Satyam Scam – Indian Corporate Fraud THE SATYAM SCAM… (RAJU NOT THE GENTLEMAN) India’s Enron ‚ the biggest corporate fraud of Indian History The recent disclosure by the chairman of Satyam Computers‚ Ramalinga Raju uncovered the biggest corporate fraud of India which by some has been regarded as similar to Enron. The letter sent by Raju to the board of Satyam ‚regulator‚ exchanges shocked the whole country and company’ s share at the exchanges hitted a life low of 30 from the intraday high
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Name: Mr. Hiten S. Panchal Std.: M.M.S. – I Div.: A Roll No.: 643 Sub.: Marketing Applications & Practices Project: Satyam Saga SATYAM SAGA Introduction: On 7th January‚ Wednesday‚ Satyam Computer Services Chairman B Ramalinga Raju resigns and disappears after confessing to the largest fraud of Rs. 7‚136 crore in Indian corporate history. He admitted to committing a gigantic fraud that shook corporate India and the stock markets to the core. In a letter to the board‚ Raju‚ 54‚ unburdened
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11/18/2014 Students of MSc. Financial and Managerial Accounting • Sonia Saher • Mohammad Waqas • Lu Tran Diem Trinh • Xin Wang 2 Roadmap: Introduction to Satyam and agency conflict overview Stakeholders at Satyam (presenter M. Waqas) Inadequacy in Satyam’s Corporate Governance (Presenter Trinh) Suggestions to save Satyam ship (Presenter Xin) Questions will be entertained at the end 11/18/2014 3 B. Ramalinga Raju‚ January 7th 2009 "It was like riding a tiger‚ not knowing how to get
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Ethics Case Satyam Computer Services – The Enron of India Founded in 1987‚ Satyam Computer Services Ltd. was founded by B. Ramalinga Raju. Operating globally in 66 countries‚ Satyam had a growth of 53‚000 employees from just 200 employees. By 2009‚ it was India’s fourth largest information technology company. Services included customer service and outsourcing of accounting and finance. 185 companies of those listed‚ as the Fortune 500 including Nestle‚ General Motors and General Electric were
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The case Satyam fraud was an eye opener for everyone who has a part to play in the business chain – the promoters‚ employees‚ auditors (both internal and external)‚ customers‚ shareholders‚ board-members‚ executives‚ creditors‚ institutional banks‚ regulatory bodies and even the Government. Just because regulators and Government were not directly linked to the functioning of the company they cannot deny that they were faultless or knew nothing or were not supposed to know anything. Satyam case especially
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Satyam Shivam Sundram Truth Godliness Beauty Talks given from 07/11/87 am to 21/11/87 pm English Discourse series CHAPTER 1 Satyam‚ Shivam‚ Sundram 7 November 1987 am in Gautam the Buddha Auditorium Question 1 BELOVED OSHO‚ WHAT IS THE MYSTIC CONCEPTION OF ULTIMATE REALITY? Maneesha‚ the mystic’s conception of the ultimate reality is the only authentic‚ real experience. It is not a thought or a concept‚ but an existential experience. But the mystic does not deal with the
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Case analysis: Case: Infosys vs Satyam. Whose wealth is maximized? 1. Synopsis: The case revolves around the accounts manipulation of Satyam Computers. It makes a comparison between two companies of the same competitive IT industry i.e Infosys and Satyam Computers. It shows how the company’s fate/ business scenario depends upon the financial vision of the CFO. The principal objective of the case is to analyze the role of a CFO in maximising shareholders’ wealth. The main objective of every
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3. Difference between Unethical and Unlawful Behaviour in the Business Context By definition‚ ethics refers to “a set of principles of right conduct.” It is also defined as “the rules or standards governing the conduct of a person or the members of a profession‚” (www.thefreedictionary.com) and in business may be considered the standards governing the conduct of people in the business environment. Business ethics is the behavior that a business adheres to in its daily dealings with the world.
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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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Unethical Research Arnuang Bullie RES/351 Jeff Duncan November 9‚ 2012 In this paper I will try and discuss the unethical business research conduct that has resulted in individuals or a firm being convicted‚ or at least tried for‚ this conduct. Some questions will be what were the inappropriate questions‚ what were the research results‚ and who was involved in the maintaining of the participants’ confidential information‚ and were there any acts involving the use of participant information
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