...A CASE ANALYSIS ON CORPORATE CRIMINAL LIABILITY Abbreviations RNRL- Relinace natural resources IPC- Indian Penal Code UOI- Union of India All ER - All England Law Reports (United Kingdom) CriLJ – Criminal Law Journal Table of cases 1. Lord Reid in Tesco Supermarkets Ltd. v. Natrass [1971] All ER 127 2. Zee Telefilms Ltd. v. Sahara India Co. Corporation Ltd., (2001) 3 Recent Criminal Reports 292. A. K. Khosla v. S. Venkatesan (1992) Cr.L.J. 1448 3. KalpanathRai v State (Through CBI), (1997) 8 SCC 732 4. State of Maharashtra v. Mayer Hans George,A.I.R. 1965 S.C. 722 5. Nathulal v. State of M.P., A.I.R. 1966 S.C. 43 6. MV Javali v. MahajanBorewell& Co and Ors.,AIR 1997 SC 3964 7. The Assistant Commissioner, Assessment-II, Bangalore &Ors. Vs. Velliappa Textiles, (2004) 1 Comp. L.J. 8. Standard Chartered Bank and Ors. v. Directorate of Enforcement (2005) 4 SCC 530 9. Iridium India Telecom Ltd. v. Motorola Incorporated and Ors ,AIR 2011 SC 20 10. CBI v. M/s Blue-Sky Tie-up Ltd and Ors ,Crl. Appeal No(s). 950 of 2004 11. Kartick Chandra v.Harsha M. Dasi, AIR 1943 Calcutta 35 at 354; Contents Introduction 6 Corporate Criminal Liability under the Companies Act 1956 &2013 6 Doctrine of identification theory 9 Position prior to the Standard Chartered Bank Case Law 11 Standard Chartered Bank and Ors. v. Directorate of Enforcement (2005) 4 SCC 530 12 Post Standard Chartered Bank case law: 13 Conclusion...
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...Forensic Accounting & Auditing: A New Paradigm INTRODUCTION Thanks to the popularity of some criminal dramas, the word "forensic" might cause you to think about the process of working a crime scene. These investigators track down criminals using DNA samples, fingerprints, bloodstains, photos and other clues. So at first, you may wonder how the word "forensic" could ever be joined with the word "accounting." It's not as if you've seen accountants working with the other investigators at a crime scene. However, it really depends on the type of crime. “Auditor should be watchdog and not be the bloodhound”. It’s a good quote that every auditor should know. This quote makes the definition of forensic accountants even simpler. The forensic accountant is the bloodhound of Book keeping. External auditors look at the numbers but the forensic auditors look beyond the numbers. Only Forensic just means "relating to the application of scientific knowledge to a legal problem" or "usable in a court of law." Most of the crimes, such as homicides, investigated on a show like "CSI" are known as "crimes against the person." Forensic accounting is simply a specialty field within the broader arena of accounting. The types of crimes forensic accountants investigate are classified as "crimes against property." They investigate crimes such as fraud and give expert testimony in court trials. They also perform work related to civil disputes. Forensic accountants are also known as fraud investigators...
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...correct legal conclusion most of the times but, not always. One of the most important things to consider with regard to any offence is the mens rea, or the guily intention. This element of crime (mens rea) has been in the picture almost ever since criminal law has been known to exist. It had been incorporated in definitions of crimes as far back as The Code of Hammurabi (1700 B.C.) through the use of words like “intend” and “knowledge”. But, as the years have passed, complexities regarding the use of mens rea have arisen and the courts constantly keep trying to resolve the issues regarding the application of the rule. Generally the question that arises in cases is that whether mens rea is present or absent in the offender. But, sometimes, the question is whether it is required or not. This happens in case of statutory offences. They may expressly or impliedly rule out the requirement of mens rea. The current research study critically analyzes this situation and takes into account the existing views and decisions on the issue. Statutory Offence An offence is basically a violation of law. In legal parlance, the word “offence” is generally construed as a criminal wrong. Hence, offence means a wrong in penal law. The Code of Criminal Procedure, 1973 defines “offence”as “any act or omission made punishable by any law for the time being in force and includes any act in respect of which a complaint may be made under section 20 of the Cattle-trespass Act, 1871( 1 of 1871)”. This is...
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...• Question 1 1 out of 1 points The Nuclear Regulatory Commission (NRC) files a complaint against General Construction Corporation (GCC). GCC may want to settle the dispute, before formal adjudicatory proceedings begin, to avoid Answer Selected Answer: appearing uncooperative. • Question 2 1 out of 1 points Before adopting new regulations to govern Internet-based phone services, the Federal Communications Commission may not Answer Selected Answer: ignore the Administrative Procedure Act to streamline proceedings. • Question 3 1 out of 1 points The Federal Aviation Administration uses notice-and-comment rulemaking. The final rule in such a proceeding has binding legal effect Answer Selected Answer: unless a court overturns it. • Question 4 1 out of 1 points The Federal Aviation Administration uses notice-and-comment rulemaking. The final rule in such a proceeding is sometimes referred to as Answer Selected Answer: a legislative rule. • Question 5 1 out of 1 points The Internal Revenue Service (IRS) wants to seize certain documents of Mortgage Bank, Inc. Deciding whether it is permissible for the IRS to request or seize the documents depends on whether the documents are Answer Selected Answer: relevant. • Question 6 1 out of 1 points Independent regulatory agencies such as the Federal Trade Commission are Answer Selected Answer: outside the major...
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...History Satyam Computer services Limited an Information Technology Company was founded in 1987 by Ramalinga Raju. The company is based in Hyderabad, India and was the fourth largest software exporter in India until January 2009. As one of the largest software company, Satyam traded in the Bombay Stock Exchange, the national Stock Exchange and New York Exchange. Satyam grew rapidly with customers stretching over 66 countries and was ranked at 185th on the Fortune 500 companies list. In 2008, Satyam received the the Global Peacock Award for global excellence in corporate accountability. Satyam continued to grow even when stock markets around the world were collapsing. In December 2008, Mr. Raju wanted to merge Matyas a real-estate company with Satyam. Matyas a company owned by his family was a complete diversity from the software company. Raju and his family owned a lot more shares in Matyas than they did in Satyam. The merge caused investors to question Mr. Raju’s intentions. The stockholders objected to the merge and the idea was aborted. However, the damage had already been done. The investors had lost faith and Satyam’s stocks plunged to an unbelievable low. Ironically, the word Satyam means Truth in Sanskrit and as the world watched the truth about Raju started to unravel. Fraud is Uncovered In October of 2008, World Bank fired Satyam and restrictions were put in place against the company from bidding for eight years. World Bank alleged that that Satyam had placed spy...
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...Insider trading is the trading of a corporation's stock or other securities (e.g. bonds or stock options) by individuals with potential access to non-public information about the company. Such a trade is motivated by the possibility of generating extraordinary gain with the help of nonpublic information (information not yet made public). It gives the trader an unfair advantage over other traders in the same security. insiders are defined as a company's officers, directors and any beneficial owners of more than ten percent of a class of the company's equity securities ------------------------------------------------------------2--------------------------------------------------------------------------- It is important to distinguish between a STAKEHOLDER and a SHAREHOLDER. They sound the same – but the difference is crucial! Shareholders hold shares in the company – that is they own part of it. Stakeholders have an interest in the company but do not own it (unless they are shareholders). Often the aims and objectives of the stakeholders are not the same as shareholders and they come into conflict. The conflict often arises because while shareholders want short-term profits, the other stakeholders’ desires tend to cost money and reduce profits. The owners often have to balance their own wishes against those of the other stakeholders or risk losing their ability to generate future profits (e.g. the workers may go on strike or the customers refuse to buy the company’s products)...
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...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...
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...http://www.trinity.edu/rjensen/FraudAmericanHistory.htm History of Fraud in America (Edited for use in MBA 590_ NCSU) Bob Jensen at Trinity University Colonial History Earliest "business" fraud in America centered around phony heath cures. Armstrong and Armstrong (1991) document many of the snake oil ploys that commenced soon after the Pilgrims landed on Plymouth Rock. Medical frauds ranging from deceptive medicines to spiritual cures to bloodletting expanded over time to modern day cancer miracle cures and Internet charlatanism. Since early America was largely agricultural, various land schemes accompanied the growing market for deceptive rural living and farming products. As the original 13 colonies were established land was owned by men who had been granted land from the English King. They in turn sold land to individuals and established common areas. Although many of the early dealings were legitimate, it did not take long for land swindles to commence. Swindlers were either buyers or sellers of land. Victims were often new immigrants and Indians who lived on the land before Colonial times. One of the best known frauds was the 1626 purchase of Manhattan Island for trinkets valued at 60 guilders (approximately $24). In this case the Carnarsie Indians from Brooklyn perpetrated the fraud since their land was not even connected to Manhattan Island. But in most cases it was the white men who cheated the Indians and each other. Land swindling grew rampant as America expanded...
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...Code of Civil Procedure Assignment II “Civil Court has Inherent Jurisdiction to take cognizance of all dispute of Civil Nature except when barred.” -Siddhesh S Pradhan -241 -Division C -BBA LLB Year 4 INTRODUCTION Jurisdiction means the power or authority of a Court of law to hear and determine a cause or matter.[1] It is the power to entertain, deal with and decide a suit, an action, petition or other proceeding.[2] In Smt Ujjambai v. State of UP[3] it was stated that exclusion of jurisdiction means prevention or prohibition to the court not to entertain or try any matter though the dispute is civil in nature. Jurisdiction is a key question for the court which goes to the root of the case and decides the fate of a matter either at a preliminary stage or on merit. A division bench of the Supreme Court in Chandrabhai K. Bhoir v. Krishna A. Bhoir observed, “In any view of the matter, an order passed without jurisdiction would be a nullity. It will be a coram non judice. It is non est in the eye of law. Principles of res judicata would not apply to such cases.”[4] Thus, Jurisdiction of a Court means the extent of authority of a Court to administer justice prescribed with reference to the subject-matter, pecuniary value and local limits.[5] JURISDICTION OF CIVIL COURTS UNDER SECTION 9 of the CPC Section 9 of the Code of Civil Procedure 1908 states that, “The Court shall (subject to the provisions herein contained) have jurisdiction to try all suits of civil nature...
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...CORPORATE GOVERNANCE IN TURBULENT TIMES ABSTRACT The last few years we have seen some major scams and corporate collapse across the globe. In India, the major example is Satyam which is one of the largest IT companies in India. All these events have made stake holders realize the urgency and importance of good corporate governance. Before investing money in any company people are quite concerned how companies are being managed. International organizations like IMF, WTO and World Bank are also insisting on transparency. All this has made Corporate Governance and transparency up the public agenda. Good Corporate Governance makes for good business sense. It increases confidence of shareholders in the company. This leads to better stock prices. Good disclosure practices lead to a more liquid market for the company. This lowers cost of debt for the company. Thus the CEOs of today, there is a clear business case for complying with principle of good Corporate Governance. In the era of Globalization & Liberalization market forces plays a crucial role. We know that liberalization in emerging economy has made access to foreign funds easier. Availability of foreign funds will lower the cost of capital. It is quite understood. All companies will like this to happen, but the international lenders will be careful. They will expect that the companies they lend to follow good Corporate Governance. These lenders will demand...
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...ELECTORAL REFORMS IN INDIA: ISSUES AND CHALLENGES BEFORE THE ELECTION COMMISSION SYNOPSIS 1) Introduction 2) Electoral Reforms in India 3) Elections in India 4) Free and fair elections 5) Criminalization in Electoral System: 6) Issues and challenges before the Election Commission 7) Current Situation ABSTRACT In this essay, we have a given a brief view about elections and politics inheriting criminalization. The failure of the Legislature to deliberately think over key issues, particularly criminalization in politics forms the fragment of introduction. A concise panorama about the misuse of authority, money power and muscle power escort the introducing lines. Besides, the essay entails the electoral reforms in India. The transformations in the same has been discussed such as the introduction of Electronic Voting Machine, lowering of voting age, deputation of Election Commission is included. The power of Election Commission accompanies the above lines in the essay. Further, the method of free and fair elections forms a part of it. The elections held at regular intervals, that is, after every five years forms a part of our democratic structure. Auxiliary, the next part deals with criminalization in politics leading to an unfair election. Few instances aiding such criminalization in politics add to it. Use of money power to win elections has also been discussed in this essay. The subsequent part enumerates the issues and challenges before the Election...
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...GUJARAT UNIVERSITY SYLLABI OF THREE YEARS LL.B. PROGRAMME WITH CREDIT BASED SYSTEM (As prescribed b y the BAR CO UNCIL OF INDI A and as per the Rules of Legal Education, 2008) Effective from the academic year 2011-12 THREE YEARS’ LL.B. POGRAMME First LL. B. Semester – I FIRST LL.B. - S EMES TER 1 (MONSOON ) PE R WE EK S UBJEC TS LEC TURE S OT HER S T OT AL C RED IT S (SE M)29 CORE COURSE 101 L aw of T ort i ncludi ng MV A cci dent And C on sum er Pr ot ecti on Law s 4 1 5 5 CORE COURSE 102 Crim in al Law P aper – I (General P rinci pl es of P en al Law ) 4 1 5 5 4 1 5 5 4 1 5 5 4 1 5 5 1 1 2 2 1 1 2 2 CORE COURSE 103 CORE COURSE 104 CORE COURSE 105 FOUNDATIO N 106 F SOFT S KILL 107 K Crim in al Law P aper – II (S pec ific Off enc es) L aw of C ont ract S peci al C ontr act C on sti tuti on al Hist ory of I ndi a Use of Law J ournal s and L egal S oftw ar e 1 Semester – I Monsoon Semester CORE CO URSE 101 : LAW OF TO RT I NCLUDI NG M V ACCI DENT AND CO NS UM ER P ROTECTION LAWS Objectives of the Course : Wit h rap id industrializat ion, to rt actio n came to u sed again st manu factu rers and industrial un it fo r p roducts injurious to human beings. Present ly the emphas is is o n extend ing th e principles no t only to acts, which are h armfu l, bu t also to failu re to co mply with stand ards that are continuously...
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...SCHEME OF EXAMINATION & DETAILED SYLLABUS for BA LLB Five Year Integrated Course (w.e.f. 2008 – 2009) UNIVERSITY SCHOOL OF LAW AND LEGAL STUDIES Guru Gobind Singh Indraprastha University Kashmere Gate, Delhi – 110403 (With effect from the Academic Session 2008-2009) 1 FIVE-YEAR LAW COURSE BA LLB (H) PROGRAMME w.e.f. Academic Session 2008 – 2009 FIRST YEAR First Semester Paper Code LLB 101 BA LLB 103 BA LLB 105 LLB 107 LLB 111 BA LLB 113 BA LLB 115 SUBJECTS Legal Method History-I (Indian History) Political Science-I Law of Contract – I English and Legal Language Sociology-I (Introduction to Sociology) Economics-I (Microeconomic Analysis) Total Second Semester L 4 4 4 4 4 4 4 28 Credit 4 4 4 4 4 4 4 28 Paper Code LLB 102 BA LLB 104 LLB 110 LLB 112 SUBJECTS L 4 4 4 4 4 4 4 28 Credit 4 4 4 4 4 4 4 28 History – II (Legal History) Political Science – II Law of Contract – II Techniques of Communication, Client Interviewing and Counselling BA LLB 114 Environmental Studies BA LLB 116 Sociology-II (Indian Society) BA LLB 118 Economics – II (Macroeconomic Analysis) Total (With effect from the Academic Session 2008-2009) 2 SECOND YEAR Third Semester SUBJECTS L 4 4 4 4 4 4 4 28 Credit 4 4 4 4 4 4 4 28 Paper Code LLB 201 LLB 203 LLB 205 LLB 207 LLB 209 BA LLB 213 Business Law Family Law – I Constitutional Law – I Law of Crimes – I Advocacy Skills History – III (History of Modern Europe: 1740-1947) BA LLB 215 Political Science – III Total ...
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...ENTITIES INVOLVED 6 EVENTS LEADING TO THE CASE 6 STATEMENT OF ISSUES 7 ISSUE 1 7 SUMMARY OF PLEADINGS 8 PLEADINGS 8 PRAYER FOR RELIEF 16 ABBREVIATIONS 1. & - And 2. AC - Appeal Cases 3. AIR - All India Reporter 4. All. E.R. - All England Law Reports 5. Anr. - Another 6. App. - Appeal 7. Art. - Article 8. Bom. - Bombay 9. Co. - Company 10. Cr. - Criminal 11. DC - District Court 12. Ed. - Edition 13. Hrs - Hours 14. IT - Information Technology 15. Ltd. - Limited 16. NLJ - National Law Journal 17. Ors. - Others 18. P. - Page 19. Para. - Paragraph 20. Pvt. - Private 21. SC - Supreme Court 22. SCC - Supreme Court Cases 23. SCR - Supreme Court Reporter 24. SCR - Supreme Court Reporter 25. Sec. - Section 26. V. - Verses 27. Vol. - Volume 28. WLR - Weekly Law Reports Index Of Authorities STATUTES 1. Information Technology Act, 2000 2. The Constitution of India WEBSITES 1. www.manupatra.com 2. www.Indiankanoon.com BOOKS 1. Bakshi P.M., The Constitution of India, Universal Law Publishing Co. New Delhi 2011 edition 2. Basu Durga...
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...CASE STUDY Third-party motor insurance: Your premiums may see only modest hike By Preeti Kulkarni, ET Bureau | 20 Mar, 2015, 11.47AM IST MUMBAI: The insurance regulator has invited responses to a proposal to increase the third-party motor insurance premium by 14% to 108%. However, industry observers believe that the hike will not be so steep. "Like last year, the hike will be moderated. It may not go beyond 20%," said a senior executive[->0] of a private general insurance company. In February 2014, the Insurance Regulatory and Development Authority of India (IRDAI) had proposed an increase of 25-136% and 0.96-45% for private cars and twowheelers, respectively. However, the final hike was only around 20%. Third-party motor insurance is mandatory and protects the owner of the vehicle against any compensation sought by the victim of a road accident caused by the vehicle.There is no cap on the compensation that a victim can claim in case of an accident. But there is a cap on the third-party premium. Insurers want this cap removed so that they can charge according to the risk they undertake. "The regulator and insurers understand that they need to make a pitch for higher rates to get what they actually aim for. That is the reason why the proposed hike looks steep. It will be significantly watered down when the final rates are announced, " said a Mumbai-based insurance broker[->1]. Moreover, third-party component accounts for a small portion (10-20%) of your comprehensive...
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