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The chairman of troubled Indian outsourcer Satyam Computer Services on Wednesday tendered his resignation to the company's board of directors, admitting that the company inflated its financial results. In a resignation letter submitted to Satyam's board, B. Ramalinga Raju said the company's balance sheet carries inflated bank and cash balances, non-existent accrued interest, understated liabilities, and overstated credit amounts owed to the company. Satyam's managing director, B. Rama Raju, Raju's brother, also resigned on Wednesday. The irregularities in the balance sheet arose because the company inflated profits for the last several years, Raju said. Satyam is listed in India and the U.S. For the quarter ended September 30, Satyam reported revenue of 27 billion Indian rupees (US$570 million) and an operating profit of 6.5 billion rupees, compared to actual revenue of 21.12 billion rupees and an operating profit of rupees 610 million rupees, Raju said. While stating that he and his brother did not benefit in financial terms from the inflated results, Raju said he is now prepared to subject himself to any legal penalty and face the consequences of his actions. Satyam's troubles came to the surface after the company announced on Dec 16 plans to diversify into the construction business by acquiring two companies in which Raju and his family had large interests. Satyam reversed the decision within a day, after investors and analysts opposed the move.
Four terror suspects escaped after shooting at policemen in Santosh Nagar in the southern part of Hyderabad that falls in the periphery of the old city. One of the suspects, Vikaruddin, is accused in Mecca Masjid bomb blast case, according to police sources. The state has been put on high alert. “The suspects fired three rounds and injured head constable Guru Rama Raju, two constables and escaped leaving their weapons,” said police commissioner B Prasada Rao. Vikaruddin is a resident of Malakpet area in Hyderabad. Besides being a Simi activist, he is associated with Daragah Jihad-e-Shahadat (DJS), a city-based rightwing organisation,” he said. After reviewing the incident, chief minister YS Rajasekhara Reddy directed the police to tighten vigil. The police have begun vehicle checks and door-to-door checks in all the residential and public areas in the outskirts of Hyderabad and Secunderabad. Security has been beefed up in the twin cities and a manhunt has been launched for the four men who managed to escape. According to Prasada Rao, one of the three associates of the ISI suspect Vikaruddin alias Alim Khan opened fire on the policemen when they tried to arrest him. Vikaruddin belongs to the banned Students Islamic Movement of India (Simi) and is believed to have links with the terrorist outfit Lashkar-e-Toiba. He is also a suspect in the Mecca Masjid bomb blast in Hyderabad last year. “He was absconding for over 18 months after the blast. His name cropped up during the interrogation of Abdul Jabbar who was arrested by the Kerala Police last week,” he said. This incident sparked off demonstrations in the old city including Charminar and other areas.
Mr. Mulford hoisted the US flag at Paigah Palace to mark the opening of the consulate. The Hyderabad US consulate is the fourth US Consulate in India after Kolkata, Mumbai and Chennai. The consulate will start operations only in mid-December and process 100 visas per daily initially. This will increase to 300 in January 2009 and eventually to 500 by March. The new consulate would also provide passport and citizenship services to US residents in and visiting the state. On the occasion, Mulford and the CM planted trees in the consulate grounds. Location:
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