Satyam Computer Services Ltd. confirmed that it has received a letter of resignation from its chairman and founder, B Ramalinga Raju.

The letter, dated 7 January has been circulated to all board members, senior leaders and is also marked to the chairman of Securities and Exchange Board of India (Sebi) and the stock exchanges where Satyam is listed.
“We are obviously shocked by the contents of the letter. The senior leaders of Satyam stand united in their commitment to customers, associates, suppliers and all shareholders. We have gathered together at Hyderabad to strategize the way forward in light of this startling revelation,” said Ram Mynampati, interim CEO (pending ratification by the Board) and member of the board, who has been mandated by the board to steer the company through this crisis.
Satyam said that its immediate priorities are to protect the interests of its shareholders, the careers and security of its approximately 53,000 associates, and meet all its commitments to its customers and suppliers.
The company believes that its underlying business model, customer assets and growth prospects remain sound, even in the current challenging financial environment.
Satyam has stressed that it is confident of emerging from this latest development and will continue to provide excellent service to clients, while delivering value to shareholders.