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Reebok India accuses former top execs of $157 mln fraud

Reebok India, owned by Germany's Adidas (ADSGn.DE), lodged a police complaint against two former top executives accusing them of fraud that had led the company to lose 8.7 billion rupees. The alleged fraud would be the most high-profile corporate scandal in India since 2009 when Satyam Computer's former chairman and founder Ramalinga Raju revealed that the company had overstated profits and falsified assets for years. Reebok India is accusing former India Managing Director Subhinder Singh Prem and former Chief Operating Officer Vishnu Bhagat of financial wrongdoing, said police officials in Gurgaon, where the complaint was filed. "Our criminal complaint has been...
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Did LIC break any Sebi norms in its purchase of ONGC?

Let’s say you are one of India’s biggest business promoters. You know your company is planning to make an additional offering of shares a few weeks down the line, but the market is tepid. In order to get a good price, you ask a group company to start bidding up your shares in the market so that the IPO will fetch a better price. Which rogue promoter is that? But this is exactly what the Life Insurance Corporation (LIC) has done before the government’s offer for sale of ONGC shares (a.k.a. auction) which ended in a controversy last week. According to...
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DLF inflated asset base via dealings with DAL: Veritas

A report from investment bank Veritas Investment Research on DLF saw the stock tanking 5.17% in trade yesterday. The report alleges that the debt-laden property developer has been cooking its books for the last four years with large amounts of financial misreporting. In an interview to CNBC-TV18, Neeraj Monga, the author of the report hammers DLF saying he doesn't buy the realtor's accounts. In his report titled 'A Crumbling Edifice', he raises doubts about the company's disclosed book equity and asset base. You may read: Veritas aims gun at DLF; says co may have to recast loans The Veritas report alleges DLF inflated sales...
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Sharp rise and fall in share price of Kwality Dairy India; Brokers see foul play

MUMBAI: A penny stock that gained 132 times in less than 18 months is back in news, but for the wrong reasons. The sharp rise and the subsequent fall in the share price of dairy and food processing company Kwality Dairy India (KDIL) has raised eyebrows, with market participants suspecting foul play in the counter. Even though there were no corporate announcements that could have adversely impacted the stock, the share price fell almost continuously, after touching a high of Rs 189 in October. From around Rs 1.50 (after adjustments to corporate actions) in October 2008, the stock rose to over Rs...
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Satyam: Rs 7,000 cr fraud, and Rs 5 lakh fine for auditors?

Can the penalty for aiding and abetting a Rs 7,000-and-odd crore fraud be just Rs 5 lakh and a debarment? That, incidentally, is what the Institute of Chartered Accountants of India – ICAI, the audit profession’s self-regulatory body  â€“ has fined C Ravindranath and P Sivaprasad, employees of Lovelock & Lewes, an affiliate of Price Waterhouse India, for their role in the Satyam Computer Services fraud perpetrated in cahoots with the promoter, B.Ramalinga Raju. ICAI has debarred them from practising as chartered accountants by removing their names from the institute’s register. A BusinessLine report quotes ICAI President G Ramaswamy as saying: “We are proactive in taking action...
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