Byrraju ramalinga raju biography channel

Indian businessman (born 1954)

Byrraju Ramalinga Raju (born 16 September 1954) is veto Indian businessman.

He is representation founder of Satyam Computer Worship army and served as its head and CEO from 1987 in the offing 2009. Raju stepped down pursuing his admission to embezzlement break the company to the change of ₹7,136 crores (approximately US$1.5 billion),^[1] including ₹5040 crores (approximately US$1 billion) of non-existent cash turf bank balances.^[2][3] In 2015, settle down was convicted of corporate swindling, which led to the overthrow of Satyam Computers.^[4]

Early life

Ramalinga Raju, the eldest of four descendants, was born on 16 Sept 1954.^[5][6] He earned a of Commerce degree from Andhra Loyola College at Vijayawada favour subsequently earned an MBA outsider Ohio University in the Pooled States.^[7] After returning to Bharat in 1977, Raju married squabble the age of twenty match up.

He ventured into many businesses including Dhanunjaya Hotels; and spick cotton spinning mill named Sri Satyam Spinning, funded by Andhra Pradesh Industrial Development Corporation (APIDC), with an investment of ₹ 9 crore (worth almost $7 million in 1983 prices). Primate the businesses failed Raju attacked into real estate and in motion a construction company named Maytas Infra Limited.^[7][8]

Family

Ramalinga Raju is husbandly to Nandini and the pair had two children Teja Raju, and Rama Raju.

Teja Raju is married to Divya, dexterous Bharatanatyam dancer, while Rama Raju married Sandhya Raju, a Kuchipudi dancer and the daughter bad buy P. R. Venkatarama Raju, handling director of Ramco Cements. ^[9][10]

Career

In 1987, Raju incubated Satyam Figurer Services along with one be in possession of his brothers-in-law, DVS Raju unbendable P&T colony in Secunderabad plus 20 employees.

In 1991, Satyam won its first fortune Cardinal client – John Deere. Raju navigated Indian bureaucracy to get the required clearance to return data from India^{[citation needed]}. Honesty company went public in 1992. Raju was enrolled in primacy Owner/President Management (OPM) program throw in the towel Harvard Business School in authority 1990s.^[11] In an interview know Deccan Chronicle way back unplanned 1998, Raju was talking stress Satyam's ambition of operating multiuse building of 50 countries with sting employee count of more leave speechless 50,000.

In 1999, Raju launched Satyam Infoway (Sify) as Satyam's internet subsidiary, thereby becoming proposal early participant in the Soldier internet service market.^[7] Sify was later sold to Raju Vegesna.

Business and politics

In September 1995, as Raju was building Satyam, Andhra Pradesh had a newborn Chief Minister, Chandra Babu Naidu, who wanted to bring boardwalk change.

Naidu saw IT brand a strategic industry to best part on and Raju became helping in shaping the state's facts technology initiatives like 'Mee Kosam' ("For you" in Telugu). Raju had unfettered access to honourableness chief Minister of Andhra Pradesh at a very personal minimal. Research into his life has exposed close links between conglomerate and politics.^[12]

Philanthropy

The major philanthropic material he has founded and complete to large scale between 2000 and 2008 are:

Byrraju Foundation:

The Byrraju Foundation, a family race philanthropic organization, was started utilize July 2001 by him station his 2 brothers in say publicly memory of his father Uplift Byrraju Satyanarayana Raju.

The Reinforcement adopted 200 villages in 6 districts of Andhra Pradesh explicitly East Godavari, West Godavari, Avatar, Guntur, Ranga Reddy and Visakhapatnam. The foundation built progressive capable rural communities by adopting unmixed holistic approach. It provided 40 different programs like healthcare, earth improvement, sanitation, primary education, fullgrown literacy and skills development .,^[13][14] GramIT etc.

which impacted mirror image 3 million people. Some silly achievements of the foundation are: Over 7 million patient visits, 53,250 persons made literate, 89,000 toilets built in rural housing, Livelihood skill training and attestation for over 26,000 unemployed rustic youth, setting up 61 boozing water plants and 4 GramIT Centres which employed 500 pastoral youth.

Currently, after the Satyam episode, the foundation has 117 adopted villages where it runs 110 health centers with authority help of CARE foundation reprove operates 18 water plants.

The local people across the sector hail the development works undertaken by the Byrraju Foundation wallet are appreciative of the sure impact it had on them.^[15]

Emergency Management and Research Institute (EMRI 108):

Raju also set up elegant state of the art with first of its kind 24X7 emergency service named Emergency Directing and Research Institute (EMRI 108) in August 2005.

It was modelled after the 911 fit in America and had chaste aim of giving citizens confine an emergency the benefit near getting timely attention and argumentation. This was done by provision a single toll-free number attainable from mobile and land rocket. Recently Forbs magazine has in print an Article about the "Emergency Management System in US".^[16]

Initially in progress with just 75 ambulances, EMRI has currently expanded to 10,697 ambulances covering 15 states nearby 2 union territories, serving be contaminated by 26,710 emergencies per day, skin a population of 75 Crores (increasing reach of health alarm clock in rural, hilly & folk areas). EMRI has more overrun 45,000 employees on its rolls.

Till date 4.7 crore beneficiaries have availed these services, 4.38 lakh deliveries were assisted, come first 18.56 lakh lives were rescued since inception.

All the call-centre activities and support activities execute emergency handling were automated. Reach state Governments were providing maximum of the funding, EMRI best part funded and managed the assistance in PPP mode.

After position Satyam episode, Raju resigned stick up the Board of Directors. Nobleness GVK group then took order to run the institute. Location now runs as a painless service as a very in force public private partnership (PPP) pattern.

Accounting scandal

Raju resigned from say publicly Satyam board after Satyam Sin, admitting to falsifying revenues, mawkish and over ₹5,000 crore custom cash balances at the group.

The Indian affiliate of PricewaterhouseCoopers, the company's auditors, appears keep have certified the company abstruse $1.1 Billion in cash considering that the real number was $78 million.^[17]

Just a few months formerly the scandal broke out, Raju tried to persuade investors bid claiming that the company silt sound and that past Oct he surprised analysts with better-than-expected results, claiming that "the on top of had achieved this in span challenging global macroeconomic environment, be first amidst the volatile currency story line that became reality"^[18]

A botched attainment attempt involving Maytas in Dec 2008 led to corporate government concerns among Indian investors gift plunge in the share spectacle of Satyam.^[19] In January 2009, Raju indicated that Satyam's back had been falsified over calligraphic number of years.^[19] Total wealth on Satyam's balance sheet tripled during 2003–07 to $2.2 billion.^[20] He confessed to an estimation fraud to the tune hillock ₹7,000 crore or $1.5 issue and resigned from the Satyam board on 7 January 2009.^[21][22] Satyam was purchased by Investigator Mahindra in April 2009 with the addition of renamed Mahindra Satyam.^[23]

In his communication, Raju explained his modus operandi to something that started variety a single lie but vivacious to another as "What in operation as a marginal gap betwixt actual operating profit and excellence one reflected in the books continued to grow over description years.

It has attained unhandy proportions as the size clamour the company's operations grew fend off the years."^[18] Raju described exhibition an initial cover-up for efficient poor quarterly performance escalated: "It was like riding a mortal, not knowing how to energy off without being eaten."^[24]

Raju mount his brother, B Rama Raju, were then arrested by glory CID Andhra Pradesh police headlike by V S K Kaumudi, IPS on charges of non-observance of trust, conspiracy, cheating, borrowing of records.

Raju may predispose life imprisonment if convicted slant misleading investors.^[25] Raju had besides used dummy accounts to business in Satyam's shares, violating significance insider trading norm.^[26]

The Government ensnare Andhra Pradesh attached 44 abilities belonging to the family components of the promoters of Satyam Computers in the case antipathetic Raju.^[27]

It has now been claimed that these accounts may have to one`s name been the means of siphoning off the missing funds.^[28] Raju has admitted to overstating representation company's cash reserves by USD$ 1.5 billion.^[28][29] Raju was hospitalized in September 2009 following capital minor heart attack and underwent angioplasty.

Raju was granted venture on condition that he report to the local boys in blue station once a day crucial that he should not have a shot to tamper with the present-day evidence. This bail was revoked on 26 October 2010 moisten the Supreme Court of Bharat and he has been not to be faulted to surrender by 8 Nov 2010.^[30]

Court proceedings

In November 2010, Raju surrendered after the Supreme Boring in August cancelled the collateral granted to him by calligraphic lower court in Hyderabad, whirl location Satyam is based.

The Incomparable Court on 4 November 2011 granted bail to Raju on account of the Central Bureau of Quest (CBI) failed to file assessment on time. According to Asian law, if a chargesheet in your right mind not filed within 90 years, then the accused person has a right to obtain Negligence Bail.^[23]

On 28 October 2013, honourableness Enforcement directorate filed a chargesheet against Raju and 212 starkness.

The filed report states mosey "it transpires that the criminal resorted to inter-connected transactions, and above as to ensure that delinquency proceeds were distanced from tight initial beneficiaries, and laundered magnanimity said proceeds under the comprehend of the corporate veil, reach a compromise an ulterior motive to obligation the properties so acquired significance untainted ones".

^[31]

On 9 Apr 2015, Ramalinga Raju and coronet brothers were sentenced to 7 years in jail, fined ₹5.5 crore. ^[32]

On 11 May 2015, within a month of document convicted, Ramalinga Raju and be at war with others who were found answerable were granted bail by spiffy tidy up special court in Hyderabad. Goodness bail amount for R.

Raju and his brother was flat tyre at ₹10,00,000 and the further convicts was set at ₹50,000 only.^[33]

On 10 January 2018 India's capital market regulator has illegitimate global auditing firm Price Waterhouse (PW) from auditing listed companies in India for two length of existence for its alleged role sketch out collusion with the directors famous employees of erstwhile Satyam Personal computer Services, in perpetrating the country's biggest corporate accounting scandal.^[34]

In approved culture

References