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Satyam Chief Admits Huge Fraud

Satyam Chief Admits Huge Fraud Adeel Halim/Bloomberg News Ramalinga Raju, chairman of Satyam Computer Services, resigned Wednesday after disclosing he had systematically falsified accounts of the giant outsourcing company.     NEW DELHI — Satyam Computer Services, a leading Indian outsourcing company that serves more than a third of the Fortune 500 companies, significantly inflated its earnings and assets for years, the chairman and co-founder said Wednesday, roiling Indian stock markets and throwing the industry into turmoil. The chairman, Ramalinga Raju, resigned after revealing that he had systematically falsified accounts as the company expanded from a handful of employees into a...
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Carl Icahn Keeps Yahoo in Play

Ten days after escaping a bear hug from Microsoft, Yahoo hasn’t completely won its independence yet. Billionaire financier Carl Icahn is looking at launching a proxy fight against Yahoo’s board, according to a CNBC report. That’s a fight that Microsoft, which dropped its unsolicited bid for Yahoo on May 3, was unwilling to take on. Icahn reportedly has been accumulating as many as 50 million shares, or 2.5% of Yahoo’s stock, which helps explain why Yahoo’s stock has remained well above its pre-Microsoft bid of about $19 a share. Icahn could nominate a full slate or a “short slate” of three or four directors, which would be a...
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Can shareholder activism impact corp governance?

Shareholder activism is fairly mainstream when it comes to globalized economies or developed world. But what about India?   Columnist and Author Sucheta Dalal , Consulting Editor, MoneyLIFE feels that proper investor associations and consumer groups are required to empower shareholders.   Nimesh Kampani , Chairman, JM Financial  agrees with Dalal and also feels that the present shareholder associations need to be govermed by a certain framework.   Excerpts from an interview with CNBC-TV18's Shereen Bhan :   Q: You write about a lot of this stuff, we have seen shareholder activism being fairly maintstream abroad in international markets in fact the...
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The Analyst Who Rocked Citi

nullMeredith Whitney's dire predictions shook the financial giant to the core and brought death threats. But Wall Street seems to think she got it right Meredith Whitney probably will not be getting any holiday cards from former Citigroup (C) Chief Executive Chuck Prince. The CIBC World Markets (CM) stock analyst was a leading agitator for the ouster of the embattled leader of the $200 billion bank. The company, already under fire because of its weak stock price, had run into even more trouble over its exposure to the troubled credit markets (BusinessWeek.com, 10/18/07). Whitney went out on a limb in an Oct. 31 report...
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The fall-out from Enron

   The shock waves from the collapse of Enron, a Texas-based energy-trading giant, are continuing to be felt by banks and their regulators, the accountancy profession and credit-rating agencies, as well as by politicians who benefited from the company’s past largesse THE bankruptcy of Enron—the world’s biggest-ever corporate failure—has left no one looking good. Auditors, who successfully fought off tougher regulation last year, will find it harder to do the same now. Rating agencies were left behind by unfolding events. Enron’s long-term bankers are nursing hundreds of millions of dollars of losses after failing to see the gathering storm. And everyone...
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