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Ketan Parekh
Stock Market Scams in India INTRODUCTION Introduction Financial scams have a habit of cropping up with an alarming regularity in the Indian financial system. We have reconciled to financial irregularities to such an extent that we simply do not pay heed to smaller scams that take place around us on a daily basis. I am, or rather was, a part of the financial machinery for a few years, and trust me even the private sector is not entirely free of the machinations of unscrupulous and enterprising scamsters. The scope of the money involved multiplies manifold in the public sector, with a corresponding drop in accountability. India has seen some of the most high-profile scandals where investors have lost billions of rupees just because a few people in high places could not control their greed. The Satyam Computer Services fraud is neither the first nor will it be the last corporate scam to have hit India, so investors must be on guard and ask for more information before making any investment decision, says former Sebi chairman M Damodaran. But with corporates, brokers, banks, politicians, regulators colluding at times, many a multi- crore scam has hit India. And the saga is likely to go on. India has seen some of the most high-profile scandals where investors have lost billions of rupees just because a few people in high places could not control their greed. Over the Years there have been numerous fraud and scandals in the Indian Stock Market. These scams have had a very major impact on the stock markets. -
Bharatiya Janata Party
Indian Black Money Abroad In Secret Banks and Tax Havens Second Report Of The Task Force on the steps to be taken by India Members Shri Gurumurthy, Chartered Accountant, Chennai Shri Ajit Doval, former Director Intelligence Bureau, Delhi Prof R.Vaidyanathan, Professor of Finance Indian Institute of Management, Bangalore Shri Mahesh Jethmalani, Senior Advocate, Mumbai Submitted to BHARATIYA JANATA PARTY 1 I. The First Interim Report The first Interim Report of the Task Force appointed by the Bharatiya Janata Party was released to the public on 17-04-2009. Afterward different world governments, particularly those in the West, have increasingly begun targeting tax havens and intensely began pursuing black money. The US, and France particularly began a huge campaign against the evil of black money. The estimates black money lodged in tax havens by global financial institutions like the International Monetary Fund reached as high as $18 trillion. The instability in the global financial order itself was traced to the evil money. So the issue has now acquired a totally different dimension. In the first Interim Report, the Task Force had suggested broad national and global strategy for dealing with the menace of black money out of the country. The substance of the recommendations of the Task Force in the First Interim Report is summarized here: Global Strategy: • Creating a powerful public opinion and broad national consensus on the issue. Those who do not support the move should be seen as supporters of black economy. • India must become a very active player in the G-20 efforts against secret banking and tax havens. -
Bee Final Round Bee Final Round Regulation Questions
NHBB A-Set Bee 2016-2017 Bee Final Round Bee Final Round Regulation Questions (1) A letter by Leonel Sharp provides this work's most widely accepted text, including the promises \you have deserved rewards and crowns" and \we shall shortly have a famous victory." In this speech, the speaker thinks \foul scorn that Parma or Spain [...] should dare to invade the borders of my realm" before promising to take up arms, despite having a \weak, feeble" body. For the point, name this 1588 speech delivered to an army awaiting the landing of the Spanish Armada by a leader who had the \heart and stomach of a King," Elizabeth I. ANSWER: Tilbury Speech (accept descriptions that use the name Tilbury; prompt on descriptions that don't, such as \Queen Elizabeth's speech to her army about the incoming Spanish Armada" or portions thereof, so long as the player includes something that the tossup hasn't gotten to yet) (2) This man represented holders of the Wentworth Grants in a New York court case; protecting his interests in those grants led this man and his family to form the Onion River Company. Late in life, this man published the deist book Reason: The Only Oracle of Man. After a meeting at Catamount Tavern, this man organized a militia group that went on to aid Benedict Arnold in the capture of Fort Ticonderoga. For the point, name this man who advocated independence for Vermont and who led the Green Mountain Boys. ANSWER: Ethan Allen (3) This activity was re-affirmed to not be interstate commerce by Oliver Wendell Holmes, Jr. -
Parliament of India Rajya Sabha 48
PARLIAMENT OF INDIA RAJYA SABHA 48 DEPARTMENT RELATED PARLIAMENTARY STANDING COMMITTEE ON PERSONNEL, PUBLIC GRIEVANCES, LAW AND JUSTICE FORTY EIGHTH REPORT ON THE LOKPAL BILL, 2011 (PRESENTED TO THE RAJYA SABHA ON 9TH DECEMBER, 2011) (LAID ON THE TABLE OF THE LOK SABHA ON 9TH DECEMBER, 2011) RAJYA SABHA SECRETARIAT NEW DELHI DECEMBER, 2011/AGRAHAYANA, 1933 (SAKA) Website:http://rajyasabha.nic.in E-mail:[email protected] CS (P & L)-95 PARLIAMENT OF INDIA RAJYA SABHA DEPARTMENT-RELATED PARLIAMENTARY STANDING COMMITTEE ON PERSONNEL, PUBLIC GRIEVANCES, LAW AND JUSTICE FORTY EIGHTH REPORT ON THE LOKPAL BILL, 2011 (PRESENTED TO THE RAJYA SABHA ON 9th DECEMBER, 2011) (LAID ON THE TABLE OF THE LOK SABHA ON 9th DECEMBER, 2011) RAJYA SABHA SECRETARIAT NEW DELHI DECEMBER, 2011/AGRAHAYANA, 1933 (SAKA) CONTENTS PAGES 1. COMPOSITION OF THE COMMITTEE ........................................................................................ (i)-(ii) 2. PREFACE BY CHAIRMAN ......................................................................................................... (iii)-(v) 3. REPORT OF THE COMMITTEE .................................................................................................. 1—141 CHAPTER 1- Introduction.................................................................................................. 1—4 CHAPTER 2- Committee Proceedings and Timelines .................................................... 5—6 CHAPTER 3- The Concept of Lokpal: Evolution and Parliamentary History ............. 7—10 CHAPTER 4- Citizens’ -
Electioneering in India 2009
Convergence of the Conventional and the New Media : Electioneering in India 2009 © Institute of Management Studies, Noida Dr Kiran Thakur * Online access at www.publishingindia.com The election campaigns for the Indian Parliament (Lok Sabha or People’s House) in April 2009 demonstrated how the poll battles were fought deploying a mix of the traditional campaigning methods and information and communication technologies. The political parties and candidates used the mix to woo over 453 million voters who chose representatives of the 543 constituencies to govern India, the world’s largest democratic nation. Gandhinagar was among the hotly contested constituencies where the use of new technologies and the Internet was made more imperative. It also witnessed the time-tested traditional campaign methods being used to attract voters. Among the candidates was a towering 81-year political personality, Mr L K Advani, who was projected as Prime Minister-in-Waiting by his Bharatiya Janata Party. His local managers orchestrated the campaign using the mix of the conventional tools through a network of grass-root workers and youngsters of the cyberage. His Congress rival Suresh Patel, and 1. Introduction internationally acclaimed danseuse Mallika Sarabhai, contesting as an independent, similarly exploited the Gandhinagar, the capital of Gujarat state in western India, mix. Politicians, workers and senior media persons were attracted media attention during the 2009 election to the Lower interviewed, websites were studied and print and House of Indian Parliament for more than one reasons. It has electronic media were used to record the data. for a long time been a stronghold of Bharatiya Janata This paper demonstrates how the parties deployed Party (BJP), one of the two major political parties websites, e-mails, SMS, blogs, Twitter, FaceBook, dominating the national scene. -
Down the Memory Lane
DOWN THE MEMORY LANE 1 > Four eventful decades for India ▼ FROM Emergency to liberalisation, 1 2 1977 from the biggest industrial disaster RISE OF THE JANATA In the general elections after the to domestic industry’s rise to the 21-month Emergency, global stage, from producing the first Indira Gandhi’s Congress suffered a debacle and the Janata Party, modern car domestically to acquiring under Morarji Desai (centre) and the stylish Jaguar brand, from furore spearheaded by leaders like Atal Bihari Vajpayee (right) and over caste-based Babu Jagjivan Ram, stormed to reservation to nuclear power. PHOTO: PIB prowess and man in 3 space, from hosting ▼ two important Jun 25, 1975 international sporting THE INFAMOUS EMERGENCY events to changing the Prime Minister face of sports through innovative Indira Gandhi unilaterally had a state models — we have seen it all. of emergency declared As Business Standard completes across India. For much of the following 21 40 years of its thought leadership, months, many of we bring you the most striking Gandhi’s most vocal political opponents pictures that defined India over the were imprisoned and past four decades the Press was muzzled. PHOTO: INDIAN EXPRESS ARCHIVES 5 4 ▼ 1978 CALL FOR DEFIANCE BY INDUSTRY In a speech at a luncheon meeting at industry chamber Ficci, where Industry Minister George Fernandes was also present, Ghanshyam Das Birla (pictured) told industrialists to break the law and produce more than what their licences allowed. This perhaps was the first time that Indian industry had publicly raised its voice to seek freedom from the controls of a closed economy. -
The Journey of a Noble Soul Remembering the Visionary Saint
WEEKLY www.swapnilsansar.org Simultaneously Published In Hindi Daily & Weekly VOL.23, ISSUE 21, LUCKNOW, 21 MAY, 2018,PAGE 08,PRICE :1/- Remembering The Visionary Saint Named Rajiv Gandhi Agency.The word “saint” is he left when he departed to speak louder than words was his level. Similarly, Rajiv Gandhi industries running their best suited to describe the heavenly abode.Rajiv Gandhi motto. He was soft spoken but pushed India towards the business under the private personality of Rajiv Gandhi. He started his political journey in had the courage to take strong direction of a technology driven management have been using this was born in the Nehru-Gandhi 1980 after the demise of his decisions when it comes to country by taking technology that touches the lives family tha produced legends like beloved younger brother Sanjay matters of national interests. He important decisions in the of “aam admi” or common Sri Jawahar Lal Nehru and Indira Gandhi. Soon he learnt the authorized operation 'Black Information and Technology (IT) man.Moreover, Rajiv Gandhi Gandhi and yet he nuances of politics.When her Thunder' in 1986 against the sector. At the global level, the believed that to realize the true remained humble to the core.He mother and former PM of India militants in Punjab. As the Prime power of Indian IT companies is value of freedom one has to was loving,affable and Indira Gandhi was assassinated on Minister he took various considered as a 'force' to reckon devolve powers and make the affectionate person. He did not October 31, 1984, her son Rajiv decisions during the end of 80’s with. -
Promoting Transparency Understanding Corruption in India 2 of 2
Understanding Corruption in India: Promoting Transparency Understanding Corruption in India 2 of 2 Table of Contents Topic Page No. Overview of Current Scenario ---------------------------- 3 Brief History of Corruption -------------------------------- 4 What is Corruption? ---------------------------------------- 5 Financial Scams in India ----------------------------------- 7 15 High Profile Scandals ------------------------------------ 8 Nature of Corruption in India---------------------------- 12 Legislative Corruption --------------------------------------13 Corruption in the executive---------------------------------13 Corruption in the Judiciary----------------------------------14 Political corruption ------------------------------------------15 Vulnerable Sectors and Institutions -------------------- 15 Public Procurement------------------------------------------15 Tax and Customs--------------------------------------------16 The Police Force ---------------------------------------------16 Regional Patterns -------------------------------------------16 Corruption and Money Laundering ---------------------- 17 Anti-Corruption Framework in India-------------------- 18 The Legal framework----------------------------------------18 No Protection to Whistleblowers----------------------------19 The Institutional Framework--------------------------------19 Pending Anti-Corruption Legislation------------------------21 Summary ----------------------------------------------------21 Lokpal Bill Vs Jan Lokpal Bill ---------------------------- -
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Analysis of Corporate Frauds in India from Ethical Perspective
Analysis of Corporate Frauds in India from ethical perspective Karanam Nagaraja Rao Alliance University ([email protected]) ISBN: 978-81-924713-8-9 Business ethics is of paramount importance as many top organizations are continued to be marred by plethora of scandals and frauds. Corporate frauds result in loss of market capitalization and brand image of the organizations. They are alarmingly prevalent across countries, and across sectors of the economy. This conceptual paper highlights some of the major corporate frauds since independence and their repercussions on social and economic fabric of India. Keeping sustainability as a fulcrum, it attempts to suggest steps that companies can and must adhere for running their businesses ethically and thereby minimizing, if not eradicating the corporate frauds. Key words: Corporate Frauds, Sustainability, Business Ethics. 1. Introduction Section 17 of the Indian Contract Act defines “Fraud” as "Fraud" means and includes any of the following acts committed by a party to a contract, or with his connivance, or by his agents, with intent to deceive another party thereto his agent, or to induce him to enter into a contract. Corporate Fraud as defined by CIMA (Chartered Institute of Management Accountants) is ‘a type of fraud that essentially involves using deception to make personal gain for oneself dishonestly and/or create a loss for others’. To better understand frauds we can look at it from different views. For example, we can look if a fraud is internal or external to the organization that was involved or had gotten involved with fraudulent acts. Almost 75% of corporate surveyed in India felt the overall incidence of fraud was raising. -
The 2009 General Elections in India: an Analysis1
ISAS Working Paper No. 70 – Date: 3 July 2009 469A Bukit Timah Road #07-01, Tower Block, Singapore 259770 Tel: 6516 6179 / 6516 4239 Fax: 6776 7505 / 6314 5447 Email: [email protected] Website: www.isas.nus.edu.sg The 2009 General Elections in India: An Analysis1 Paranjoy Guha Thakurta2 Executive Summary The fifteenth general elections to the Lower House of India’s Parliament (Lok Sabha) were held in five phases spread over a month in April and May 2009, with its outcome declared on 16 May 2009. The elections witnessed the return of the incumbent Indian National Congress- led United Progressive Alliance (UPA) coalition to power in New Delhi for a second consecutive term. The performance of the Congress, India’s ‘grand old party’, which had steadily declined over a period of two-and-a-half decades until the 2004 elections when it won 145 seats, improved further in these elections. For the first time since 1991, the centre-left party was able to win more than 200 seats (206 to be precise) in the 543-member Lok Sabha. Its closest rival, the right-wing Bharatiya Janata Party (BJP), whose performance had been on the rise between 1984 (when it had secured just two seats in the Lok Sabha) until 1999 (when the party won 182 seats) and, thereafter, declined in 2004 (137 seats), saw its position decline further (116 seats) in 2009. As a result of the first-past-the-post system of Parliamentary democracy in India, the change in the number of seats of the two largest political parties was not reflected in their vote shares. -
Digital and Millennials, the Greatest Economic Explosive
March 2019 Second edition INTERNATIONAL e-INDIGitaL AND MILLENNDIAIALS, THE GREatEST ECONOMIC EXPLOSIVE FORMULA IN THE WORLD BUSINESS POWER 100 Infrastructure, Hi-Tech, All the big names Health, Food, Fashion, in Milan-Mumbai Cosmetics ... All the business relations opportunities from a rapidly growing market THE ItaLIAN WaY Tips and stories from managers and businessmen who hit the bull’s eye Air Italy ING.indd 20 09/01/19 13:43 March 2019 CONTENTS INTERNATIONAL INDIAITALY INDIA TODAY INDIAN LOOK BUSINESS People, trends, flash The Future Between India Tech The businessman of the year; Mittals’ High-Tech and Sustainability At Research’s Front Line 6 Architects, designers, engineers 56 by Francesco Bisozzi Nerves of steel; Football 34 is right on cricket’s tail; are collaborating on public and Credit Access success; private plans to build the smart Here business is good cities of the next decade. The role for children; Pangea of Italians Vijay Shekhar aims to help women; by Martina Mazzotti The sustainable kart of Lamborghini coVER story Power 100 Agrifood Businessmen and diplomats in Innovation Leads the Field India and Italy that can facilitate by Franco Canevesio 10 bilateral relations and are 60 interested in starting up business Fashion with Italy It’s premium time 64 for malls and online stores INSIDE INDIA Interview with architect Bijoy Jain by Milena Bello India Favours Cosmetics Growth and consumption, starting 36 Italian Humanism the virtuous circle The Make-Up Boom by Milena Bello Montek Singh Ahluwalia, 70 20 economist, and Sumeet Yadav, BUSINESS top manager, talk about their Strategy vision of India in the near future E-Commerce, a Vertical Space in 42 Between the Giants testimonial by Cecilia Giannini Lorenzo Angeloni The Success INFRASTRUCTURE Dossier of the Granular Approach Who Leads the Main Projects 24 by Pier Paolo Albricci The Indian government public works plan worth $ 780 billion Pierroberto Folgiero 45 Health of investment in the economy by The Good Drugs and Equipment, 2025.