"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."
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."
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."
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."
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."
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."
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.
El documento describe el virus del papiloma humano (VPH), una infección de transmisión sexual que causa verrugas genitales y puede producir cáncer cervicouterino. El VPH incluye más de 100 tipos de virus que viven en la piel y membranas mucosas, especialmente en los genitales. Se transmite por contacto sexual y, aunque a menudo no muestra síntomas, puede causar verrugas visibles o cambios precancerosos. El VPH se ha identificado como la causa principal del cáncer de cuello uterino.
The Wisconsin Economic Development Corporation (WEDC) recognized the best downtown revitalization projects of 2012-2013 at the 23rd Annual Wisconsin Main Street Awards at the Jefferson Street Inn in downtown Wausau. Link to press release: http://inwisconsin.com/press_releases/main_street_awards_2013/
La geometría se originó en el antiguo Egipto hace unos 3000 años a.C. para medir tierras después de las inundaciones del Nilo y construir pirámides. Más tarde pasó a los griegos, quienes la definieron como la medición de la tierra. Estudia las propiedades de figuras como puntos, rectas, planos, ángulos, polígonos y sus perímetros y áreas. Explica conceptos como triángulos, cuadriláteros y sus clasificaciones.
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.
El documento describe el virus del papiloma humano (VPH), una infección de transmisión sexual que causa verrugas genitales y puede producir cáncer cervicouterino. El VPH incluye más de 100 tipos de virus que viven en la piel y membranas mucosas, especialmente en los genitales. Se transmite por contacto sexual y, aunque a menudo no muestra síntomas, puede causar verrugas visibles o cambios precancerosos. El VPH se ha identificado como la causa principal del cáncer de cuello uterino.
The Wisconsin Economic Development Corporation (WEDC) recognized the best downtown revitalization projects of 2012-2013 at the 23rd Annual Wisconsin Main Street Awards at the Jefferson Street Inn in downtown Wausau. Link to press release: http://inwisconsin.com/press_releases/main_street_awards_2013/
La geometría se originó en el antiguo Egipto hace unos 3000 años a.C. para medir tierras después de las inundaciones del Nilo y construir pirámides. Más tarde pasó a los griegos, quienes la definieron como la medición de la tierra. Estudia las propiedades de figuras como puntos, rectas, planos, ángulos, polígonos y sus perímetros y áreas. Explica conceptos como triángulos, cuadriláteros y sus clasificaciones.
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 Newstrack Mar 18, 2009 Promoters Of 440 Companies Pledged Shares Worth $10 Bn (14)
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
"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.
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.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
Seminar: Gender Board Diversity through Ownership NetworksGRAPE
Seminar on gender diversity spillovers through ownership networks at FAME|GRAPE. Presenting novel research. Studies in economics and management using econometrics methods.
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.
Newstrack 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).
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;