"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."
Economic Times 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."
The Times Of India Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Wor...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."
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."
The document summarizes the Satyam scam case involving corporate governance failures at Satyam Computer Services. Ramalinga Raju, the chairman of Satyam, allegedly siphoned off funds from Satyam into other companies he owned and inflated revenue and profits. This led to a loss of confidence in Satyam and impacted its employees, clients, and business partners. The case showed the importance of strong corporate governance and auditing to prevent such scams. Tech Mahindra later acquired Satyam to turn it around.
Economic Times 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."
The Times Of India Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Wor...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."
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."
The document summarizes the Satyam scam case involving corporate governance failures at Satyam Computer Services. Ramalinga Raju, the chairman of Satyam, allegedly siphoned off funds from Satyam into other companies he owned and inflated revenue and profits. This led to a loss of confidence in Satyam and impacted its employees, clients, and business partners. The case showed the importance of strong corporate governance and auditing to prevent such scams. Tech Mahindra later acquired Satyam to turn it around.
Este documento describe las diferentes clases de amigas que una persona puede tener a lo largo de su vida, incluyendo amigas cercanas, familiares, aquellas que pasan momentos difíciles juntas, y la mejor amiga. Resalta que aunque los hombres también pueden ser buenos amigos, nada se compara a la amistad entre mujeres.
Verification services in Laos offer varied services all told over Laos and different a part of the country. Services like Employment Background, Education Qualification verifications, Registration & Certificates verifications, International Public Record investigations & different General Verification services. Kindly contact us on contact@grevesgroup.com for your demand severally. we've got the pleasure to serve you the most effective.
Este documento es una carta de una red de matrimonios jóvenes que celebra los cumpleaños del mes y anuncia las fechas de consolidación de parejas para febrero. También invita a un tiempo de ayuno y oración el 21 de febrero e incluye una reflexión sobre las palabras de Jesús escritas en rojo en la Biblia y el amor de Dios expresado a través del sacrificio de su Hijo.
The document discusses Isaiah's message against Israel and Judah for their pride and arrogance after facing destruction from Assyria. It references passages from Isaiah prophesying that Israel and Samaria would fall within 18 years for not repenting, and that Assyria would also be judged for being used as God's tool of punishment. It then briefly mentions the fall of Jerusalem to Babylon in 587 BC and establishes principles from Proverbs about righteousness exalting a nation. The document concludes by listing some examples from America's early history showing foundations of faith in God.
La segunda ley de Newton establece que la fuerza sobre un cuerpo es igual a su masa multiplicada por su aceleración. Define la masa como la cantidad de materia de un cuerpo y su resistencia a cambiar su estado de movimiento. Explica que el peso de un cuerpo varía según su ubicación debido a la gravedad, mientras que su masa permanece constante independientemente de cambios en su forma.
The document summarizes the stages and process for startups applying to the LaunchPad accelerator program at NDRC. It outlines the typical stages a startup goes through including problem/solution fit, product/market fit, and scaling. It then details the application process for LaunchPad, which involves an online application due by November 11th, followed by invitations to pitch and pitches occurring from November 21st-30th. The selection criteria look for pre-seed startups in digital/technology with international growth potential. The pitch session involves a 10-minute pitch and Q&A to the selection panel addressing the problem, solution, opportunity, competitive advantages, business model, team, and risks. Offers will be issued by December
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.
- 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
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.
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 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 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 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 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 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.
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.
Este documento describe las diferentes clases de amigas que una persona puede tener a lo largo de su vida, incluyendo amigas cercanas, familiares, aquellas que pasan momentos difíciles juntas, y la mejor amiga. Resalta que aunque los hombres también pueden ser buenos amigos, nada se compara a la amistad entre mujeres.
Verification services in Laos offer varied services all told over Laos and different a part of the country. Services like Employment Background, Education Qualification verifications, Registration & Certificates verifications, International Public Record investigations & different General Verification services. Kindly contact us on contact@grevesgroup.com for your demand severally. we've got the pleasure to serve you the most effective.
Este documento es una carta de una red de matrimonios jóvenes que celebra los cumpleaños del mes y anuncia las fechas de consolidación de parejas para febrero. También invita a un tiempo de ayuno y oración el 21 de febrero e incluye una reflexión sobre las palabras de Jesús escritas en rojo en la Biblia y el amor de Dios expresado a través del sacrificio de su Hijo.
The document discusses Isaiah's message against Israel and Judah for their pride and arrogance after facing destruction from Assyria. It references passages from Isaiah prophesying that Israel and Samaria would fall within 18 years for not repenting, and that Assyria would also be judged for being used as God's tool of punishment. It then briefly mentions the fall of Jerusalem to Babylon in 587 BC and establishes principles from Proverbs about righteousness exalting a nation. The document concludes by listing some examples from America's early history showing foundations of faith in God.
La segunda ley de Newton establece que la fuerza sobre un cuerpo es igual a su masa multiplicada por su aceleración. Define la masa como la cantidad de materia de un cuerpo y su resistencia a cambiar su estado de movimiento. Explica que el peso de un cuerpo varía según su ubicación debido a la gravedad, mientras que su masa permanece constante independientemente de cambios en su forma.
The document summarizes the stages and process for startups applying to the LaunchPad accelerator program at NDRC. It outlines the typical stages a startup goes through including problem/solution fit, product/market fit, and scaling. It then details the application process for LaunchPad, which involves an online application due by November 11th, followed by invitations to pitch and pitches occurring from November 21st-30th. The selection criteria look for pre-seed startups in digital/technology with international growth potential. The pitch session involves a 10-minute pitch and Q&A to the selection panel addressing the problem, solution, opportunity, competitive advantages, business model, team, and risks. Offers will be issued by December
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.
- 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
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.
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 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 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 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 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 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.
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.
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 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
The document summarizes the Satyam Computer Services scandal that occurred in 2009 in India. It describes how Satyam's chairman confessed to falsifying the company's accounts, causing its stock price to plummet and putting its 40,000 jobs at risk. The Indian government quickly intervened by appointing a new board and management team to stabilize the company. Key figures like Deepak Parekh and Kiran Karnik worked tirelessly to reassure customers and employees. By April, Tech Mahindra was able to acquire Satyam, completing a successful corporate turnaround.
Similar to Net India 123 Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 Bn (14)
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck mari...Donc Test
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
TEST BANK Principles of cost accounting 17th edition edward j vanderbeck maria r mitchell.docx
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
An accounting information system (AIS) refers to tools and systems designed for the collection and display of accounting information so accountants and executives can make informed decisions.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
Enhancing Asset Quality: Strategies for Financial Institutionsshruti1menon2
Ensuring robust asset quality is not just a mere aspect but a critical cornerstone for the stability and success of financial institutions worldwide. It serves as the bedrock upon which profitability is built and investor confidence is sustained. Therefore, in this presentation, we delve into a comprehensive exploration of strategies that can aid financial institutions in achieving and maintaining superior asset quality.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
New Visa Rules for Tourists and Students in Thailand | Amit Kakkar Easy VisaAmit Kakkar
Discover essential details about Thailand's recent visa policy changes, tailored for tourists and students. Amit Kakkar Easy Visa provides a comprehensive overview of new requirements, application processes, and tips to ensure a smooth transition for all travelers.
Net India 123 Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 Bn
1. Promoters of 440 companies pledged shares worth $10 bn
Wednesday, March 18, 2009 (12:06:00)
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).
The study also showed that textiles was the top sector in which promoters of 44 companies
2. 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;