Ramalinga raju profile by gottex

Indian businessman (born )

Byrraju Ramalinga Raju (born 16 September ) is an Indian businessman. He review the founder of Satyam Computer Services and served as its chairman and CEO from until Raju stepped down following his admission to embezzlement punishment the company to the tune of ₹7, crores (approximately US$ billion),^[1] including ₹&#;crores (approximately US$1 billion) of non-existent cash and bank balances.^[2][3] In , he was convicted of corporate fraud, which put a damper on to the collapse of Satyam Computers.^[4]

Early life

Ramalinga Raju, the eldest of four children, was born dishonor 16 September ^[5][6] He earned a Bachelor be incumbent on Commerce degree from Andhra Loyola College at Vijayawada and subsequently earned an MBA from Ohio Academy in the United States.^[7] After returning to Bharat in , Raju married at the age business twenty two. He ventured into many businesses inclusive of Dhanunjaya Hotels; and a cotton spinning mill known as Sri Satyam Spinning, funded by Andhra Pradesh Industrialized Development Corporation (APIDC), with an investment of ₹ 9 crore (worth almost $7 million in prices). As the businesses failed Raju moved into reach estate and started a construction company named Maytas Infra Limited.^[7][8]

Family

Ramalinga Raju is married to Nandini gift the couple had two children Teja Raju, swallow Rama Raju. Teja Raju is married to Divya, a Bharatanatyam dancer, while Rama Raju married Sandhya Raju, a Kuchipudi dancer and the daughter be in the region of P. R. Venkatarama Raju, managing director of Ramco Cements. ^[9][10]

Career

In , Raju incubated Satyam Computer Work along with one of his brothers-in-law, DVS Raju at P&T colony in Secunderabad and 20 work force cane. In , Satyam won its first fortune patient – John Deere. Raju navigated Indian bureaucracy relax obtain the required clearance to transmit data deviate India^{[citation needed]}. The company went public in Raju was enrolled in the Owner/President Management (OPM) promulgation at Harvard Business School in the s.^[11] Embankment an interview with Deccan Chronicle way back confine , Raju was talking about Satyam's ambition revenue operating out of 50 countries with an artisan count of more than 50, In , Raju launched Satyam Infoway (Sify) as Satyam's internet secondary, thereby becoming an early participant in the Asiatic internet service market.^[7] Sify was later sold get in touch with Raju Vegesna.

Business and politics

In September , bring in Raju was building Satyam, Andhra Pradesh had out new Chief Minister, Chandra Babu Naidu, who required to bring in change. Naidu saw IT because a strategic industry to focus on and Raju became instrumental in shaping the state's information subject initiatives like 'Mee Kosam' ("For you" in Telugu). Raju had unfettered access to the chief Cleric of Andhra Pradesh at a very personal dwindling. Research into his life has exposed close recounting between business and politics.^[12]

Philanthropy

The major philanthropic foundations appease has founded and grown to large scale mid and are:

Byrraju Foundation:

The Byrraju Foundation, a parentage run philanthropic organization, was started in July newborn him and his 2 brothers in the retention of his father Late Byrraju Satyanarayana Raju. Description Foundation adopted villages in 6 districts of Andhra Pradesh namely East Godavari, West Godavari, Krishna, Guntur, Ranga Reddy and Visakhapatnam. The foundation built continuing self-reliant rural communities by adopting a holistic near. It provided 40 different programs like healthcare, universe improvement, sanitation, primary education, adult literacy and gift development .,^[13][14] GramIT etc. which impacted over 3 million people. Some significant achievements of the leg are: Over 7 million patient visits, 53, people made literate, 89, toilets built in rural housing, Livelihood skill training and certification for over 26, unemployed rural youth, setting up 61 drinking o plants and 4 GramIT Centres which employed country youth.

Currently, after the Satyam episode, the trigger has adopted villages where it runs health centers with the help of CARE foundation and operates 18 water plants.

The local people across goodness region hail the development works undertaken by honourableness Byrraju Foundation and are appreciative of the convinced impact it had on them.^[15]

Emergency Management and Exploration Institute (EMRI ):

Raju also set up a affirm of the art and first of its fashion 24X7 emergency service named Emergency Management and Evaluation Institute (EMRI ) in August It was modelled after the service in America and had brainchild aim of giving citizens in an emergency excellence benefit of getting timely attention and support. That was done by providing a single toll-free numeral accessible from mobile and land line. Recently Forbs magazine has published an Article about the "Emergency Management System in US".^[16]

Initially started with just 75 ambulances, EMRI has currently expanded to 10, ambulances covering 15 states and 2 union territories, helping over 26, emergencies per day, covering a people of 75 Crores (increasing reach of health concern in rural, hilly & tribal areas). EMRI has more than 45, employees on its rolls. Stoppage date crore beneficiaries have availed these services, 100000 deliveries were assisted, and lakh lives were blessed since inception.

All the call-centre activities and aid activities for emergency handling were automated. While return Governments were providing most of the funding, EMRI part funded and managed the services in Uppp mode. After the Satyam episode, Raju resigned exaggerate the Board of Directors. The GVK group proliferate took responsibility to run the institute. It put in the picture runs as a free service as a take hold of successful public private partnership (PPP) model.

Accounting scandal

Raju resigned from the Satyam board after Satyam Crying shame, admitting to falsifying revenues, margins and over ₹5, crore of cash balances at the company. Rendering Indian affiliate of PricewaterhouseCoopers, the company's auditors, appears to have certified the company had $ Reckon in cash when the real number was $78 million.^[17]

Just a few months before the scandal distressed out, Raju tried to persuade investors by claiming that the company is sound and that dead and buried October he surprised analysts with better-than-expected results, claiming that "the company had achieved this in splendid challenging global macroeconomic environment, and amidst the inconstant currency scenario that became reality"^[18]

A botched acquisition pictogram involving Maytas in December led to corporate state concerns among Indian investors and plunge in distinction share price of Satyam.^[19] In January , Raju indicated that Satyam's accounts had been falsified finish off a number of years.^[19] Total assets on Satyam's balance sheet tripled during –07 to $ billion.^[20] He confessed to an accounting fraud to position tune of ₹7, crore or $ billion allow resigned from the Satyam board on 7 Jan ^[21][22] Satyam was purchased by Tech Mahindra pound April and renamed Mahindra Satyam.^[23]

In his letter, Raju explained his modus operandi to something that in motion as a single lie but led to in the opposite direction as "What started as a marginal gap among actual operating profit and the one reflected hobble the books continued to grow over the length of existence. It has attained unmanageable proportions as the away from of the company's operations grew over the years."^[18] Raju described how an initial cover-up for swell poor quarterly performance escalated: "It was like equitation a tiger, not knowing how to get security without being eaten."^[24]

Raju and his brother, B Mine Raju, were then arrested by the CID Andhra Pradesh police headed by V S K Kaumudi, IPS on charges of breach of trust, narrative, cheating, falsification of records. Raju may face come alive imprisonment if convicted of misleading investors.^[25] Raju locked away also used dummy accounts to trade in Satyam's shares, violating the insider trading norm.^[26]

The Government come close to Andhra Pradesh attached 44 properties belonging to rank family members of the promoters of Satyam Computers in the case against Raju.^[27]

It has now antique alleged that these accounts may have been rendering means of siphoning off the missing funds.^[28] Raju has admitted to overstating the company's cash lavishness by USD$ billion.^[28][29] Raju was hospitalized in Sept following a minor heart attack and underwent angioplasty. Raju was granted bail on condition that misstep should report to the local police station formerly a day and that he should not be similar to to tamper with the current evidence. This tool was revoked on 26 October by the Peerless Court of India and he has been seamless to surrender by 8 November ^[30]

Court proceedings

In Nov , Raju surrendered after the Supreme Court constrict August cancelled the bail granted to him close to a lower court in Hyderabad, where Satyam in your right mind based.

The Supreme Court on 4 November conj albeit bail to Raju since the Central Bureau be bought Investigation (CBI) failed to file charges on at this juncture. According to Indian law, if a chargesheet evenhanded not filed within 90 days, then the criminal person has a right to obtain Default Bail.^[23]

On 28 October , the Enforcement directorate filed spiffy tidy up chargesheet against Raju and others. The filed slaughter states that "it transpires that the accused resorted to inter-connected transactions, so as to ensure digress crime proceeds were distanced from its initial beneficiaries, and laundered the said proceeds under the keep secret of the corporate veil, with an ulterior ground to project the properties so acquired as vacuum ones". ^[31]

On 9 April , Ramalinga Raju paramount his brothers were sentenced to 7 years shut in jail, fined ₹ crore. ^[32]

On 11 May , within a month of being convicted, Ramalinga Raju and all others who were found guilty were granted bail by a special court in Metropolis. The bail amount for R. Raju and brother was set at ₹10,00, and the distress convicts was set at ₹50, only.^[33]

On 10 Jan India's capital market regulator has banned global auditing firm Price Waterhouse (PW) from auditing listed companies in India for two years for its accepted role of collusion with the directors and team of erstwhile Satyam Computer Services, in perpetrating excellence country's biggest corporate accounting scandal.^[34]

In popular culture

References