Rajat Gupta was the former managing director of McKinsey & Co and served on the boards of several major companies. He was convicted of insider trading for leaking confidential boardroom discussions to Raj Rajaratnam, a convicted financial scammer. The SEC alleged that Gupta's tips generated over $23 million in profits for Rajaratnam. Gupta was the highest profile conviction in the ongoing investigation into insider trading cases associated with Rajaratnam and Galleon Group. He was found to have violated his duty of trust and confidentiality owed to the companies he served on the boards of.
Rajat Gupta, a former director of Goldman Sachs and Procter & Gamble, was convicted on three counts of securities fraud and one count of conspiracy for passing confidential boardroom information to hedge fund manager Raj Rajaratnam, who earned millions from the tips. Gupta faces up to 20 years in prison on each fraud charge and up to 5 years for conspiracy. A jury found Gupta guilty based on phone records showing he promptly called Rajaratnam after receiving inside information from board meetings. The conviction of Gupta, a prominent business leader, was a major victory for prosecutors in their crackdown on insider trading.
Rajat Gupta was a corporate director at Goldman Sachs and McKinsey who was found guilty of 3 counts of securities fraud for relaying confidential boardroom information from Goldman Sachs to hedge fund manager Raj Rajaratnam at Galleon Group. Wiretaps revealed Gupta discussing Warren Buffett's investment in Goldman Sachs and the company's quarterly losses with Rajaratnam. Rajaratnam then traded on this insider information for profit. Gupta faced up to 20 years in prison but was ultimately sentenced to 2 years.
Insider trading involves trading stocks or securities based on non-public information, which is illegal in many countries. Examples provided include corporate executives and employees trading after learning confidential corporate information, as well as "tippees" like friends and family members of executives who receive insider information. The document also outlines a major hedge fund insider trading case in the United States involving Raj Rajaratnam and others alleged to have profited over $60 million based on non-public information received from corporate contacts.
Rajat gupta & rajatnam insider trading in usaNAMITAMOHANDAS1
Raj Rajaratnam, founder of Galleon Group hedge fund, and Rajat Gupta, former director of Goldman Sachs and Procter & Gamble, were involved in a major insider trading scandal in 2009. Rajaratnam received non-public financial information about Goldman Sachs and Procter & Gamble from Gupta. This allowed Rajaratnam to profit by trading on the information ahead of public announcements. Rajaratnam was found guilty of securities fraud and conspiracy charges and sentenced to 11 years in prison. Gupta was also convicted and sentenced to 2 years in prison for leaking boardroom secrets.
Rajat Gupta was a former managing director of McKinsey & Company who was convicted of insider trading in 2012. He provided non-public information to hedge fund manager Raj Rajaratnam, who traded on the tips. Gupta was sentenced to two years in prison for leaking boardroom secrets from Goldman Sachs and Procter & Gamble to Rajaratnam.
Scandal at satyam truth lies & corporate governanceAbhimanyu Sukhwal
Ramalinga Raju was the founder and chairman of Satyam Computer Services Ltd, one of India's largest IT companies. In 2009, he admitted to falsifying Satyam's accounts for several years, inflating cash balances and profits by over $1 billion. This scandal damaged Satyam and raised questions for India's IT industry. While Raju claimed it began small and grew out of control, his actions were clearly unethical and had huge negative impacts on the company and its employees.
Learning ResourcesPlease read and view this weeks Learning Re.docxsmile790243
Learning Resources
Please read and view this week's Learning Resources before you complete the Discussion.
Reading
· Course Text: Entrepreneurship:
Hisrich, R.D., Peters, M.P., & Shepherd, D.A. (2013). Entrepreneurship (Laureate Custom Education). New York: McGraw-Hill Irwin.
Chapter 4, "Creativity and the Business Idea"
In this chapter, you will learn to identify various sources of ideas for new ventures as well as the methods available for generating new venture ideas. Creativity is an important feature of entrepreneurship and it plays a vital role in problem solving. You will examine the importance of innovation and the aspects of the product planning and development process. Technology is changing rapidly and has affected the entrepreneurial process. You will discover the features of e-commerce and the process of starting an e-commerce business.
Focus on the definitions provided throughout the chapter. Review and think about the examples and anecdotes provided in the chapter that illustrate the major ideas being conveyed. Reflect on the role that the Internet plays on your abilities to do work, complete research, etc. Do you think that the Internet can be a source of advantage for one firm over other firms? Or do you think that it is a necessity just to be able to compete in today's business environment?
Chapter 7, "The Business Plan: Creating and Starting the Venture"
In this chapter, you will define what a business plan is, who prepares it, who reads it, and how it is evaluated. It is important to understand the scope and value of such plans to all stakeholders as well as to be able to identify the sources for each section of the business plan. You will learn the value of the Internet as a source of information as well as a marketing tool. Finally, you will preview examples of business plans and step-by-step explanations as to how you would go about creating such a plan.
Focus on the definitions provided throughout the chapter. Review and think about the examples and anecdotes provided in the chapter that illustrate the major ideas being conveyed. Consider the amount of time and resources that must be used to develop a business plan. Given these factors, as well as the difficulties of predicting the future, is a business plan useful? What do you believe constitutes an excellent business plan?
· Case Study:"Euro Disney: Bungling a Successful Format"
Management Mistakes and Successes, 10th Edition by Hartley, R. Copyright 2011 by John Wiley & Sons, Inc. Reprinted by permission of John Wiley & Sons, Inc. via the Copyright Clearance Center.
In this case study, you will examine the history of the Disney Company's decision to build an amusement park in France despite the failure of previous amusement parks to remain open. This case presents the steps that the company undertook during the research and development stages as well as its thought process and justification for the construction of Euro Disney. You will learn the results ...
INDIA CEO FORUM ON BUSINESS AND HUMAN RIGHTS, February 13, 2012GlobalCompact
The India CEO Forum on Business and Human Rights is a two year initiative that will exist to advance human rights in a business context among Indian industry at home and abroad, and so establish India as a global leader in this critical and valuable area of responsible business. Such leadership will, I believe, increase our competitive edge globally and strengthen the relationship between corporations and the most vulnerable and marginalized here in India. The objective is to create Indian enterprises and markets that are based firmly on respect and true dignity for all – a bold but necessary vision if we are to fully
realize our country’s potential.
Rajat Gupta, a former director of Goldman Sachs and Procter & Gamble, was convicted on three counts of securities fraud and one count of conspiracy for passing confidential boardroom information to hedge fund manager Raj Rajaratnam, who earned millions from the tips. Gupta faces up to 20 years in prison on each fraud charge and up to 5 years for conspiracy. A jury found Gupta guilty based on phone records showing he promptly called Rajaratnam after receiving inside information from board meetings. The conviction of Gupta, a prominent business leader, was a major victory for prosecutors in their crackdown on insider trading.
Rajat Gupta was a corporate director at Goldman Sachs and McKinsey who was found guilty of 3 counts of securities fraud for relaying confidential boardroom information from Goldman Sachs to hedge fund manager Raj Rajaratnam at Galleon Group. Wiretaps revealed Gupta discussing Warren Buffett's investment in Goldman Sachs and the company's quarterly losses with Rajaratnam. Rajaratnam then traded on this insider information for profit. Gupta faced up to 20 years in prison but was ultimately sentenced to 2 years.
Insider trading involves trading stocks or securities based on non-public information, which is illegal in many countries. Examples provided include corporate executives and employees trading after learning confidential corporate information, as well as "tippees" like friends and family members of executives who receive insider information. The document also outlines a major hedge fund insider trading case in the United States involving Raj Rajaratnam and others alleged to have profited over $60 million based on non-public information received from corporate contacts.
Rajat gupta & rajatnam insider trading in usaNAMITAMOHANDAS1
Raj Rajaratnam, founder of Galleon Group hedge fund, and Rajat Gupta, former director of Goldman Sachs and Procter & Gamble, were involved in a major insider trading scandal in 2009. Rajaratnam received non-public financial information about Goldman Sachs and Procter & Gamble from Gupta. This allowed Rajaratnam to profit by trading on the information ahead of public announcements. Rajaratnam was found guilty of securities fraud and conspiracy charges and sentenced to 11 years in prison. Gupta was also convicted and sentenced to 2 years in prison for leaking boardroom secrets.
Rajat Gupta was a former managing director of McKinsey & Company who was convicted of insider trading in 2012. He provided non-public information to hedge fund manager Raj Rajaratnam, who traded on the tips. Gupta was sentenced to two years in prison for leaking boardroom secrets from Goldman Sachs and Procter & Gamble to Rajaratnam.
Scandal at satyam truth lies & corporate governanceAbhimanyu Sukhwal
Ramalinga Raju was the founder and chairman of Satyam Computer Services Ltd, one of India's largest IT companies. In 2009, he admitted to falsifying Satyam's accounts for several years, inflating cash balances and profits by over $1 billion. This scandal damaged Satyam and raised questions for India's IT industry. While Raju claimed it began small and grew out of control, his actions were clearly unethical and had huge negative impacts on the company and its employees.
Learning ResourcesPlease read and view this weeks Learning Re.docxsmile790243
Learning Resources
Please read and view this week's Learning Resources before you complete the Discussion.
Reading
· Course Text: Entrepreneurship:
Hisrich, R.D., Peters, M.P., & Shepherd, D.A. (2013). Entrepreneurship (Laureate Custom Education). New York: McGraw-Hill Irwin.
Chapter 4, "Creativity and the Business Idea"
In this chapter, you will learn to identify various sources of ideas for new ventures as well as the methods available for generating new venture ideas. Creativity is an important feature of entrepreneurship and it plays a vital role in problem solving. You will examine the importance of innovation and the aspects of the product planning and development process. Technology is changing rapidly and has affected the entrepreneurial process. You will discover the features of e-commerce and the process of starting an e-commerce business.
Focus on the definitions provided throughout the chapter. Review and think about the examples and anecdotes provided in the chapter that illustrate the major ideas being conveyed. Reflect on the role that the Internet plays on your abilities to do work, complete research, etc. Do you think that the Internet can be a source of advantage for one firm over other firms? Or do you think that it is a necessity just to be able to compete in today's business environment?
Chapter 7, "The Business Plan: Creating and Starting the Venture"
In this chapter, you will define what a business plan is, who prepares it, who reads it, and how it is evaluated. It is important to understand the scope and value of such plans to all stakeholders as well as to be able to identify the sources for each section of the business plan. You will learn the value of the Internet as a source of information as well as a marketing tool. Finally, you will preview examples of business plans and step-by-step explanations as to how you would go about creating such a plan.
Focus on the definitions provided throughout the chapter. Review and think about the examples and anecdotes provided in the chapter that illustrate the major ideas being conveyed. Consider the amount of time and resources that must be used to develop a business plan. Given these factors, as well as the difficulties of predicting the future, is a business plan useful? What do you believe constitutes an excellent business plan?
· Case Study:"Euro Disney: Bungling a Successful Format"
Management Mistakes and Successes, 10th Edition by Hartley, R. Copyright 2011 by John Wiley & Sons, Inc. Reprinted by permission of John Wiley & Sons, Inc. via the Copyright Clearance Center.
In this case study, you will examine the history of the Disney Company's decision to build an amusement park in France despite the failure of previous amusement parks to remain open. This case presents the steps that the company undertook during the research and development stages as well as its thought process and justification for the construction of Euro Disney. You will learn the results ...
INDIA CEO FORUM ON BUSINESS AND HUMAN RIGHTS, February 13, 2012GlobalCompact
The India CEO Forum on Business and Human Rights is a two year initiative that will exist to advance human rights in a business context among Indian industry at home and abroad, and so establish India as a global leader in this critical and valuable area of responsible business. Such leadership will, I believe, increase our competitive edge globally and strengthen the relationship between corporations and the most vulnerable and marginalized here in India. The objective is to create Indian enterprises and markets that are based firmly on respect and true dignity for all – a bold but necessary vision if we are to fully
realize our country’s potential.
How To Format College Essay. How To Use MLA EsKelly Lipiec
The document provides instructions for using the HelpWriting.net service to get assistance with writing college essays and assignments. It outlines a 5-step process: 1) Create an account; 2) Submit a request with instructions and deadline; 3) Review bids from writers and select one; 4) Review the completed paper and authorize payment; 5) Request revisions if needed, with a guarantee of original work or a refund.
Essay Samsung Mobile. Online assignment writing service.Melanie Williams
Here are some potential meanings behind some of the words James Dashner created for The Maze Runner series:
- Beetle Blades: Represents the Creators' constant surveillance and lack of privacy/freedom for the Gladers.
- Deadheads: Suggests death/danger associated with venturing into that part of the Glade. Foreshadows grim discoveries.
- Glade: Provides a sense of protection but also entrapment for the boys, mirroring their situation of being trapped in the maze.
- Good that: Affirms/bonds the Gladers together in their shared circumstances despite lack of memories/pasts.
- Greenbean/Greenie: Refers to new arri
College Essay Topics A B C. Online assignment writing service.Lucy Jensen
This document discusses arguments for allowing women in Singapore to fight in frontline combat roles. It states that while frontline roles require high physical strength that most women currently lack, women could be trained to become just as capable as men if given the opportunity. Restricting women solely due to generalized assumptions about physical strength is unfair and fails to consider individual women's actual abilities. The document also provides an example of a female supply sergeant who effectively replaced an infantryman during a combat situation in Iraq, demonstrating that women can perform capably in frontline situations.
The document provides instructions for requesting writing assistance from HelpWriting.net. It outlines a 5-step process: 1) Create an account; 2) Complete a request form providing instructions, sources, and deadline; 3) Review bids from writers and select one; 4) Review the completed paper and authorize payment; 5) Request revisions to ensure satisfaction. It emphasizes that original, high-quality work is guaranteed or a full refund will be provided.
Epic Financial Funding, LLC helps finance large scale projects with their main focus and expertise in viable renewable energy projects. The company is able to offset the higher initial capital costs associated with renewable generation by strategically aligning itself with key financial partners and by utilizing sophisticated financing structures to raise capital required to develop a project. We know that purchasing, installing and maintaining green energy systems such as wind and solar can require a significant outlay of both capital and resources. Epic’s founders have combined decades of corporate experience with innovative and entrepreneurial problem solving to truly understand today’s developers.
The document provides an overview of trends in startup investing and advice for entrepreneurs. It discusses how:
1) Society is rapidly changing due to increased connectivity and mobile technology which is disrupting hierarchies and transforming how we work and live.
2) Government is ill-equipped to keep up with technological and social changes happening quickly. This rise new business models like Uber and Airbnb.
3) Angels should invest in "gazelles", companies with the potential for 30x returns, rather than "unicorns" which have billion dollar valuations but lower odds of success. The document provides an example of angel investment math.
4) When angels say yes to an investment, it is because
INDIA CEO FORUM ON BUSINESS AND HUMAN RIGHTS, February 13, 2012GlobalCompact
The India CEO Forum is a two-year Global Compact Network India initiative, kindly chaired by Shri N. R. Narayana Murthy
Founder and Chairman Emeritus, Infosys
Accounting TheoryNight 5 – SatyamBriefly answer the question.docxnettletondevon
Accounting Theory
Night 5 – Satyam
Briefly answer the questions 1-3:
1. Explain the fraud
a. What was the impact on the financial statements? What accounts were wrong?
b. What journal entries were wrong or omitted?
c. Who took the money and how much?
2. The Audit: Where Did They Go wrong –
a. PW India have to follow PCAOB Audit Standards – this was India?
b. Accounts Receivable: PCAOB standards and India Audit Standards differ little concerning Confirmations. Did PW India do anything wrong? (AU 312.16,312.17,316.28, AS No. 13…India AAS No. 30/SA 505)
c. Finding the Fraud: Under U.S. Standards, what is the auditor’s responsibility to find Fraud? (AU 110 & AU 317)
d. Were there any related party issues and what should PWI have done about them
e. Did PWI control the work outsources appropriately?
3. What about the Corporate Governance Structure and Corporate Culture Allowed the fraud to occur?
4. Just think about this: Did the punishment fit the crime? Are there cultural issues that impact your answer or the punishment
Satyam Fraud: A Case Study of India’s Enron
Veena L. Brown, Brian E. Daugherty, and Julie S. Persellin
ABSTRACT: This case provides students a unique opportunity to examine and reflect
on the challenges of auditing in today’s global environment. Students examine a real-
world billion dollar plus embezzlement and fraud at Satyam Corporation, an
international company based in India and previously trading on the New York Stock
Exchange. The case focuses on auditors’ responsibilities related to obtaining and
evaluating audit evidence, particularly as it relates to confirming cash and receivables.
It also explores the quality control responsibilities related to audit procedures
performed by foreign affiliates of a large international audit firm. The case illustrates
the role of culture in performing an audit in accordance with auditing standards issued
by the U.S. Public Company Accounting Oversight Board. Additionally, case details
provide opportunities for class discussions and foster students’ critical thinking skills on
other auditing topics such as audit risk and planning, related party transactions, tone-
at-the-top, and internal control deficiencies. By using a foreign issuer to explore these
issues, the case highlights both the technical and international challenges of
performing auditing procedures.
Keywords: American Depositary Shares; confirmation process; culture; embezzlement;
foreign issuers; fraud; quality control standards; related parties.
INTRODUCTION
‘‘I
t is with deep regret, and tremendous burden that I am carrying on my conscience, that I
would like to bring the following facts to your notice,’’ and so began the letter written on
January 7, 2009, by B. Ramalinga Raju, then Chairman of Satyam Computer Services
Limited (Satyam), to the Board of Directors, in which he admitted to a billion dollar accounting
fraud, the biggest in India’s corporate history (SEC 2009a). The fraud involved senior off.
Epic Financial Funding, LLC helps finance large scale projects with their main focus and expertise in viable renewable energy projects. The company is able to offset the higher initial capital costs associated with renewable generation by strategically aligning itself with key financial partners and by utilizing sophisticated financing structures to raise capital required to develop a project. We know that purchasing, installing and maintaining green energy systems such as wind and solar can require a significant outlay of both capital and resources. Epic’s founders have combined decades of corporate experience with innovative and entrepreneurial problem solving to truly understand today’s developers.
First india lucknow edition-23 november 2020FIRST INDIA
Read all Latest News from Uttar Pradesh and from every corner of India.Start your morning with First India E-Paper Lucknow News edition.Read English News on politics, Bollywood, business, sports, economy,Lifestyle and our upto date Uttar Pradesh News section.Visit First India.
CLICK:- https://firstindia.co.in/newspaper
How To Write A Poem Analysis Essay Ou. Online assignment writing service.Sarah Gordon
The document discusses alternative energy sources for powering a call center, currently describing the center's existing energy situation. It analyzes using solar water heating systems and biomass systems, with solar providing hot water through collectors and biomass utilizing waste materials to generate electricity or heat. The analysis aims to recommend renewable options to reduce the call center's energy costs and environmental impact.
1. The document provides instructions for creating an account on HelpWriting.net in order to request that a writer complete an assignment. It involves a quick registration process and order form to provide details.
2. Writers bid on the request and the customer chooses a writer. The customer can then review and request revisions of the completed assignment before authorizing final payment.
3. HelpWriting.net offers original, high-quality content and refunds if plagiarism is found. Customers can request multiple revisions to ensure satisfaction with their completed assignment.
The document discusses the justification of the colonists' actions during the American Revolution, arguing that the colonists were more justified because the British ruled them unfairly and used unjust power to harass and embarrass the colonists. While the colonists should have planned to avenge against the British rule, the document suggests the British government unfairly controlled the colonists from afar without representation.
Virginia "Ginni" Rometty is the current Chairwoman, President and CEO of IBM, and the first woman to head the company. She has overseen IBM's transition into new growth areas like cloud computing and cognitive technologies. Some of her achievements include leading acquisitions and alliances to expand IBM's capabilities, and refreshing IBM's workforce while shrinking low-margin business units. However, critics argue that IBM has struggled under her leadership, with declining revenues. Rometty will need to find a new vision to reverse these declines and transform IBM for the future.
The document provides instructions for using the website HelpWriting.net to get assistance with writing assignments. It outlines a 5-step process: 1) Create an account, 2) Submit a request with instructions and deadline, 3) Review bids from writers and select one, 4) Review the completed paper and authorize payment, 5) Request revisions if needed and the site guarantees original work or a refund. The site uses a bidding system to match requests with qualified writers.
ELEMENTARY SCHOOL ENRICHMENT ACTIVITIEAshley Jones
Here are a few key points regarding population control and overpopulation:
- Population control refers to efforts or policies aimed at limiting population growth rates. This can include education, access to contraception and family planning services, as well as in some cases coercive policies.
- Overpopulation refers to a condition where an organism's numbers exceed the carrying capacity of its habitat. There is debate around whether the world is currently overpopulated.
- Supporters of population control argue rapid population growth could outpace food and resource production if left unchecked, reducing standards of living. Critics argue coercive policies violate human rights.
- Voluntary family planning programs that increase access to contraception and education have been effective in many countries in slowing population
Insights on the Lesbian Gay Bisexual and Transgender (LGBT) movement in India, its evolution, and the community’s potential as a consumer segment. It also details the opportunities and challenges before marketers, as well as the sectors that have tapped this market, and examines the lessons this holds for other businesses.
The decriminalisation of consensual gay sex in India has also led to the first signs of a 'pink economy' in the country. The report analyses the economic opportunity, businesses that have focused on this segment and the learnings for marketers.
Solar panel project- project managementLal Sivaraj
The document outlines a project plan for power production including milestones, activities, timelines, and resources. Key dates include gaining project approval by January 9th, finalizing the budget by January 16th, finding a supplier by January 23rd, placing an order by January 30th, receiving equipment by February 7th, completing installations by February 21st, and beginning power production by February 28th. It estimates the total time for the critical path as 56.2 days and lists the labor, technicians, and materials needed for each activity.
Banco Real is Brazil's most admired company that focuses on sustainability through its banking practices and social programs. It shifted its customer segmentation approach to focus more on specific professions. Banco Real also works to influence suppliers and provides micro-finance programs to raise standards of living for the very poor. The bank implemented various environmental programs such as a paper recycling initiative and "3R's Campaign" to reduce water, energy, and paper usage. As a result of its sustainability efforts, Banco Real became the 4th largest privately-owned bank in Brazil and had high levels of customer and employee satisfaction.
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How To Format College Essay. How To Use MLA EsKelly Lipiec
The document provides instructions for using the HelpWriting.net service to get assistance with writing college essays and assignments. It outlines a 5-step process: 1) Create an account; 2) Submit a request with instructions and deadline; 3) Review bids from writers and select one; 4) Review the completed paper and authorize payment; 5) Request revisions if needed, with a guarantee of original work or a refund.
Essay Samsung Mobile. Online assignment writing service.Melanie Williams
Here are some potential meanings behind some of the words James Dashner created for The Maze Runner series:
- Beetle Blades: Represents the Creators' constant surveillance and lack of privacy/freedom for the Gladers.
- Deadheads: Suggests death/danger associated with venturing into that part of the Glade. Foreshadows grim discoveries.
- Glade: Provides a sense of protection but also entrapment for the boys, mirroring their situation of being trapped in the maze.
- Good that: Affirms/bonds the Gladers together in their shared circumstances despite lack of memories/pasts.
- Greenbean/Greenie: Refers to new arri
College Essay Topics A B C. Online assignment writing service.Lucy Jensen
This document discusses arguments for allowing women in Singapore to fight in frontline combat roles. It states that while frontline roles require high physical strength that most women currently lack, women could be trained to become just as capable as men if given the opportunity. Restricting women solely due to generalized assumptions about physical strength is unfair and fails to consider individual women's actual abilities. The document also provides an example of a female supply sergeant who effectively replaced an infantryman during a combat situation in Iraq, demonstrating that women can perform capably in frontline situations.
The document provides instructions for requesting writing assistance from HelpWriting.net. It outlines a 5-step process: 1) Create an account; 2) Complete a request form providing instructions, sources, and deadline; 3) Review bids from writers and select one; 4) Review the completed paper and authorize payment; 5) Request revisions to ensure satisfaction. It emphasizes that original, high-quality work is guaranteed or a full refund will be provided.
Epic Financial Funding, LLC helps finance large scale projects with their main focus and expertise in viable renewable energy projects. The company is able to offset the higher initial capital costs associated with renewable generation by strategically aligning itself with key financial partners and by utilizing sophisticated financing structures to raise capital required to develop a project. We know that purchasing, installing and maintaining green energy systems such as wind and solar can require a significant outlay of both capital and resources. Epic’s founders have combined decades of corporate experience with innovative and entrepreneurial problem solving to truly understand today’s developers.
The document provides an overview of trends in startup investing and advice for entrepreneurs. It discusses how:
1) Society is rapidly changing due to increased connectivity and mobile technology which is disrupting hierarchies and transforming how we work and live.
2) Government is ill-equipped to keep up with technological and social changes happening quickly. This rise new business models like Uber and Airbnb.
3) Angels should invest in "gazelles", companies with the potential for 30x returns, rather than "unicorns" which have billion dollar valuations but lower odds of success. The document provides an example of angel investment math.
4) When angels say yes to an investment, it is because
INDIA CEO FORUM ON BUSINESS AND HUMAN RIGHTS, February 13, 2012GlobalCompact
The India CEO Forum is a two-year Global Compact Network India initiative, kindly chaired by Shri N. R. Narayana Murthy
Founder and Chairman Emeritus, Infosys
Accounting TheoryNight 5 – SatyamBriefly answer the question.docxnettletondevon
Accounting Theory
Night 5 – Satyam
Briefly answer the questions 1-3:
1. Explain the fraud
a. What was the impact on the financial statements? What accounts were wrong?
b. What journal entries were wrong or omitted?
c. Who took the money and how much?
2. The Audit: Where Did They Go wrong –
a. PW India have to follow PCAOB Audit Standards – this was India?
b. Accounts Receivable: PCAOB standards and India Audit Standards differ little concerning Confirmations. Did PW India do anything wrong? (AU 312.16,312.17,316.28, AS No. 13…India AAS No. 30/SA 505)
c. Finding the Fraud: Under U.S. Standards, what is the auditor’s responsibility to find Fraud? (AU 110 & AU 317)
d. Were there any related party issues and what should PWI have done about them
e. Did PWI control the work outsources appropriately?
3. What about the Corporate Governance Structure and Corporate Culture Allowed the fraud to occur?
4. Just think about this: Did the punishment fit the crime? Are there cultural issues that impact your answer or the punishment
Satyam Fraud: A Case Study of India’s Enron
Veena L. Brown, Brian E. Daugherty, and Julie S. Persellin
ABSTRACT: This case provides students a unique opportunity to examine and reflect
on the challenges of auditing in today’s global environment. Students examine a real-
world billion dollar plus embezzlement and fraud at Satyam Corporation, an
international company based in India and previously trading on the New York Stock
Exchange. The case focuses on auditors’ responsibilities related to obtaining and
evaluating audit evidence, particularly as it relates to confirming cash and receivables.
It also explores the quality control responsibilities related to audit procedures
performed by foreign affiliates of a large international audit firm. The case illustrates
the role of culture in performing an audit in accordance with auditing standards issued
by the U.S. Public Company Accounting Oversight Board. Additionally, case details
provide opportunities for class discussions and foster students’ critical thinking skills on
other auditing topics such as audit risk and planning, related party transactions, tone-
at-the-top, and internal control deficiencies. By using a foreign issuer to explore these
issues, the case highlights both the technical and international challenges of
performing auditing procedures.
Keywords: American Depositary Shares; confirmation process; culture; embezzlement;
foreign issuers; fraud; quality control standards; related parties.
INTRODUCTION
‘‘I
t is with deep regret, and tremendous burden that I am carrying on my conscience, that I
would like to bring the following facts to your notice,’’ and so began the letter written on
January 7, 2009, by B. Ramalinga Raju, then Chairman of Satyam Computer Services
Limited (Satyam), to the Board of Directors, in which he admitted to a billion dollar accounting
fraud, the biggest in India’s corporate history (SEC 2009a). The fraud involved senior off.
Epic Financial Funding, LLC helps finance large scale projects with their main focus and expertise in viable renewable energy projects. The company is able to offset the higher initial capital costs associated with renewable generation by strategically aligning itself with key financial partners and by utilizing sophisticated financing structures to raise capital required to develop a project. We know that purchasing, installing and maintaining green energy systems such as wind and solar can require a significant outlay of both capital and resources. Epic’s founders have combined decades of corporate experience with innovative and entrepreneurial problem solving to truly understand today’s developers.
First india lucknow edition-23 november 2020FIRST INDIA
Read all Latest News from Uttar Pradesh and from every corner of India.Start your morning with First India E-Paper Lucknow News edition.Read English News on politics, Bollywood, business, sports, economy,Lifestyle and our upto date Uttar Pradesh News section.Visit First India.
CLICK:- https://firstindia.co.in/newspaper
How To Write A Poem Analysis Essay Ou. Online assignment writing service.Sarah Gordon
The document discusses alternative energy sources for powering a call center, currently describing the center's existing energy situation. It analyzes using solar water heating systems and biomass systems, with solar providing hot water through collectors and biomass utilizing waste materials to generate electricity or heat. The analysis aims to recommend renewable options to reduce the call center's energy costs and environmental impact.
1. The document provides instructions for creating an account on HelpWriting.net in order to request that a writer complete an assignment. It involves a quick registration process and order form to provide details.
2. Writers bid on the request and the customer chooses a writer. The customer can then review and request revisions of the completed assignment before authorizing final payment.
3. HelpWriting.net offers original, high-quality content and refunds if plagiarism is found. Customers can request multiple revisions to ensure satisfaction with their completed assignment.
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Virginia "Ginni" Rometty is the current Chairwoman, President and CEO of IBM, and the first woman to head the company. She has overseen IBM's transition into new growth areas like cloud computing and cognitive technologies. Some of her achievements include leading acquisitions and alliances to expand IBM's capabilities, and refreshing IBM's workforce while shrinking low-margin business units. However, critics argue that IBM has struggled under her leadership, with declining revenues. Rometty will need to find a new vision to reverse these declines and transform IBM for the future.
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1. Insider trading case: Rajat Gupta
Sangam Lalsivaraju_sec-c_138
Rajat Kumar Gupta was born 2 December 1948 in Kolkata is an Indian American businessman who
was the managing director (chief executive) of management consultancy McKinsey & Company from
1994 to 2003 and a business leader in India and the United States.
His father was a journalist for Ananda Publishers. His father was a prominent freedom fighter and had
been jailed by the British for his efforts. When Gupta was five the family moved to New Delhi, where
his father went to start the newspaper Hindustan Standard. Gupta's father died when Gupta was
sixteen.
He was a student at Modern School in New Delhi. After high school, Gupta ranked 15th in the nation
in the entrance exam for the Indian Institutes of Technology, IIT JEE. He received a Bachelor of
Technology degree in Mechanical Engineering from the Indian Institute of Technology, Delhi (IIT-D)
in 1971. Declining a job from the prestigious domestic firm ITC Limited, he received an MBA from
Harvard Business School (HBS) in 1973, where he was named a Baker Scholar.
McKinsey & Company
Gupta joined McKinsey & Company in 1973 as one of the earliest Indian-Americans at the
consultancy. He was initially rejected because of inadequate work experience; a decision that was
overturned after his Harvard Business School professor Walter J. Salmon called Ron Daniel, and then
head of the New York office and later also the managing director of McKinsey, on Gupta's behalf.
Gupta began his career in New York before moving to Scandinavia to become the head of McKinsey
offices in 1981. He did well in what was then considered a "backwater" area; this is where he first
made his mark. Elected senior partner in 1984, he became head of the Chicago office in 1990. In 1994
he was elected the firm's first managing director (chief executive) born outside of the US, and re-
elected twice in 1997 and 2000. In this capacity, he was considered the first Indian-born CEO of a
multinational organization.
During Gupta's time as head of McKinsey, the firm opened offices in 23 new countries and doubled
its consultant base. His successor Ian Davis was elected by "emphasizing the need for a return to the
McKinsey heritage”. This was seen as a reaction against Gupta's aggressive firm expansion. It was
also a time of perceived shifting of standards. Enron, closely identified with McKinsey, collapsed
during Gupta's tenure. During the dot-com bubble he and Anil Kumar created a program for
McKinsey to accept payment from its clients in stock. Gupta's accountability for the shifting of
standards was weighed differently by different observers.
After completing three full terms (the maximum allowed, by a rule he had himself initiated) and
nearly a decade as head of the firm, Gupta became senior partner again in 2003 and senior partner
emeritus in 2007. Gupta is widely regarded as one of the first Indians to successfully break through
the glass ceiling, as the first Indian-born CEO of a multinational corporation (not just a consultancy).
Outside McKinsey & Company
In 1997 Gupta co-founded the Indian School of Business (ISB) with friend and fellow senior partner
Anil Kumar. The school was ranked number 13 in the world by The Financial Times in its "Global
MBA Rankings 2011". Gupta and Kumar have both since resigned as chairman and executive board
director respectively.
2. Before stepping down as managing director he co-founded Scandent Solutions with Ramesh Vangal
and the American India Foundation with Victor Menezes and Lata Krishnan. After McKinsey Gupta
co-founded and chaired the private equity firm New Silk Route, formerly named Taj Capital Partners,
with ParagSaxena and Victor Menezes.
Gupta has served on many corporate boards during his career. He became a member of the Procter &
Gamble board of directors in 2007, and held that post until March of 2011. He was also a director for
investment firm Goldman Sachs from 2006 until the expiration of his term in 2010. Gupta was also
the non-executive chairman of Genpact from 2007 until March 2011. He also served on the board of
AMR, the parent company of American Airlines, from 2008 until 2011, and on the board of Harman
International from 2009 to 2011.Gupta has also served on the board of Russian bank Sberbank, and as
a managing advisor to Symphony Technology Group.
Gupta has also served as a director of various financial groups. In addition to his work at Goldman
Sachs, Gupta served as an advisory partner with Fjord Capital Parners and as chairman of the advisory
board for Clutch Group. Gupta was also a member of the advisory board for OmniCapital Group.
Philanthropy
Gupta’s philanthropic, charitable, and volunteer efforts mainly focus on the areas of education, global
health, and global business.
In the past, Gupta has been involved with a number of universities and other educational institutions,
volunteering and serving as chairman and member of several boards and councils. As of 2011, he has
either resigned or taken leaves of absence from the boards on which he served as director or chairman.
In June, 1995, Gupta was elected to the University of Chicago’s Board of Trustees. He also served as
a member of the Yale President’s Council.
Gupta co-founded the Indian Institute of Technology Alumni Association. He also chaired the Board
of Directors and served on the Advisory Board.
With Anil Kumar, Gupta co-founded the Indian School of Business, and under his chairmanship of
the governing and executive boards the school became one of the leading business schools in the
world
Insider trading trial
On March 1, 2011, the SEC filed an administrative civil complaint against Gupta for insider trading
with billionaire and Galleon Group founder Raj Rajaratnam. Coverage of the event noted that Anil
Kumar — who, like Gupta, had graduated from IIT, was a highly regarded senior partner at
McKinsey, and had also co-founded the Indian School of Business — had already pleaded guilty to
charges in the same case. Gupta, Kumar, and Rajaratnam were all close friends and business partners.
Gupta countersued and both sides eventually dropped.
On October 26, 2011 the United States Attorney's Office filed criminal charges against Gupta. He was
arrested in New York City by the FBI and pleaded not guilty. He was released on $10 million bail on
the same day. Gupta's lawyer wrote, “Any allegation that Rajat Gupta engaged in any unlawful
conduct is totally baseless .... He did not trade in any securities, did not tip Mr. Rajaratnam so he
could trade, and did not share in any profits as part of any quid pro quo.” The SEC alleged, "The tips
generated 'illicit profits and loss avoidance' of more than $23 million." Manhattan U.S. Attorney
PreetBharara said, "Rajat Gupta was entrusted by some of the premier institutions of American
3. business to sit inside their boardrooms, among their executives and directors, and receive their
confidential information so that he could give advice and counsel.
Gupta was also accused of leaking information about Procter & Gamble, where he was also a director.
The Indian-born executive, who served on the boards of the Rockefeller Foundation and the Bill &
Melinda Gates Foundation, is the biggest conviction since Rajaratnam in a case that has sparked
arrests from Wall Street to Silicon Valley.
So far 66 cases have been brought against people involved in the insider dealing associated with
Galleon, once a $7bn hedge fund. He is the 62nd person to be convicted or to have pleaded guilty out
of 68 people charged since 2009. So far no-one charged has been found not guilty.
The case brought by Manhattan US attorney PreetBharara controversially used wiretaps to gather
evidence, a technique more usually associated with mafia cases.
Gupta's lawyers had objected to the use of information gathered in wiretaps, but district judge Jed
Rakoff ruled that prosecutors could play three tapes for jurors.
The prosecution never accused Gupta of personally trading on inside information but argued he
benefited from his stake in Voyager, an investment firm he set up with Rajaratnam which invested in
Galleon funds. The defense argued that there was no evidence that Gupta profited, or traded on, any
alleged tip and said Gupta had considered suing Rajaratnam over Voyager, which failed.
Rajaratnam was caught on dozens of wiretaps discussing inside information and trades he had made,
but the evidence against Gupta was far less compelling. The prosecution offered only one substantive
conversation between the two men, and Rajaratnam did not trade on the information prosecutors
alleged was shared.
He was convicted of insider trading. In simple words, he leaked confidential boardroom discussions
of major companies on the board of which he served. In most examples cited by prosecutors, he
would make a phone call to now convicted financial scammer Raj Rajaratnam tipping him of
confidential information and within minutes Rajaratnam would buy or sell shares of that company.
what we learn from this case:
If a system is strong enough and fair enough for people from any part of the world to excel,
same system can come back to bite you if you are on the wrong side of the law.
When you do good work, you directly or indirectly bring glory to your community, country of
origin and institution, and same is true when you are convicted of crimes.
No individual is above the law, and one should try to maintain highest level of ethics in all
actions, which is actually more stringent than simply following all laws of the land.
Your past record and accomplishments may not help you in the future for your present
crimes.
Choose your friends well.
Do not make phonecalls to potential criminals, not at all after confidential company meetings,
where that criminal has financial interests.
Know the laws. Of course Gupta knew all the laws he violated. However as an average
international student and as a new immigrant, make extra efforts to know the laws of the land.
Ignorance of law is never a good excuse.
Finally, Rajat Gupta is a perfect example of how any young person should begin and lead his
professional life. But the sad end of his professional life teaches us to be very careful and
ethical in all that we do.