Consolidated Indian GAAP Highlights for FY 2008:

Revenue: Rs 8,473.49 crore; a growth of 30.7% over fiscal 2007

Net Profit after Tax: Rs 1,687.89 crore; a growth of 20.2% over fiscal 2007

All was well till the Maytas deal. The Maytas controversy raised several qustions on Raju's integrity which finally led to his confession.

Matyas deal

Satyam Computers had proposed a $1.6-billion acquisition of two companies promoted Ramalinga Raju's son. After huge protests, it was decided to call off the acquisition of Maytas Properties and Maytas Infrastructure "in light of the setback received from the investors community," Raju said.

"We have been surprised by the market reaction to this decision even though we were quite positive about the merits of the acquisition."

"However, in deference to the views expressed by many investors, we have decided to call off these acquisitions," he said. The ADR plunged by 54.5% despite a strong rally in the US markets.

Image: Software engineers discuss a point at Satyam Computer Services Ltd. | Photograph: SK/Reuters

Also read: Corporate governance? What a joke!

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