News APP

NewsApp (Free)

Read news as it happens
Download NewsApp

Available on  gplay

Rediff.com  » Business » Satyam fiasco: CID makes another arrest

Satyam fiasco: CID makes another arrest

Source: PTI
January 23, 2009 14:02 IST
Get Rediff News in your Inbox:

The Andhra Pradesh CID has arrested Gopal Krishna Raju, general manager of SRSR Holding, through which Satyam founder Ramalinga Raju's family held a stake in the IT firm.

Gopal Krishna was arrested on Thursday, police said on Friday.

SRSR Holding is owned by Ramalinga Raju's sibling, Suryanarayana, whose house was also searched by the police with regard to the Rs 7,800 crore (78 billion) accounting fraud in Satyam.

The family of B Ramalinga Raju, who resigned as Satyam chairman after the shocking disclosure of falsifying profits, had held 8.27 per cent stake in Satyam through SRSR Holdings at the end of September quarter.

But the stake had fallen to 2.34 per cent as of January 8 following the share sale by lenders, with whom all the promoter's equity had been pledged.

Get Rediff News in your Inbox:
Source: PTI© Copyright 2024 PTI. All rights reserved. Republication or redistribution of PTI content, including by framing or similar means, is expressly prohibited without the prior written consent.
 

Moneywiz Live!