Satyam Computer Services announced Wednesday its founder and chairman, B. Ramalinga Raju, has resigned, following an admission that he inflated its financial performance.
Satyam, one of India's six largest IT outsourcing companies, counts such Fortune 500 companies as Sony among its customers.
The company said it received a letter from its chairman on Wednesday, outlining some of the accounting irregularities and his resignation.
While Satyam did not include a copy of the letter in its announcement, a report in The Wall Street Journal contains a copy of the letter.
Raju noted in his letter that Satyam's balance sheet … Read more