Ramalinga Raju surrenders to Police

BANGALORE, INDIA: Satyam Computer’s disgraced former chief B Ramalinga Raju has surrendered to Andhra Pradesh Director General of police today, two days after he resigned and admitted to a massive fraud.

The IT firm plunged into a deep crisis on January 7, 2009 when its promoter-chairman B Ramalinga Raju resigned after admitting to major financial irregularities and saying his last-ditch efforts to fill the "fictitious assets with real ones" through Maytas acquisition failed.

Earlier in the day, government of India had dismissed the Satyam board and cancelled proposed board meeting on January 10.

Speaking to reporters, Minister for Company Affairs Prem Chand Gupta said "The government is restraining all current directors from the board. So Satyam cannot hold its Board of Directors meeting tomorrow (Saturday)."

Further Minister said that the government will appoint 10 nominal directors to the Satyam board and the first meeting of the board will be held in seven days.