The Maytas debacle has hit one more blow to beleaguered Satyam Computer when DSP Merrill Lynch, a leading financial management and advisory firm announced the termination of its advisory engagement with the IT company. In a statement to the Bombay Stock Exchange, DSP Merrill Lynch said that the company has decided to break up with Satyam after finding some material accounting irregularities.

 

The chairman of Satyam Computer Mr B Ramalinga Raju has relinquished his job by admitting huge financial fraud done by him. The news of financial wrong doings spread like fire and caused the IT company to lose its engagement with Merrill Lynch. Securities regulator SEBI has initiated a probe into Satyam scam while US investors are considering a class action suit against the company. Reports are also on that ministry of company affairs of India will refer the case to the Serious Fraud Investigation Office.

 

Although many investigation agencies have started the probes into the scam, B Ramalinga Raju is reported to have fled India. According to a company spokesperson, there is no detailed information regarding Raju's whereabouts. As per analysts and business tycoons, the Satyam saga might give a blow to the Indian IT dream. Satyam Computer is one of the leading IT companies of the country and it has created brand ‘India’ on Wall Street. But B Ramalinga Raju's act might change the Indian IT dream forever.