This Article is From Apr 09, 2009

Raju-owned companies demand payback

Hyderabad: Ramalinga Raju has delivered a second blow to Satyam Computer Services, his family-owned firms want Satyam to repay Rs 1,500 crore to them.

NDTV has in its possession documents placed as evidence before a court in Hyderabad by the CID. According to the prosecution, on January 8, one day before Raju was arrested, 37 companies reportedly floated by Raju's family, wrote to Satyam, demanding that money lent by these companies to Satyam should be repaid.

In his confession letter on January 7, Raju wrote that ",the balance sheets show understated liability of Rs 1,230 crore on account of funds arranged by me for Satyam",.

Most of these 37 companies claiming money from Satyam have Ramalinga Raju's wife Nandini Raju and son Teja Raju on the board of directors.

The companies say they raised loans through non-banking agencies like G E Capital, DSP Merrill Lynch, IL & FS. The letters mysteriously reached Satyam only on January 19, and were seized by the CID.
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