Satyam Case Study Essay Example for Free

Satyam Case Study Essay The Satyam Computer Services scandal was a corporate scandal that occurred in India in 2009 where chairman Ramalinga Raju confessed that the companys accounts had been falsified. The Global corporate community was shocked and scandalised when the chairman of Satyam, Ramalinga Raju resigned on 7 January 2009 and confessed that he had manipulated the accounts by US$1.47-Billion. Contents [hide] 1 Role of Auditors 2 Aftermath 3 New CEO and special advisors 4 Acquisition by Mahindra Group 5 See also 6 References 7 External links Role of Auditors[edit source | editbeta] PricewaterhouseCoopers was the statutory auditor of Satyam Computer Services when the report of scandal in the account books of Satyam Computer Services was broke out. The Indian arm of PwC was fined $6 million by US Securities and Exchange Commission for not following the code of conduct and auditing standards while pursuing its duties while auditing the accounts of Satyam Computer Services.[1] Aftermath[edit source | editbeta] Ramalingam Raju along with 2 other accused of the scandal, had been granted bail from Supreme court on 4 November 2011 as the investigation agency CBI failed to file the chargesheet even after more than 33 months Raju being arrested. Raju had appointed a task force to address the Maytas situation in the last few days before revealing the news of the accounting fraud. After the scandal broke, the then-board members elected Ram Mynampati to be Satyams interim CEO. Mynampatis statement on Satyams website said: We are obviously shocked by the contents of the letter. The senior leaders of Satyam stand united in their commitment to customers, associates, suppliers and all shareholders. We have gathered together at Hyderabad to strategize the way forward in light of this startling revelation. On 10 January 2009, the Company Law Board decided to bar the current board of Satyam from functioning and appoint 10 nominal directors. The current board has failed to do what they are supposed to do. The credibility of the IT industry should not be allowed to suffer. said Corporate Affairs Minister Prem Chand Gupta. Chartered accountants regulator ICAI issued show-cause notice to Satyams auditor PricewaterhouseCoopers (PwC) on the accounts fudging. We have asked PwC to reply within 21 days, ICAI President Ved Jain said. On the same day, the Crime Investigation Department (CID) team picked up Vadlamani Srinivas, Satyams then-CFO, for questioning. He was arrested later and kept in judicial custody.[2] On 11 January 2009, the government nominated noted banker Deepak Parekh, former NASSCOM chief Kiran Karnik and former SEBI member C Achuthan to Satyams board. Analysts in India have termed the Satyam scandal Indias own Enron scandal.[3] Some social commentators see it more as a part of a broader problem relating to Indias caste-based, family-owned corporate environment.[4] Immediately following the news, Merrill Lynch (now a part of Bank of America) and State Farm Insurance terminate d its engagement with the company. Also, Credit Suisse suspended its coverage of Satyam.[citation needed]. It was also reported that Satyams auditing firm PricewaterhouseCoopers will be scrutinised for complicity in this scandal. SEBI, the stock market regulator, also said that, if found guilty, its license to work in India may be revoked.[5][6][7][8][9] Satyam was the 2008 winner of the coveted Golden Peacock Award for Corporate Governance under Risk Management and Compliance Issues,[10] which was stripped from them in the aftermath of the scandal.[11] The New York Stock Exchange has halted trading in Satyam stock as of 7 January 2009.[12] Indias National Stock Exchange has announced that it will remove Satyam from its SP CNX Nifty 50-share index on 12 January.[13] The founder of Satyam was arrested two days after he admitted to falsifying the firms accounts. Ramalinga Raju is charged with several offences, including criminal conspiracy, breach of trust, and forgery. Satyams shares fell to 11.50 rupees on 10 January 2009, their lowest level since March 1998, compared to a high of 544 rupees in 2008.[14] In New York Stock Exchange Satyam shares peaked in 2008 at US$29.10; by March 2009 they were trading around US$1.80. The Indian Government has stated that it may provide temporary direct or indirect liquidity support to the company. However, whether employment will continue at pre-crisis levels, particularly for new recruits, is questionable .[15] On 14 January 2009, Price Waterhouse, the Indian division of PricewaterhouseCoopers, announced that its reliance on potentially false information provided by the management of Satyam may have rendered its audit reports inaccurate and unreliable.[16] On 22 January 2009, CID told in court that the actual number of employees is only 40,000 and not 53,000 as reported earlier and that Mr. Raju had been allegedly withdrawing 200 million (US$3 million) every month for paying these 13,000 non-existent employees.[17] New CEO and special advisors[edit source | editbeta] On 5 February 2009, the six-member board appointed by the Government of India named A. S. Murthy as the new CEO of the firm with immediate effect. Murthy, an electrical engineer, has been with Satyam since January 1994 and was heading the Global Delivery Section before being appointed as CEO of the company. The two-day-long board meeting also appointed Homi Khusrokhan (formerly with Tata Chemicals) and Partho Datta, a Chartered Accountant as special advisors.[18][19] Acquisition by Mahindra Group[edit source | editbeta] On 13 April 2009, via a formal public auction process, a 46% stake in Satyam was purchased by Mahindra Mahindra owned company Tech Mahindra, as part of its diversification strategy. Effective July 2009, Satyam rebranded its services under the new Mahindra management as Mahindra Satyam. After a delay due to tax issues[20][21] Tech Mahindra announced its merger with Mahindra Satyam on 21 March 2012, after the board of two companies gave the approval.[22][23] The companies are merged legally on 25 June 2013.[24][25] See also[edit source | editbeta]

Environmental Destruction in Southeast Asia due to Golf Course Developm

Environmental Destruction in Southeast Asia due to Golf Course Development The sport of golf has come a long way since it was first played on the wind blown pasture lands of Scotland over 600 years ago. Today, golf courses around the world are in a way their own small ecosystem, where only pieces of the natural environment are a part of these artificial landscapes. Courses are meticulously groomed for both championship and tourist play. The game is taking front stage all over the world and new courses are being constructed everyday. This may be great for the game of golf and the wealthy investor who is making millions off of these luscious green fairways, but what about the drawbacks to environmental degradation that it is causing? The main environmental effects of golf courses in Southeast Asia are similar to those all over the world, but lack government regulation like in the United States. These countries do not have a strict Environmental Protection Agency or other NGOs to keep these issues under control. The main problems between the environment and golf course development that will be discussed in this paper include water usage and contamination, deforestation, the use of toxic chemicals and fertilizers, and the importation of non native grasses. The governments of these countries will also be examined, as to how they are dealing with these problems and how, if at all, they are helping their native people. After discussing the problems of Southeast Asia’s golf boom, this synthesis will go into detail about what can be done to help slow down or eliminate many of these problems.   Ã‚  Ã‚  Ã‚  Ã‚   The world’s golf craze and Japan’s current obsession over the game has swept through the countries of Southeast Asia since the early 1990’s and currently there are over 500 new courses in the region. This compares to a total of only 45 golf courses in these same countries in the early 1970’s. Currently, Malaysia has 155 courses, Indonesia has approximately 90, the Philippines have 80, and Thailand has close to 200 golf courses spread throughout their landscape.(ASIAGOLF) Along with these newly developed golf courses come all of the negative environmental impacts. In many of these countries, the government is either too corrupt, poor or they are focusing their energies on a multitude of other issues. Negative environmental effects are often times low on their pri... ...ts of Golf Course Development." Clubbing Southeast Asia. 12 Apr. 2005 . "Japan Golf Courses and Deforestation (JPGOLFCase)." Japan's Golf Courses and the Environment. 1 Nov 1997. 12 Apr. 2005 . Cassady, Jeff (Bayer Crop Science). Personal interview. 12 Apr 2005. Contact Information: (336) 255-1164 "TED Case Study." Asia Golf and Environment. 1 Nov 1997. 12 Apr. 2005 . Fahn, James David. A Land On Fire. Bolder: Westview, 2003. (Fahn 53-59) Chris, Reuther. "Towards a Greener Game." A New Environmental Awareness is Slowly Taking Hold of the U.S. Golf Industry. Aug 1999. The Academy of Natural Sciences. 14 Apr. 2005 . "Sport and Environment: Thailand's Golf Boom." Forces Behind Thailand's Golf Rush. 12 Apr. 2005 . (Sport and Environment: Thailand's Golf Boom) Morita, Gen . "Global Antigo." The Global Anit-Golf Movement - Manifesto. 4 1993. The Global Anti-Golf Movement. 14 Apr. 2005 . "Impact of golf courses: social, environmental, and economic." Impact of Golf Courses. Barcelona Field Studies Centre SL. 12 Apr. 2005 . Hildebrant, Timothy . "Environmentalists cry 'fore!' in China." csmonitor.com. 16 Jul 2003. the Christian Science Monitor. 12 Apr. 2005 .

How Leeds Was Like Durning the Victorian Times

Life in Leeds was ghastly; many sources tell me this from pictures, to rhymes, reports and drawings Leeds was a well polluted and unhygienic place, Leeds also did not have any proper sewage system causing diseases to spread killing innocent civilians. First pictures of Leeds Steel works which was taken in 1864 show me that factories created poisonous gases that normal everyday public inhaled. My first source also shows that from a distant view the air itself was murky and unclear. Source 1:As I mentioned before there are many sketches by anonymous artists who express their art from what they can see around their environment. This gives me more evidence that Leeds was very dirty and polluted. Source 2: Rhymes and songs were created by the people (most probably the children) who inhabited Leeds at the time one of the most famous rhymes were: â€Å"The Aire below is doubly dyed and damned; The air above with lurid smoke is crammed ; The one flows streaming foul as Charon’s Styx, Its poisonous vapour in the other mix†.What it is really translating is the water below (the river AIre) is coloured in an unnatural state and it is supposedly damned, the air above is crammed with toxic smoke, its poisonous vapours reaching us. Therefore it was commonly known that the Leeds was contaminated and filled with pollution. In 1842 Edwin Chadwick, a politician who was trying to make improvements and reforms to the conditions of towns and cities conducted an investigation into ‘Sanitary conditions of the labouring population.Edwin used local investigators to provide evidence of urban public health conditions. A doctor, Robert Baker, provided information about the hygiene and how it was affecting Leeds. â€Å"Of the 586 streets of Leeds, 68 only are paved by the town, ie, by the local authorities; the remainder are either paved by the owners or are partly paved, or are totally unpaved, with the surfaces broken in every direction, and ashes and filth of every d escription accumulated upon many of them†¦ of the 68 streets†¦ 9 are not sewered at all, and ten only partly so; nay it is only within the three or four years past that a sewer has been completed† . This statement tells me that there were 586 streets in Leeds and only 68 were filled with pavements. Filth and Ash filled every direction; in those 68 pampered streets 19 of them did not have a sewage system at all! Only 10 streets had them; however the sewage system has only been completed 3 or 4 years ago. This source is reliable because as a local doctor Robert Baker had experienced the severe horrific cholera outbreak of 1832.By 1838 as a town councillor, had contributed to a statistical survey of the town and went on to become a factory inspector by 1858. Cholera and other diseases broke out because of the poor sewer system when civilians had to ‘relieve themselves’ half of their waste was absorbed by the ground and was then entered the stream which peop le drank from! While the other half just flowed through the streets waiting to infect civilians with putrid bacteria and filth .Public people also used to wash and bath in the river AIre causing its natural water colour to die out and for it to be swarmed with dirt and bacteria. For my conclusion I still stand by my decision that Leeds during the Victorian times was a filthy, disgusting place. Its water was not safe to drink and was revolting, although the simple workmen who build hundreds of factories hoping that it would not hurt the ozone lair still poisoned the air that the poor Victorian people breathed and lived in.

Essay on Justification of Hamlets Sanity in...

Shakespeares play Hamlet is about a complex protagonist, Hamlet, who faces adversity and is destined to murder the individual who killed his father. Hamlet is a character who although his actions and emotions may be one of an insane person, in the beginning of the book it is clear that Hamlet decides to fake madness in order for his plan to succeed in killing Claudius. Hamlet is sane because throughout the play he only acts crazy in front of certain people, to others he acts properly and displays proper prince like behavior who is able to cope with them without sounding crazy, and even after everything that has been going on in his life he is able to take revenge by killing his fathers murderer. In the play Hamlet by William†¦show more content†¦After this scene Hamlet acts insane and he often criticizes his mother for remarrying and even insults her, but gets away with his actions because at this point those around him are starting to believe there is something wrong with Hamlet. Hamlet is not crazy but if he were truly crazy then he would not internally realize that he is mad, a crazy person usually doesnt realize they are going crazy, but it is others who realize because of his or her actions. In Hamlets case, Hamlet knows he is crazy and his acting is beneficial for him because he is able to talk freely without having to hold anything back. If Hamlet were truly insane it would have caused him his own death, because usually when an individual is insane they are unaware of what they are saying and their actions are usually always made hastily, a quality that Hamlet does not seem to have. When Hamlet is in the presence of certain people he acts differently, he acts like any other normal individual, he is smart, is able to thoroughly think every plan or idea he has and he is fully aware of his surroundings. Although he tends to procrastinate he is able to follow through with his plans, instead of saying one thing and doing another. An example is when Hamlet saves his life on board with pirates by thinking quickly and mostShow MoreRelatedHamlet, By William Shakespeare1640 Words   |  7 Pages Shakespeare’s play Hamlet is one of the most important works of literature ever published, evidenced by the fact that it explores several themes still relevant almost 400 years later—namely the affect insanity can have; not only on one person, but everyone involved in that person’s life. The play takes place shortly after the death of Denmark’s former king, King Hamlet, and follows his son, Prince Hamlet, as he attempts to avenge his father’s death. Although early in the play Hamlet tells his friendsRead MoreHamlet Needs Horatio and Ophelia Essay1326 Words   |  6 Pagesfunctions in the play. Horatio is used as a foil for Hamlet, the person to whom Hamlet can discuss his course of action and act like his true self. Ophelia, however, has a major role that is not initially evident. 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