...CBI Holding Company, Inc. is a New York based firm marketing an extensive line of pharmaceutical products. CBI’s principal market area stretched from the northeastern United States into the upper Midwest. In 1991 Robert Castello, CBI’s president and chairman of the board, sold 48 percent ownership interest in his company to Trust Company of the West (TCW), a diversified investment firm. The purchase agreement between the two parties gave TCW the right to appoint two members of CBI’s board with Castello retaining the right to appoint the remaining three. The purchase agreement also identified several control-triggering events. If any one of these events occurred, TCW would have the right to take control of CBI. Examples of control-triggering events included CBI’s failure to maintain certain financial ratios at a specified level and unauthorized loans to Castello and other CBI executives. Several of Castello’s subordinates intentionally misrepresented CBI’s operating results and financial condition for fiscal years ending April 30, 1992 and 1993. During the 1992 and 1993 audits Ernest & Young (E&Y), the accounting firm hired by CBI, discovered numerous disbursements that were potential issues. The bulk of these disbursements were payments to the company’s vendors and labeled as advances in the company’s records. The advances were explained as such, “When CBI is at its credit limit with a large vendor, the vendor may hold an order until they receive an ‘advance’...
Words: 865 - Pages: 4
...LOVELY PROFESSIONAL UNIVERSITY Form/LPUO/AP-3 (The format to be used for Planning the academic activities other than Lecturers/Tutorial/Practical like Assignments, Case study, Presentation, Quiz, Projects, Class tests, industrial visits, teaching practice, court visits etc. to be undertaken as a part of the continuous assessment for the Course) Home-Work1 School : LSB Department of Management Name of the faculty member : Neha Shandilya Course No. ECO515 Course Title: Managerial Economics Class: MBA Semester I Section: R1001 Batch 2010-12 Max. Marks: 15 Date of Allotment:18/8/10 Date of Submission: 01/09/10 S. no. Roll No. Topic No. Objectives of Aca demic Activity Topic Evaluation Details Each student will attempt all the questions. To make the students understood of basic managerial economic concepts and how these concepts are applied in economic decision making in present day economy Each student will attempt all the questions given in the assignment i.e. 15 questions for each student. A test will be conduct after submission of assignment. THERE IS NO MARKS FOR SUBMISSION. But only those students will be allowed to sit in test those who have submitted their assignments. 3 questions will asked in test and evaluations will be done out of 15 marks. Date:...
Words: 1019 - Pages: 5
...Co-Creating Our Future on Planet Earth Creating Unity from our human diversity. Skip to content * Home * About * Last 2000 Posts in Order ← Civil war up, humanism down: Pepe Escobar, by Pepe Escobar The Oracle Report, Monday, April 13, 2015 → :) :) :) Iceland Stuns Banks: Plans To Take Back The Power To Create Money Posted on April 13, 2015 by Jean By Raúl Ilargi Meijer Zero Hedge April 1, 2015 Submitted by Raul Ilargi Meijer via The Automatic Earth blog, Who knew that the revolution would start with those radical Icelanders? It does, though. One Frosti Sigurjonsson, a lawmaker from the ruling Progress Party, issued a report today that suggests taking the power to create money away from commercial banks, and hand it to the central bank and, ultimately, Parliament. Can’t see commercial banks in the western world be too happy with this. They must be contemplating wiping the island nation off the map. If accepted in the Iceland parliament , the plan would change the game in a very radical way. It would be successful too, because there is no bigger scourge on our economies than commercial banks creating money and then securitizing and selling off the loans they just created the money (credit) with. Everyone, with the possible exception of Paul Krugman, understands why this is a very sound idea. Agence France Presse reports: Iceland Looks At Ending Boom And Bust With Radical Money Plan Iceland’s government is considering a revolutionary monetary proposal...
Words: 36542 - Pages: 147
...CONTENTS * Introduction * Origin of Lokpal * Why the need of Lokpal * History * The Lokpal Bill, 2011 * Powers of Lokpal * Advantages * Loopholes of Lokpal * Jurisdiction * Birth of Jan-Lokpal * Differences between Lokpal and Jan Lokpal * My Views: a. Should PM be under the purview of Lokpal b. Should Judiciary be under the purview of Lokpal c. Should CBI be under the purview of Lokpal d. Should Bureaucrats be under the purview of Lokpal Introduction: A Lokpal is a proposed ombudsman (Legal Representative) in India. The word is derived from the Sanskrit word "lok" (people) and "pala" (protector/caretaker), or "caretaker of people." Origin of Lokpal: The basic idea of the Lok Pal is borrowed from the office of ombudsman in Scandinavian (Sweden, Denmark, Finland, Norway) countries. The office of the ombudsman originated in Sweden in 1809 A.D. Ombudsman is a Swedish word and refers to an official whose job is to investigate complaints from the public against government officers, who is appointed by the parliament to dispose of cases relating to the executive and the judiciary. Similar institutions were established after that in many democratic republican countries as safeguards against the attitude of officials and higher government's functionaries. Why the need of a Lokpal? In the beginning of the decade sixties, the necessity of establishment of the institution of the Ombudsman was felt here in India on lines of Scandinavian...
Words: 4416 - Pages: 18
...Financial Frauds in India The 2G scam Aniruddh Narsimhan - P35114 Disha - P35125 Manu Vatayan – P35149 Mrinalini - P35152 Svethal Bhasin - P35188 2G spectrum scam took place in India in late 2000’s which involved politicians and government officials who tried illegal undercharging mobile telephone companies for frequency allocation licenses, which they would then use to create 2G spectrum subscriptions for mobiles. The entire process of allocation of UAS licences lacked transparency and was undertaken in an arbitrary, unfair and inequitable manner. The Hon'ble Prime Minister had stressed on the need for a fair and transparent allocation of spectrum. Let us understand the intricacies of the scam. What is Spectrum? Radio Frequency Spectrum is the entire range of wavelengths of electromagnetic radiation which is used as carrier of wireless transmission and thus a basic requirement for providing wireless services. It is a finite but non-consumable global natural resource and commands high economic value in the telecommunication sector In simple words , Whenever data is being transferred from one place to another, say Ahmedabad to Mumbai. So, If data was a “truck”, how would you transport it from Ahmedabad to Mumbai ? Obviously through a path. Spectrum is that path. Radio frequency spectrum, i.e., the entire range of wavelengths of electromagnetic radiation, is a finite global natural resource with a high economic value, due to its heavy demand in the telecommunications...
Words: 5398 - Pages: 22
...Co-Creating Our Future on Planet Earth Creating Unity from our human diversity. Skip to content * Home * About * Last 2000 Posts in Order ← Civil war up, humanism down: Pepe Escobar, by Pepe Escobar The Oracle Report, Monday, April 13, 2015 → :) :) :) Iceland Stuns Banks: Plans To Take Back The Power To Create Money Posted on April 13, 2015 by Jean By Raúl Ilargi Meijer Zero Hedge April 1, 2015 Submitted by Raul Ilargi Meijer via The Automatic Earth blog, Who knew that the revolution would start with those radical Icelanders? It does, though. One Frosti Sigurjonsson, a lawmaker from the ruling Progress Party, issued a report today that suggests taking the power to create money away from commercial banks, and hand it to the central bank and, ultimately, Parliament. Can’t see commercial banks in the western world be too happy with this. They must be contemplating wiping the island nation off the map. If accepted in the Iceland parliament , the plan would change the game in a very radical way. It would be successful too, because there is no bigger scourge on our economies than commercial banks creating money and then securitizing and selling off the loans they just created the money (credit) with. Everyone, with the possible exception of Paul Krugman, understands why this is a very sound idea. Agence France Presse reports: Iceland Looks At Ending Boom And Bust With Radical Money Plan Iceland’s government is considering a revolutionary monetary proposal...
Words: 36517 - Pages: 147
...founder and longtime chairman, admitted in a letter to the board that he had been cooking the books for years to make up for revenue and profit shortfalls. Read the details in this report by my BW colleague, Manjeet Kripalani. In his letter, Raju wrote that the cover-up finally got the best of him: “It was like riding a tiger, not knowing how to get off without being eaten.” This admission will have a crippling impact on Satyam. Its chances of getting new business are nil. Don’t expect its current customers to abandon the company overnight. That’s not easy in a tech services business where the operations of the client and service provider are so interwoven. On the other hand, it’s possible that the company may collapse financially, in which case clients will have no choice but to flee. Which brings us to a bigger shock: This betrayal of trust could have a major impact on the entire Indian tech services industry. The industry has spent 20 years building up credibility with Western clients, but this disaster will make many US and European clients rethink their reliance on Indian outsourcing. Don’t expect offshore outsourcing to fall off a cliff, but there will be serious repercussions. There’s another impact that most people won’t be aware of. Raju, through his Byrraju Foundation, has been a leader in bringing economic development to farm communities in his home state of Andhra Pradesh, and also in providing emergency medical services to people of the state state. Will...
Words: 4268 - Pages: 18
...CONTEMPORARY AUDITING REAL ISSUES & CASES MICHAEL C. KNAPP SEVENTH EDITION MAKE IT YOURS! SELECT JUST THE CASES YOU NEED Through Cengage Learning’s Make It Yours, you can — simply, quickly, and affordably — create a quality auditing text that is tailored to your course. • Pick your coverage and only pay for the cases you use. • Add cases from a prior edition of Knapp’s Contemporary Auditing. • Add your course materials and assignments. • Pick your own unique cover design. We recognize that not every program covers the same cases and topics in your auditing course. Chris Knapp wrote his case book for people to use either as a core e book or as a supplement to an existing book. If you would like to use a custom auditing case book or supplement the South-Western accounting book you are currently using, simply check the cases you want to include, indicate if there are other course materials you would like to add, and click submit. A Cengage Learning representative will contact you to review and confirm your order. G E T S T A R T E D Visit www.custom.cengage.com/makeityours/knapp7e to make your selections and provide details on anything else you would like to include. Prefer to use pen and paper? No problem. Fill out questions 1-4 and fax this form to 1.800.270.3310. A Custom Solutions editor will contact you within 2-3 business days to discuss the options you have selected. 1. Which of the following cases would you like to include? Section...
Words: 20989 - Pages: 84
...General Awareness Topics: 2013 Telangana Why Telangana 1. There are 10 districts in Telangana, 9 in Andhra and 4 in Rayalaseema. Out of these Districts, 7 are in Telangana, 3 are in Andhra and 1 in Rayalaseema are considered as severely backward districts which means 70% of districts in Telangana are backward while in Andhra it is 35% and in Rayalaseema it is 25%. Apart from these there are some areas in all parts of the state which are also backward. 2. 45% of the state income comes from Telangana region. When it comes to utilization of funds, the share of Telangana is only 28%. 3. Two major rivers Krishna and Tungabhadra enter the state of AP in the district of Mahaboobnagar (the biggest district in Telangana) but the district always remains the worst draught hit areas along with Anantapur because there is no project and process with which the water can be utilized. The plan for utilization has been pending for decades. 4. In Telangana regions, only few areas cultivate one crop a year and very rarely two crops a year while most of the land doesn't even cultivate single crop. In both the Godavari districts, Krishna and Guntur district, two crops a year is common and there are times where even 3 crops a year are cultivated. The only reason is WATER. 5. Not even a single project was completed in Telangana in the last 5 years while several projects were completed in Andhra and Rayalaseema. Not just Telangana but areas of Northern Andhra, Prakasham and parts of Rayalaseema are...
Words: 3979 - Pages: 16
...* Adonis Projects, Nahan Properties, Aska Projects, Volga Properties, Azare Properties & Hudson Properties were acquired by Unitech. Unitech Infrastructure and Unitech Builders & Estates were already subsidiaries of Unitech Group. So in 2008 Unitech had 22 2G licenses. Later in the same year Norway based company Telenor bought majority stake in the telecom company from the Unitech Group. Now it offers services under Uninor brand holding 22 pan India licences. * Operates under brand name Videocon Telecommunications Limited- 21 2G licenses * Loop telecom-21 2G licenses * Shyam Telelink Limited & Shyani Telelink Limited operate together with their combined 21 licenses. During late 2008 Russia based group Sistema bought majority stake in the telecom company and now they operate under brand name MTS India * In 2008, Swan Telecom (15 2g licence) merged itself with Allianz Infratech (P) Ltd. During late 2008 Abu Dhabi's Etisalat bought about 45 percent of the company and renamed it to Etisalat DB Telecom. * Idea Cellular bought Spice Communications Ltd. in 2008 for an amount of 2,700 crore (US$488.7 million). So out of 122 spectrum licenses sold in 2008 Idea Cellular owns 13 licenses. However of the 13 licenses, only 7 of the licenses are in use by the company and the rest are overlapping licenses. * In January 2009, Bahrain Telecommunications signed a deal with S Tel to buy 49% shares in S Tel for $225 million. C Sivasankaran owns the remaining (51%)...
Words: 2183 - Pages: 9
...I Need a Vacation Our goal in this assignment was to create a portfolio with stocks that had a beta greater than 1.5. That is the volatility of each stock had to be 1.5 too the market. Our assignment gives us the option of longing the stocks (buying 25 to 30 stocks). In this case, in order for us to not lose too much money and not make a unexploited amount we have to hedge our portfolio using future contracts of the e-Mini S&P 500 (Globex). These future contracts need to be sold short in order to hedge the portfolio. We had a parameter of the amount of money we count spent. We could spend between 8.5 million to 9.5 million dollars. In this case, calculated that I could spend 9 millions and if I need it to go a bit more I still had room to spend money without surpassing the 9.5 million limit. I divided 9million by the 30 stocks I decided to buy and that gave me $300,000 for every stock. Meaning, I could spend $300,000 for every stock. Then, to get the number of stocks I could buy every stock I divided $300,000 by the stock (market) price and I got the unit amount I could buy. I sold everything on my portfolio to start this new project my available cash in crease from $10,000,000 at the beginning of the first project to a $10,316,102.36 at the end. So, for my new project I started with $10,316,102.36 before buying and hedging everything on my portfolio. Moving forward, for my new longed (bought) the 30 stocks I had selected for my portfolio and sold short the future...
Words: 820 - Pages: 4
...Indian Black Money Abroad In Secret Banks and Tax Havens Second Report Of The Task Force on the steps to be taken by India Members Shri Gurumurthy, Chartered Accountant, Chennai Shri Ajit Doval, former Director Intelligence Bureau, Delhi Prof R.Vaidyanathan, Professor of Finance Indian Institute of Management, Bangalore Shri Mahesh Jethmalani, Senior Advocate, Mumbai Submitted to BHARATIYA JANATA PARTY 1 I. The First Interim Report The first Interim Report of the Task Force appointed by the Bharatiya Janata Party was released to the public on 17-04-2009. Afterward different world governments, particularly those in the West, have increasingly begun targeting tax havens and intensely began pursuing black money. The US, and France particularly began a huge campaign against the evil of black money. The estimates black money lodged in tax havens by global financial institutions like the International Monetary Fund reached as high as $18 trillion. The instability in the global financial order itself was traced to the evil money. So the issue has now acquired a totally different dimension. In the first Interim Report, the Task Force had suggested broad national and global strategy for dealing with the menace of black money out of the country. The substance of the recommendations of the Task Force in the First Interim Report is summarized here: Global Strategy: • Creating a powerful public opinion and broad national consensus on the issue. Those who do not...
Words: 25854 - Pages: 104
...Running head: ETHICAL ISSUES IN SATYAM SCAM 1 A Study of Ethical Issues in Satyam Scam Haresh M Patel (Roll No.2234) B.K.School of Business Management (Evening Programme) Ethical Issues in Satyam Scam Abstract “Reputation is an idle and most false imposition: oft got without merit, and lost without deserving”. Failed institutions, including Lehman Brothers, Enron and Satyam, would stand a testimony to this affray in a post-mortem analysis. This paper discusses corporate ethical issues involved in ‘Satyam Scam’ from a compliance perspective. It makes a distinction between legal and ethical compliance mechanisms and also shows that the legal compliance mechanism has clearly proven to be inadequate as it lacks the moral firepower to restore confidence and the ability to build trust. The concepts of freedom of indifference and freedom for excellence provide a theoretical basis for explaining why legal compliance mechanisms are insufficient in 2 dealing with fraudulent practices and may not be addressing the real and fundamental issues that inspire ethical behavior. The focus of the virtues in governance is to establish a series of practical responses which depend on the consistent application of core values and principles as well as commitment to ethical business practice. In my opinion, No one makes it to the top ranks of corporate management without a healthy amount of self-assurance. Confidence underlies decisive, strong leadership, but does overconfidence lead...
Words: 6230 - Pages: 25
...01-Aug-2014 Politics India President congratulates medal winners at CWG President of India Pranab Mukherjee has congratulated the Indian players who won the medals at the Glasgow Commonwealth Games 2014. He gave his best wishes to Bijneesh Bajrang, Lalita, Navjot Kaur, Swati Singh and Lalita for their accomplishments in CWG. He wrote separate letters and said that the achievement of the players has proved that the Indian sportsmen are capable of reaching the top at the international level. 01-Aug-2014 Science and Technology Croma & Intel launch Windows 8.1 2-in-1 PC Croma & Intel have jointly launched two Windows 8.1-based devices – a 10.1-inch 2-in-1 PC with an attached keyboard, along with a tablet with 8-inch display feature. The 10-inch model will be available at a price of Rs 21,990 while the 8-inch model will be priced at Rs 13,990. The 8-inch tablet will only be available in the Croma outlets and the retail site of the company only. 01-Aug-2014 Sports Dipa Karmakar creates history for India in CWG After winning the Bronze medal in the artistic gymnastics event, Dipa Karmakar has created a history by becoming the first Indian woman and the second player from the country. Karmarkar collected 14.366 points to finish the third in the women’s vault final.England’s Claudia Fragapane bagged the gold medal with 14.633 and Silver went to Elsabeth Black. 01-Aug-2014 Business Jet Airways offers tickets for as low as Rs 1,499 Jet Airways declared a discounted...
Words: 27667 - Pages: 111
...WHISTLE- BLOWING Introduction: Whistle-blowing is an attempt by a present or former member of an organisation to disclose the wrong acts in an organisation. First it was made by the government employees who made complaints of corruption or mismanagement in government offices. Later on it is used in corporatesector. Features of whistle-blowing: Whistle-blowing is the release of information by a member of the organisation regarding the illegal or corrupt conduct in the organisation. It has the following salient features: ✓ First of all. whistle-blowing can be done only by a member of an organisation. It is not like a witness of a crime but by an employee within the organisation. When the employees who become aware of illegal or immoral conduct in their own organisation resort to whistle-blowing. ✓ Secondly. there must be information in whistle-blowing. It should involve the release of non-public information. There is a distinction between blowing the whistle and sounding the alarm. The whistle blowers have to reveal new facts. ✓ Thirdly. the information should be of some significant kind of misconduct on the part of an organisation. Whistle-blowing is reserved for matters of substantial importance. For example, companies paying heavy funding for political parties is known to outsiders only from people who are associated with the companies. ✓ Fourthly. the information through whistle-blowing must be released outside the normal channels of communication...
Words: 1584 - Pages: 7
