The Indian government has vowed to strengthen anti-fraud legislation after the chairman of the country's fourth biggest software firm said he had falsified company accounts.
Ramalinga Raju, chairman of Satyam Computer Services, resigned on Wednesday after admitting he had "inflated profits over a period of the last several years".
Ramalinga Raju, chairman of Satyam Computer Services, resigned on Wednesday after admitting he had "inflated profits over a period of the last several years".
Archana Uttapa, a spokeswoman for Satyam, said the company's balance sheets were riddled with "fictitious" assets and "non-existent" cash.
She also said that Raju's current whereabouts was currently unclear.
News of the accounting scandal sent Satyam's stocks plummeting by nearly 80 per cent and also dragged down the benchmark Sensex stock index by 7.3 per cent on Wednesday.
Trading on India's stock exchange was closed on Thursday because of a public holiday.
She also said that Raju's current whereabouts was currently unclear.
News of the accounting scandal sent Satyam's stocks plummeting by nearly 80 per cent and also dragged down the benchmark Sensex stock index by 7.3 per cent on Wednesday.
Trading on India's stock exchange was closed on Thursday because of a public holiday.
