A web of 356 investment companies was used to allegedly divert funds from Satyam.If you wish to download it, please recommend it to your friends in any social system.
Corporate frauds and Scams in India during the recent years have badly effected the Indian economy and corporates. According to one of survey conducted by Economic Intelligence Unit sometime in 2015 and report published in business today, India has one of the high percentages of companies where fraud, in particular corruption and bribery, was detected. The history of corporate frauds and scams in India is not unknown for Indians as Harshad Mehta scam, Satyam Scam, saradha group financial scandal, 2G Scam etc. Even the Indian Penal Code does not touch upon the fraud directly. Generally Corporate Fraud means the activities done by an individual or company in a dishonest or illegal manner. It is an act of deception, an intentional concealment, omission or prevention of truth to gain unlawful advantage, induce another to part with some valuable item or surrender a legal right, or inflict injury in some manner. First time in the Indian Corporate History, the Government of India has provided the definition of fraud in the Companies Act, 2013. Further explanation (ii) to the aforesaid section provides that wrongful gains means of property to which the gaining is not legally entitled. Similarly wrongful loss means the loss by an unlawful means of property to which the person losing is legally entitled. Where the fraud in question involves public interest, the term of imprisonment shall not be less than 3 years. Some such instances are: Incorporation of company based on false or incorrect information, the first director, first subscriber and professional who made declaration will be liable for fraud S. For untrue, misleading statement in prospectus or inclusion or omission of any matter. S. 34 For fraudulently inducing person to invest money S. For personation for acquisition of securities. S. 38. S. 229 For furnishing any false statements etc. S. 448 For giving false evidence. S. 449. However, allegation of frauds under the aforesaid section has been mentioned in various cases filed before various judicial authorities in India. Some of the instances where provisions for fraud has been invoked after the commencement of Companies Act, 2013 are in the case of default in payment of deposits, in cases relating to oppression and mismanagement, in the matters relating to schemes of compromise and arrangements etc. However, no person or company has been penalized till date under the provisions of Companies Act, 2013. In Satyam Computers case, where profits were increased, liabilities were hidden and related party transactions were carried on against the interest of public shareholders. The Satyam Computer Services scandal was a corporate scandal affecting India-based company Satyam Computer Services in 2009, in which chairman Raymalinga Raju confessed that the companys accounts had been falsified. The company misrepresented its accounts both to its board, stock exchanges, regulators, investors and all other stakeholders. It is a fraud, which misled the market and other stakeholders by lying about the companys financial health. Even basic facts such as revenues, operating profits, interest liabilities and cash balances were grossly inflated to show the company in good health. Raju maintained thorough details of the Satyams accounts and minutes of meetings since 2002. Ppt On Satyam Scandal Software Applications SuchFake invoices and bills were created using software applications such as On time that was used for calculating hours put in by an employee. Ppt On Satyam Scandal Code Of TheA secret programme was allegedly planted in the source code of the official invoice management system creating a user id Super User with the power to hide or show the invoices in the system.
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