga Raju has already confessed on Wednesday that Rs 5,040 crore out of the Rs 5,361 crore is non-existent.

Disgraced former chairman of Satyam Computer Services B Ramalinga Raju and his brother were arrested late Friday night, two days after making a startling disclosure of about Rs 7,800 crore financial fraud in the IT company.

Disgraced former chairman of Satyam Computer Services [Get Quote] B Ramalinga Raju late Friday evening surrendered before Andhra Pradesh's Director General of Police S S P Yadav, according to a police spokesperson.

Indian software services firm Tech Mahindra Ltd has approached embattled rival Satyam Computer Services for an all-share merger, the Economic Times reported on Tuesday, sending shares in both companies higher.

Satyam Computers founder and chairman Ramalinga Raju has resigned from the Satyam board.