It's the darkest day for Satyam Computer with the chairman himself admitting to major financial wrong-doings and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.
Listed at New York Stock Exchange, the company could face regulatory action in the US.
"The aborted Maytas acquisition deal was the last attempt to fill the fictitious assets with real ones. Maytas' investors were convinced that this is a good divestment opportunity and a strategic fit. Once Satyam's problem was solved, it was hoped that Maytas' payments can be delayed. But that was not to be," he said.
Image: The Satyam building in Hyderabad, Ram Mynampati, interim CEO (inset). | Photograph: Krishnendu Halder/Reuters
Also read: Corporate governance? What a joke!
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