Sebi's whole-time member Rajeev Kumar Agarwal in his Satyam order said: "I am convinced this is a case where befitting enforcement action is necessary to send a stern message to the market to create an effective deterrence." On January 7, 2009, Ramalinga Raju in his capacity as Chairman had sent an email to Sebi, wherein he admitted and confessed to inflating the books of Satyam besides understating liabilities and other financial mis-statements. After the fraud came to light, the government ordered auction of the company to protect investors and employees of the then fourth largest IT firm. Satyam was later acquired by Tech Mahindra, and then renamed as Mahindra Satyam and was eventually merged with Tech Mahindra.