Satyam’s FY08 loss at Rs 293Cr: SFIO report ~ fuNkyXoNe

Net profit made by the company from 2002-03 onwards was far lower than what founder B Ramalinga Raju and managing director B Rama Raju showed

Satyam Computer Services actually made a loss of Rs 292.66 crore loss in 2007-08, compared with the net profit of Rs 1,941.86 crore shown by the promoters of the company. Similarly, the loss in the first half of 2008, till September was Rs 299.85 crore, according to the Serious Fraud Investigation Office (SFIO) report. This would have shown the earnings per share (EPS) of the company to be drastically lower than what was projected by the company.

The report, which was submitted to the government recently, gives more details on the profit and loss accounts of the company than was stated in the CBI chargesheet submitted on April 8 to the special court in Hyderabad. The report says that the net profit made by the company from 2002-03 onwards was far lower than what founder B Ramalinga Raju and managing director B Rama Raju showed.

Source: Financial Chronicle