various lucrative investment schemes over a period of 4-5 years. The chief financial regulatory bodies like SEBI and RBI failed to sense the possibility of any fraud involved in the rosy schemes. The doubts began to roll in 1995-96 following which the scam came in light. CRB Group Bhansali was born in a jute trader’s house in Calcutta. After obtaining a degree in commerce‚ Bhansali became Chartered Accountant in 1980. In the same year‚ he started a financial consultancy firm‚ CRB Consultancy.
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In early 2009 the chairman of Satyam Computer Services admitted publicly to a fraud taking place in the company. Satyam reported in the financial statements billions of dollars in profits and cash assets that never existed. The public auditor’s responsible for auditing the financial statements of Satyam Computer Services at the time was PW India‚ an affiliate of Pricewaterhouse Coopers. The Securities and Exchange Commission determined that Satyam was able to commit the financial statement fraud
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Business Background Research Report – Satyam Scandal Snehal Tiwari‚ Student Id: 3316645 Assignment 2 Course Code: BUSM 2112 Executive Summary Satyam was one of the big five IT consulting and services firm in India. At the time of this scandal it reported around USD 2 billion in revenues. ‘Satyam’ meaning ‘truth’ in Sanskrit‚ is today more related to this scandal. The scandal in brief is about how its promoter and chairman resorted to fudging the accounts to overstate earnings (by about 1
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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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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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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 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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Enron and its Associates Used Questionable Accounting Practices Clearly‚ there have been cases where management knowingly deceived the auditors. Then there seem to be other instances 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
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