Ramalinga Raju: From Andhra’s pride to disgrace

Satyam was the brand image of Andhra Pradesh, Hyderabad was identified with this company, and its founder-chairman B Ramalinga Raju was a hero to youngsters.

Ramalinga Raju: From Andhra's pride to disgrace

fall from grace: Satyam founder-chairman B R Raju

B Ramalinga Raju was a hero to youngsters. But overnight, arguably the biggest fraud in India's corporate history has reduced the chairman and his company to a big zero.

The man who spent three decades in IT services and built Satyam into India's fourth largest IT services firm, was described as a visionary, a global business leader and a thinker. Now, the angry shareholders want him to be put behind bars.

Ramalinga Raju resigned as the company chairman yesterday after confessing to a Rs 40 billion fraud that was going on for years.

Financial crisis

Even when crisis hit Satyam following the management's aborted bid to acquire Maytas Infra and Maytas Properties, the two infrastructure companies owned by the promoters' family, Ramalinga Raju's wellwishers launched a website to repose faith in his leadership.

Having made a humble beginning to rise to the dizzy heights of success and become one of the richest Indians, Ramalinga Raju was described as the pride of Telugus.

Humble beginning

He first ventured into construction and textiles business before moving over to IT.

He founded Satyam in 1987 and was so influenced by his father that he named the company after him.
It was a humble beginning for Satyam with only 20 employees. Satyam Computer Services Ltd was incorporated in 1989 and it went public in 1992.

Satyam began trading on New York Stock Exchange in 2001. The man is today the target of the wrath of the Telugus.

"Ramalinga Raju was a hero till the last quarter of 2008, but now he is a zero. I was one of his biggest fans, but today I am very upset," said Harish Chandra Prasad, vice-chairman of the Confederation of Indian Industry, Andhra Pradesh.

Accolades
>Ernst & Young entrepreneur of the years 1999 and 2007
>Andhra Pradesh Academy of Sciences medal 1999
>Dataquest IT man of the year 2000
>Corporate citizen of the year award 2002
>Hyderabad Management Association life time achievement award 2006
>Honorary doctorate by JN Technological University 2006

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