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Satyam Scam
The Satyam Computer Services scandal was India's largest corporate fraud until 2010. The founder and directors of India-based outsourcing company Satyam Computer Services, falsified the accounts, inflated the share price, and stole large sums from the company. Much of this was invested in property. The swindle was discovered in late 2008 when the Hyderabad property market collapsed, leaving a trail back to Satyam. The scandal was brought to light in 2009 when chairman Byrraju Ramalinga Raju confessed that the company's accounts had been falsified. History For many years Satyam accounts showed profits that had never existed, cash at the bank that did not exist, which inflated the share price. Raju and friends then sold shares. The accounts also showed $3m of "salary payments" to people who did not exist. These in fact went to board members. The falsified accounts were used to obtain cheap loans in the USA which were stolen by Raju and never entered into the accounts. M ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
India
India, officially the Republic of India, is a country in South Asia. It is the List of countries and dependencies by area, seventh-largest country by area; the List of countries by population (United Nations), most populous country since 2023; and, since its independence in 1947, the world's most populous democracy. Bounded by the Indian Ocean on the south, the Arabian Sea on the southwest, and the Bay of Bengal on the southeast, it shares land borders with Pakistan to the west; China, Nepal, and Bhutan to the north; and Bangladesh and Myanmar to the east. In the Indian Ocean, India is near Sri Lanka and the Maldives; its Andaman and Nicobar Islands share a maritime border with Thailand, Myanmar, and Indonesia. Modern humans arrived on the Indian subcontinent from Africa no later than 55,000 years ago., "Y-Chromosome and Mt-DNA data support the colonization of South Asia by modern humans originating in Africa. ... Coalescence dates for most non-European populations averag ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
State Farm Insurance
State Farm Insurance is a group of mutual insurance companies throughout the United States with corporate headquarters in Bloomington, Illinois. Founded in 1922, it is the largest property, casualty and auto insurance provider in the United States. Overview State Farm is the largest property and casualty insurance provider, and the largest auto insurance provider, in the United States. State Farm is ranked 39th in the 2024 Fortune 500, which lists American companies by revenue. State Farm relies on exclusive agents (also known as captive agents) to sell insurance. Only State Farm agents can sell State Farm insurance, and their agents can sell only State Farm products. Financial services State Farm has expanded into the financial services arena, such as banking and mutual funds. The bank opened in May 1999 and is operated by State Farm Financial Services, FSB, a subsidiary of State Farm Mutual Automobile Insurance Co. These are separate from its insurance products. St ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
1992 Indian Stock Market Scam
The 1992 Indian stock market scam was a market manipulation carried out by Harshad Mehta with other bankers and politicians on the Bombay Stock Exchange. The scam caused significant disruption to the stock market of India, defrauding investors of over fifteen million USD. Techniques used by Mehta involved having corrupt officials sign fake cheques, abuse market loopholes, and use fabrication to drive stock prices up to 40 times their original price. Stock traders making good returns as a result of the scam were able to fraudulently obtain unsecured loans from banks. When the scam was discovered in April 1992, the Indian stock market collapsed, and the same banks suddenly found themselves holding millions of Indian rupees (INR) in useless debt. 1992 Scandal Overview The biggest money market scam ever committed in India, amounting to approximately 5,000 crores. The main perpetrator of the scam was a stock and money market broker Harshad Mehta. It was a systematic stock scam ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
National Financial Reporting Authority
National Financial Reporting Authority (NFRA) is the auditing and accounting supervision authority of India. The authority oversees the auditing profession and the Indian Accounting Standards under the Companies Act 2013. It was formed in October 2018. The chairperson since March 2022 is Ajay Bhushan Pandey.https://www.google.com//timesofindia.com/business/india-business/govt-appoints-ex-finance-secretary-ajay-bhushan-pandey-as-nfra-chief/amp_articleshow/90132847.cms History After the Satyam scandal took place in 2009, the Standing Committee on Finance proposed the concept of the National Financial Reporting Authority (NFRA) for the first time in its 21st report. Companies Act 2013, then gave the regulatory framework for its composition and constitution. The Union Cabinet approved the proposal for its establishment on 1 March 2018. It is hoped that the establishment of NFRA as an independent regulator for the auditing profession will improve the transparency and reliabil ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tech Mahindra-Mahindra Satyam Merger
Tech Mahindra is an Indian multinational information technology services and consulting company. It was formed in 1986 as a joint venture between Mahindra & Mahindra and BT Group. Part of the Mahindra Group, the company is headquartered in Pune and has its registered office in Mumbai. History In 1986, Mahindra & Mahindra started a 60:40 joint venture technology services outsourcing firm with British Telecom named Mahindra British Telecom (MBT). In 2000, British Telecom committed business of at least £105 million over three years; as a consideration, British Telecom's stake in MBT increased to 43%. MBT primarily served the telecommunications industry in its early years, with British Telecom as its largest client. In 2006, MBT was renamed as Tech Mahindra, and it became a public company via an initial public offering. In December 2010, British Telecom sold 5.5% of its stake in Tech Mahindra to Mahindra & Mahindra for 451 crore. In August 2012, British Telecom sold 14.1% of it ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Public Auction
A government auction or a public auction is an auction held on behalf of a government in which the property to be auctioned is either property owned by the government or property which is sold under the authority of a court of law or a government agency with similar authority. Variations When the term "government auction" is used it often means that a general auctioneer has been contracted to deal with stock that needs to be liquidated by various government bodies: * Rights to transmit signals on bands of electromagnetic spectrum * Customs: seized smuggled items * Defense: military surplus * Police auction: proceeds of crime * Post office, transport: lost property * Warrant sale: assets of debtors * Tax sale: seized assets * Court auction: items sold to satisfy a court judgment, like storage contents of not-paying tenants * Insolvent companies where the government is the liquidator (e.g. official receiver) * Unowned property Often goods sold at government auctions ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Tata Chemicals
Tata Chemicals Limited is an Indian multinational corporation with interests in chemicals, crop protection and specialty chemistry products. The company is headquartered in Mumbai and has operations across India, Europe, North America and Africa. Tata Chemicals is a part of the Tata Group and its shares are traded on the NSE and BSE. Tata Chemicals has a publicly listed subsidiary called Rallis India. History and operations Tata Chemicals has the third largest soda ash production capacity plant in India. This was the second soda ash plant built in India by Kapilram Vakil (grandson of late Indian justice Nanabhai Haridas) that started operating in the year 1944. The township Mithapur, derives its name from "Mitha" which means salt in Gujarati language. Since 2006, Tata Chemicals has owned Brunner Mond, a United Kingdom-based chemical company with operations in Magadi (Kenya). On 27 March 2008, Tata Chemicals Ltd acquired General Chemical of US. In April 2010, Tata Chemica ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Indian Government
The Government of India (ISO: Bhārata Sarakāra, legally the Union Government or Union of India or the Central Government) is the national authority of the Republic of India, located in South Asia, consisting of 36 states and union territories. The government is led by the president of India (currently ) who largely exercises the executive powers, and selects the prime minister of India and other ministers for aid and advice. Government has been formed by the The prime minister and their senior ministers belong to the Union Council of Ministers, its executive decision-making committee being the cabinet. The government, seated in New Delhi, has three primary branches: the legislature, the executive and the judiciary, whose powers are vested in bicameral Parliament of India, Union Council of Ministers (headed by prime minister), and the Supreme Court of India respectively, with a president as head of state. It is a derivation of the British Westminster system, and has a fed ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
NYSE
The New York Stock Exchange (NYSE, nicknamed "The Big Board") is an American stock exchange in the Financial District, Manhattan, Financial District of Lower Manhattan in New York City. It is the List of stock exchanges, largest stock exchange in the world by market capitalization, exceeding $25 trillion in July 2024. The NYSE is owned by Intercontinental Exchange, an American holding company that it also lists (ticker symbol ICE). Previously, it was part of NYSE Euronext (NYX), which was formed by the NYSE's 2007 merger with Euronext. According to a Gallup, Inc., Gallup poll conducted in 2022, approximately 58% of American adults reported having money invested in the stock market, either through individual stocks, mutual funds, or 401(k), retirement accounts. __FORCETOC__ History The earliest recorded organization of Security (finance), securities trading in New York among brokers directly dealing with each other can be traced to the Buttonwood Agreement. Previously, secu ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Ramalinga Raju
Byrraju Ramalinga Raju (born 16 September 1954) is an Indian businessman. He is the founder of Satyam Computer Services and served as its chairman and CEO from 1987 until 2009. Raju stepped down following his admission to embezzlement from the company to the tune of ₹7,136 crores (approximately US$1.5 billion), including ₹5,040 crores (approximately US$1 billion) of non-existent cash and bank balances. In 2015, he was convicted of corporate fraud, which led to the collapse of Satyam Computers. Another tech firm called Brane Enterprises with family links to Raju, where he plays an active role as a mentor, is under the scanner for sudden layoffs and unpaid wages to over 2,500 employees. Early life Ramalinga Raju, the eldest of four siblings, was born on 16 September 1954. He earned a Bachelor of Commerce degree from Andhra Loyola College at Vijayawada and subsequently earned an MBA from Ohio University in the United States. After returning to India in 1977, Raju married ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Reuters
Reuters ( ) is a news agency owned by Thomson Reuters. It employs around 2,500 journalists and 600 photojournalists in about 200 locations worldwide writing in 16 languages. Reuters is one of the largest news agencies in the world. The agency was established in London in 1851 by Paul Reuter. The Thomson Corporation of Canada acquired the agency in a 2008 corporate merger, resulting in the formation of the Thomson Reuters Corporation. In December 2024, Reuters was ranked as the 27th most visited news site in the world, with over 105 million monthly readers. History 19th century Paul Julius Reuter worked at a book-publishing firm in Berlin and was involved in distributing radical pamphlets at the beginning of the Revolutions of 1848. These publications brought much attention to Reuter, who in 1850 developed a prototype news service in Aachen using homing pigeons and electric telegraphy from 1851 on, in order to transmit messages between Brussels and Aachen, in what today is Aa ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
