WHAT WENT WRONG WITH SATYAM? PROFESSOR J. P. SHARMA J.P Sharma‚ Professor of Law & Corporate governance‚ Department of Commerce‚ Delhi School of Economics‚ University of Delhi WHAT WENT WRONG WITH SATYAM? INTRODUCTION Till about two decades ago corporate governance was relatively an unknown subject. The subject came into prominence in the late 80’s and early 90’s when the corporate sector in many countries was surrounded with problems of questionable corporate policies or unethical practices
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challenge in the domain of corporate governance and ethics in the Satyam fiasco. The Satyam scandal shook the corporate India‚ and dented its standing with investors‚ both domestic and foreign. It turned out that founder and CEO B. Ramalinga Raju invented $ 1 billion in cash‚ which never existed. The Satyam scandal brought to attention the importance of ethics and its significance to corporate culture. The scam committed by the founders of Satyam is a proof to the fact that one’s conduct in a huge organization
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Mehta Case‚ Satyam‚ Ketan Parikh and UTI on national level and Lehman Brothers on international level are some of the examples resulting in topics on corporate Governance and Business Ethics being included by many universities and autonomous institutions in their curriculum post liberalization. January 7‚ 2009 will be etched in the annals of India ’s corporate history as it brought to light one of the biggest scams in India. It was on this day that chairman B Ramalinga Raju of Satyam Computer
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The Satyam Computer Services scandal was a corporate scandal that occurred in India in 2009 where chairman Ramalinga Raju confessed that the company’s accounts had been falsified. The Global corporate community was shocked and scandalised when the chairman of Satyam‚ Ramalinga Raju resigned on 7 January 2009 and confessed that he had manipulated the accounts by US$1.47-Billion. Contents [hide] 1 Role of Auditors 2 Aftermath 3 New CEO and special advisors 4 Acquisition by Mahindra Group 5
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Satyam Computer Services Limited. Introduction Satyam Computer Service Limited is a leading global business and information technology company‚ delivering consulting‚ systems integration‚ and outsourcing solutions to clients in over 20 industries. Incorporated on June 24 1987‚ Satyam has grown substantially to become one of the fastest growing companies in the IT services and BPO sector. It is one of the youngest IT services company to reach US $1 billion mark in annual revenues. The first fortune
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The 2G spectrum scam involved officials in the government of India illegally undercharging mobile telephony companies for frequency allocation licenses‚ which they would use to create 2G subscriptions for cell phones. According to a report submitted by the Comptroller and Auditor General based on money collected from 2G licenses‚ the loss to the exchequer was 176‚379 crore (US$38.27 billion) . The issuing of the 2G licenses occurred in 2008‚ but the scam came to public notice when
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THE HISTORY OF THE PRIORITY DEVELOPMENT ASSISTAANCE FUND(PDAF)/PORK BARREL • The term pork barrel politics usually refers to spending which is intended to benefit constituents of a politician in return for their political support‚ either in the form of campaign contributions or votes. In the popular 1863 story "The Children of the Public"‚ Edward Everett Hale used the term pork barrel as a homely metaphor for any form of public spending to the citizenry. After the American Civil War‚ however‚
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where the accounting treatment envelope was pushed just a bit too far. In the case of Enron‚ David B. Duncan‚ the former Andersen partner in charge of the Enron audit who was the government’s chief witness in the trial against Arthur Andersen‚ stood behind the decisions that resulted in the widespread use of off-balance sheet financing in the reporting of certain partnership transactions. (3) Certainly he carried out the breadth of the related accounting pronouncements to the extent allowable. Off-balance
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THE HARSHAD MEHTA SCAM INTRODUCTION: Harshad Shantilal Mehta was born in a Gujarati Jain family of modest means. His early childhood was spent in Mumbai (Kandivali) where his father was a small-time businessman. After completing his secondary education Harshad left for Bombay. While doing odd jobs he joined Lala Lajpat Rai College for a Bachelor’s degree in Commerce. After completing his graduation‚ Harshad Mehta started his working life as an employee of the New India Assurance Company. During
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Republic of the Philippines Leyte Normal University Social Work Department Tacloban City Subject: HBSE2: PHILIPPINE SOCIAL REALITIES & SOCIAL WELFARE Title: ISSUE ANALYSIS PAPER (PDAF scam) Date Submitted: September 30‚ 2013 PRIORITY DEVELOPMENT ASSISTANCE FUND (PDAF) I. INTRODUCTION The history of ‘pork barrel’ started way back on 1922‚ during the American colonial period. The PDAF in its current form was reintroduced on 1986 during Corazon Aquino’s administration with the creation
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