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Indian IT scandal boss arrested | |
(about 2 hours later) | |
The founder of scandal-hit Indian software company Satyam has been arrested two days after he admitted falsifying the firm's accounts. | |
Ramalinga Raju, who stood down as Satyam's chairman on Wednesday, is charged with offences including criminal conspiracy and forgery. | |
Mr Raju has already revealed that the firm had exaggerated its cash reserves by some $1bn (£661m). | |
His arrest came after the government sacked the entire Satyam board. | |
Mr Raju has also been charged with criminal breach of trust, cheating, and falsification of record. | |
He was arrested together with his brother, former Satyam managing director B Rama Raju. | |
'Reach the truth' | 'Reach the truth' |
The government said a new board would be appointed within 10 days. | |
"The government is considering appointment of suitable persons as directors of Satyam," said Corporate Affairs Minister Prem Chand Gupta. | "The government is considering appointment of suitable persons as directors of Satyam," said Corporate Affairs Minister Prem Chand Gupta. |
"We are determined to reach the truth but are equally concerned with the fate of employees and other stakeholders." | "We are determined to reach the truth but are equally concerned with the fate of employees and other stakeholders." |
Satyam's shares fell to 11.50 rupees on Friday, their lowest level since March 1998. | Satyam's shares fell to 11.50 rupees on Friday, their lowest level since March 1998. |
Last year they hit a high of 544 rupees. | Last year they hit a high of 544 rupees. |
Some analysts say the future of the company is now in doubt. | Some analysts say the future of the company is now in doubt. |
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