"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Sindh Today Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Yahoo News Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Silicon India Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
The Peninsula Qatar Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Wo...Jagannadham Thunuguntla
Promoters of 440 Indian companies pledged shares worth over $10 billion after new disclosure norms from the Securities and Exchange Board of India came into effect. Major companies like Tata, Suzlon, Ispat, and Jaiprakash pledged shares. Tata Consultancy Services had the highest amount pledged at $5.5 billion. Textiles was the sector with the most companies (44) pledging shares, followed by metals and mining with 43 companies. The tightening of disclosure norms was in response to the Satyam Computer Services accounting scandal and aimed to improve corporate governance.
South Asia News Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth ...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Smas Hits Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
Promoters of 440 companies pledged shares worth $10 billion after new disclosure norms from the Securities and Exchange Board of India came into effect in January. Major companies like Tata, Suzlon, Ispat, and Jaiprakash pledged shares. Tata Consultancy Services had the highest amount pledged at $5.5 billion. Textiles was the sector with the most companies (44) pledging shares, followed by metals and mining with 43 companies. The tightened disclosure norms were in response to the Satyam Computer Services accounting scandal to improve long-term systemic transparency.
Blog Coverage Taragana Mar 18, 2009 Promoters Of 440 Companies Pledged Shares...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Net India 123 Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Sindh Today Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Yahoo News Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Silicon India Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
The Peninsula Qatar Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Wo...Jagannadham Thunuguntla
Promoters of 440 Indian companies pledged shares worth over $10 billion after new disclosure norms from the Securities and Exchange Board of India came into effect. Major companies like Tata, Suzlon, Ispat, and Jaiprakash pledged shares. Tata Consultancy Services had the highest amount pledged at $5.5 billion. Textiles was the sector with the most companies (44) pledging shares, followed by metals and mining with 43 companies. The tightening of disclosure norms was in response to the Satyam Computer Services accounting scandal and aimed to improve corporate governance.
South Asia News Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth ...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Smas Hits Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
Promoters of 440 companies pledged shares worth $10 billion after new disclosure norms from the Securities and Exchange Board of India came into effect in January. Major companies like Tata, Suzlon, Ispat, and Jaiprakash pledged shares. Tata Consultancy Services had the highest amount pledged at $5.5 billion. Textiles was the sector with the most companies (44) pledging shares, followed by metals and mining with 43 companies. The tightened disclosure norms were in response to the Satyam Computer Services accounting scandal to improve long-term systemic transparency.
Blog Coverage Taragana Mar 18, 2009 Promoters Of 440 Companies Pledged Shares...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Net India 123 Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Prokerala Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Zee Biz Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Buzzing Stock Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Web India 123 Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Newstrack Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
New Kerala Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Headlines India Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth ...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Sulekha Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Ya Hind Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Nerve News Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Big News Network Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Andhra Vilas Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
Promoters of 440 Indian companies pledged shares worth over $10 billion in response to new disclosure norms from the Securities and Exchange Board of India. Major companies like Tata, Suzlon, Ispat, and Jaiprakash pledged shares with lenders. Tata Consultancy Services had the highest amount pledged at $5.48 billion, while United Spirits chairman Vijay Mallya pledged $2.24 billion. Textiles was the sector with the most companies (44) pledging shares, followed by metals and mining with 43 companies. The tightening of disclosure norms was in response to the Satyam Computer Services accounting scandal.
Siasat Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Mathrubhumi Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
India PR Wire Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
India E News Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
A study into management of services of selected financial institutions in the...WriteKraft Dissertations
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 . Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission
“To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
Analyzing every customer’s aims, objectives and purpose of research
Using advanced and latest tools and technique of research and analysis
Coordinating and including their own ideas and knowledge
Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
Satyam Computer Services Ltd. is an Indian IT consulting firm that was founded in 1987 and went public in 1992. It grew significantly through the 2000s, becoming one of India's largest outsourcing companies. However, in 2009 it was revealed that the chairman had committed a $1 billion accounting fraud, overstating cash and profits over several years. This scandal badly damaged the company and led to investigations, management changes, and talks of a strategic investor taking it over.
Satyam Computer Services Ltd. was founded in 1987 and provides IT services to over 654 global companies across 67 countries. It employs 53,000 IT professionals located in development centers around the world. In January 2009, the company's Chairman resigned after admitting to falsifying Satyam's accounts, overstating cash and bank balances, debtors, and understating liabilities. This accounting fraud had a major negative impact on Satyam and shattered investor confidence in the company.
The document discusses corporate governance standards in India following the Satyam scandal. It outlines existing laws and regulations around corporate governance in India, including the Companies Act of 1956, recommendations from industry groups, and SEBI's Clause 49. However, it notes that full compliance with Clause 49 is still lacking in many companies. It argues that independent directors should be held more accountable and that the Satyam scandal highlighted weaknesses in their role and auditors' responsibilities. Tighter rules are needed to strengthen corporate governance standards and better protect shareholders and stakeholders.
Satyam Computer Services Ltd is a leading international IT services company based in India. It has expertise in enterprise solutions, supply chain management, CRM, business intelligence, and product lifecycle management. Satyam has many subsidiaries around the world. In 2009, Satyam was acquired by Tech Mahindra after the former chairman confessed to a $1.2 billion fraud, and investigations later found the fraud was actually $2.5 billion, with funds diverted to real estate holdings. As a result of the acquisition, Tech Mahindra and former Satyam shareholders may recover lost assets.
Prokerala Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Zee Biz Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Buzzing Stock Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Web India 123 Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Newstrack Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
New Kerala Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Headlines India Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth ...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Sulekha Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Ya Hind Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Nerve News Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Big News Network Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Andhra Vilas Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
Promoters of 440 Indian companies pledged shares worth over $10 billion in response to new disclosure norms from the Securities and Exchange Board of India. Major companies like Tata, Suzlon, Ispat, and Jaiprakash pledged shares with lenders. Tata Consultancy Services had the highest amount pledged at $5.48 billion, while United Spirits chairman Vijay Mallya pledged $2.24 billion. Textiles was the sector with the most companies (44) pledging shares, followed by metals and mining with 43 companies. The tightening of disclosure norms was in response to the Satyam Computer Services accounting scandal.
Siasat Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
Mathrubhumi Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
India PR Wire Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $1...Jagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
India E News Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 BnJagannadham Thunuguntla
"A lot of these pledges happened during the bull run," said Jagannadham Thunuguntla, equity head with SMC Capital. "Promoters sought to take advantage of overpriced shares to raise fresh capital."
A study into management of services of selected financial institutions in the...WriteKraft Dissertations
Writekraft Research and Publications LLP was initially formed, informally, in 2006 by a group of scholars to help fellow students. Gradually, with several dissertations, thesis and assignments receiving acclaim and a good grade, Writekraft was officially founded in 2011 . Since its establishment, Writekraft Research & Publications LLP is Guiding and Mentoring PhD Scholars.
Our Mission
“To provide breakthrough research works to our clients through Perseverant efforts towards creativity and innovation”.
Vision
Writekraft endeavours to be the leading global research and publications company that will fulfil all research needs of our clients. We will achieve this vision through:
Analyzing every customer’s aims, objectives and purpose of research
Using advanced and latest tools and technique of research and analysis
Coordinating and including their own ideas and knowledge
Providing the desired inferences and results of the research
In the past decade, we have successfully assisted students from various universities in India and globally. We at Writekraft Research & Publications LLP head office in Kanpur, India are most trusted and professional Research, Writing, Guidance and Publication Service Provider for PhD. Our services meet all your PhD Admissions, Thesis Preparation and Research Paper Publication needs with highest regards for the quality you prefer.
Satyam Computer Services Ltd. is an Indian IT consulting firm that was founded in 1987 and went public in 1992. It grew significantly through the 2000s, becoming one of India's largest outsourcing companies. However, in 2009 it was revealed that the chairman had committed a $1 billion accounting fraud, overstating cash and profits over several years. This scandal badly damaged the company and led to investigations, management changes, and talks of a strategic investor taking it over.
Satyam Computer Services Ltd. was founded in 1987 and provides IT services to over 654 global companies across 67 countries. It employs 53,000 IT professionals located in development centers around the world. In January 2009, the company's Chairman resigned after admitting to falsifying Satyam's accounts, overstating cash and bank balances, debtors, and understating liabilities. This accounting fraud had a major negative impact on Satyam and shattered investor confidence in the company.
The document discusses corporate governance standards in India following the Satyam scandal. It outlines existing laws and regulations around corporate governance in India, including the Companies Act of 1956, recommendations from industry groups, and SEBI's Clause 49. However, it notes that full compliance with Clause 49 is still lacking in many companies. It argues that independent directors should be held more accountable and that the Satyam scandal highlighted weaknesses in their role and auditors' responsibilities. Tighter rules are needed to strengthen corporate governance standards and better protect shareholders and stakeholders.
Satyam Computer Services Ltd is a leading international IT services company based in India. It has expertise in enterprise solutions, supply chain management, CRM, business intelligence, and product lifecycle management. Satyam has many subsidiaries around the world. In 2009, Satyam was acquired by Tech Mahindra after the former chairman confessed to a $1.2 billion fraud, and investigations later found the fraud was actually $2.5 billion, with funds diverted to real estate holdings. As a result of the acquisition, Tech Mahindra and former Satyam shareholders may recover lost assets.
- Sanjay Kalra resigned as CEO of Tech Mahindra after six years, with Vineet Nayyar taking over operational responsibilities. Kalra's resignation comes at a critical time as Tech Mahindra took over Satyam Computer Services and the two companies plan to merge.
- The number of Indian companies declaring dividends in the first half of the current fiscal year declined 4.5% compared to the previous year, with 1,144 companies out of over 3,000 listed companies paying dividends.
- Reliance Communications is looking for strategic partners like Motorola, HP, and Intel for its 3G Innovation Lab, which provides wireless network infrastructure and new technologies. RCOM aims to launch 3
Ramalinga Raju founded Satyam Computer Services in 1987. He resigned in January 2009 after admitting to falsifying Satyam's accounts, inflating revenues and profits. In December 2008, Satyam had announced acquisitions of Maytas Infra and Maytas Properties, owned by Raju's sons, which sparked investor outrage and uncovered the accounting fraud. The deals and fraud were attempts to hide irregularities in Satyam's accounts. Raju was arrested and charged with fraud.
The document provides details about the Satyam Computer fraud scandal that occurred in India in 2009. It describes how Satyam Computer Services Ltd., founded in 1987, had emerged as a top Indian IT company but was embroiled in a major accounting fraud. In January 2009, the company's chairman, Ramalinga Raju, confessed to inflating Satyam's financial statements for several years by fabricating revenues, profits, assets, and cash balances. The fraud amounted to $1.47 billion, severely damaging investors. It exposed weaknesses in corporate governance and regulation in India and led to reforms to enhance transparency and accountability.
The document summarizes the Satyam accounting scandal that occurred in India in 2009. It describes how the founders of Satyam, an IT consulting firm, inflated profits and falsified financial records through various accounting practices over several years. When the fraud was discovered, it damaged India's reputation in the IT industry and led to reforms aimed at preventing similar incidents in the future. The auditors, PwC, were criticized for failing to detect the fraud earlier despite signs that should have raised concerns.
The document provides updates on various topics related to public sector enterprises (PSEs) in India:
1) Investor interest in exchange traded funds (ETFs) has doubled since the new government took over in June 2014, reflecting optimism in the economy. The initiative to roll out ETFs around Central PSEs also helped boost interest.
2) The government has launched an initiative to provide over five dozen project approvals through a single online platform to make it easier to do business in India.
3) Several key positions in telecom PSUs like BSNL and MTNL have been vacant for months, despite the new government's focus on turning them around.
4) 34
Bloomberg Dec 10, 2009 Sensex Advances On Borrowing Rules Led By Bharti, Jaip...Jagannadham Thunuguntla
“This is good for the companies because they require heavy capital expenditure,” said Jagannadham Thunuguntla, chief strategist at SMC Capitals Ltd. in New Delhi. “It makes sense to allow such companies to borrow from abroad.”
The document summarizes the Satyam accounting scandal that occurred in India in 2009. It describes how Satyam Computer Services was founded and grew successfully, but in 2008 its chairman Ramalinga Raju confessed to fudging Satyam's accounts for many years by inflating cash and bank balances, understating liabilities, and other fraudulent activities. This led to investigations, the resignation of Raju and others, and the government taking control of Satyam. Eventually, Tech Mahindra acquired Satyam and renamed it Mahindra Satyam, replacing the board and auditors. While Mahindra Satyam is now under new management, it still faces challenges from the fallout of the scandal.
The government is looking to streamline the GeM portal to make it easier for small and medium companies to list on. Quess Corp acquired a majority stake in Vedang Cellular Services and formed a JV with Trimax IT Infrastructure. 1,200 employees of RCom will likely be left without jobs when the company shuts down its wireless business next month. A $5 billion deal was made for a consortium led by GIP to buy Equis Energy, a renewable energy company with over 11,000 MW of capacity across 7 countries including 544 MW in India. The Aditya Birla Group hired Deep Thomas, a former Tata executive, as its chief data and analytics officer.
Satyam was a leading Indian IT company that achieved several accomplishments but faced a major scandal in 2009. The timeline shows Satyam's growth from 1987 to 2008 as it expanded globally and achieved several industry awards and recognitions. However, in January 2009 the chairman resigned and admitted to financial irregularities including overstating cash and bank balances, revenues, and understating liabilities, causing shock. Top leaders committed to addressing the issues and ensuring business continuity.
The document summarizes top business headlines and provides more context on some of the stories:
1. India's economic growth slowed to 5.3% for the last quarter and 6.5% for the full fiscal year, prompting downgrades from analysts.
2. The cabinet approved reforms to India's telecom policy that will separate licenses from spectrum and review the TRAI Act.
3. Tata Motors posted strong earnings growth for the last quarter but investors were disappointed by lower margins at Jaguar Land Rover.
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Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
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How Does CRISIL Evaluate Lenders in India for Credit Ratings
Economic Times Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 Bn
1. Promoters of 440 companies pledged shares worth $10 bn
18 Mar 2009, 1600 hrs IST, IANS
NEW DELHI: The decision by India's markets watchdog to tighten the disclosure norms for the
promoters of listed companies after the Rs 7300 crore ($1.5-billion) Satyam Computer Services
scam appears to have made an impact.
Promoters of as many as 440 companies have disclosed over the past two months that they had
pledged shares worth a whopping Rs 50,474 crore (or over $10 billion), says a new study.
Promoters of blue-chip companies belonging to groups such as the Tatas, Suzlon, Ispat and
Jaiprakash pledged their shares with lenders after the new norms of the Securities and Exchange
Board of India came into effect in January, says the study by leading brokerage SMC Capital.
In a sign that also indicates how hard it has been to find cash for new projects, four Tata group
firms pledged their shares, with Tata Teleservices Maharashtra placing as much as 49.7 percent
of its equity, as per the study made available to the news agency.
quot;A lot of these pledges happened during the bull run,quot; said Jagannadham Thunuguntla, equity
head with SMC Capital. quot;Promoters sought to take advantage of overpriced shares to raise
fresh capital.quot;
The promoters of Ispat pledged 29.98% of their equity, followed by 25.85% by Suzlon Energy,
13.54% by Tata Steel and 11.14 by Tata Consultancy Services, the study said.
In terms of the money raised, Tata Consultancy Services topped the list with Rs 5,485 crore
followed by Tata Power with Rs 2,506 crore.
The promoters of United Spirits, led by Vijay Mallya - who is facing a tough time due to losses
being suffered by Kingfisher Airlines - came in next with Rs.2,241 core (Rs.22.41 billion),
followed by Tata Teleservices Maharashtra with Rs.2,178 crore (Rs.21.78 billion).
The study also showed that textiles was the top sector in which promoters of 44 companies
pledged their shares, followed by 43 companies in metals and mining, 39 companies in
technology, 31 companies in construction and realty, and 27 companies in pharma.
The promoters of United Spirits, led by Vijay Mallya - who is facing a tough time due to losses
being suffered by Kingfisher Airlines - came in next with Rs.2,241 core (Rs.22.41 billion),
followed by Tata Teleservices Maharashtra with Rs.2,178 crore (Rs.21.78 billion).
2. The study also showed that textiles was the top sector in which promoters of 44 companies
pledged their shares, followed by 43 companies in metals and mining, 39 companies in
technology, 31 companies in construction and realty, and 27 companies in pharma.
Lenders normally give only about 50 percent of the pledged shares' value as loan because of the
risky nature of the collateral. The bulk of the shares were pledged when the Indian stocks were
ruling far higher than they are now.
The markets watchdog SEBI had tightened the disclosure norms for promoters on Jan 21 after it
found some lapses during its probe into the Satyam Computer Services scam.
SEBI chairman C.B. Bhave had said the Satyam scandal - in which its founder and former
chairman B. Ramalinga Raju admitted to inflating the company's cash balances and profits over
several years - would trigger a long-term system improvement.
quot;Whenever any such scandal happens, we need to look for long-term systemic improvements.
Sometimes one can come up with quick solutions, like the one on disclosure of shares,quot; Bhave
had said.
Reacting to the vast number of disclosures, Girish Vanvari, executive director for mergers and
acquisitions with accounting firm KPMG, said the development was positive for corporate
governance, but some issues could emerge as a matter of concern.
quot;But this is something to be worried about only in two cases,quot; Vanvari said.
quot;First, when a promoter, who holds only 30 percent or so in a company, pledges say 20 percent
of the stake and loses control of the company, since the lender redeems the shares for non-
payment of the loan,quot; he said.
quot;Second, when the money raised by pledging shares is used for diversifying into rather unrelated
businesses to capitalise on sector-specific booms. This again is a cause for worry and
shareholders need to monitor this.quot;