A NEW FRAUD DOCUMENT

IT major Satyam Computer on Tuesday plummeted nearly 14 per cent on the bourses, as rumours of its Chairman Mr Ramalinga Raju's resignation enveloped the market, even as the World Bank barred the company from doing business with it for eight years. At the end of trade on the Bombay Stock Exchange, Satyam settled down 13.55 per cent at Rs 140.40, after partially recovering from the day's low. “The news is totally speculative and we will not comment on the speculation,” a company spokesperson said when asked about reports that Mr Raju would be stepping down. The spokesperson also declined a comment on the World Bank action, saying: “We do not comment on specific clients.” The World Bank debarred the company from doing any business with it on charges of data theft. The company is separately facing a probe over its abortive $1.6 billion bid to acquire two firms promoted by Raju's family. The Andhra Pradesh Registrar of Companies (RoC) yesterday served notices on Satyam Computer, seeking more information on Satyam's abortive bid to acquire majority stake in Maytas Infra and Maytas Properties. According to sources, RoC has given a week to Satyam for submitting all relevant documents relating to the botched deal including the “minutes of the board meeting”, during whi ch the deal was approved. Satyam's board is scheduled to meet on December 29 to discuss the share buyback proposal. During the day the scrip had plunged 15.02 per cent to witness its 52-week low levels of Rs 138 on the BSE. Over 1.47 crore shares got traded on the BSE.