Satyam Scam Essay Example for Free

Satyam Scam Essay Mahindra Satyam (formerly Satyam Computer Services) is an Indian IT services company based in Hyderabad, India. It was founded in 1987 by B Ramalinga Raju. Mahindra Satyam is a part of the Mahindra Group which is one of the top 10 industrial firms based in India. The company offers consulting and information technology (IT) services spanning various sectors, and is listed on the Pink Sheets, the National Stock Exchange (India) and Bombay Stock Exchange (India). In June 2009, the company unveiled its new brand identity â€Å"Mahindra Satyam† subsequent to its takeover by the Mahindra Group’s IT arm, Tech Mahindra on April 13, 2009. Satyam, a SEI-CMM Level 5 company, offers a range of expertise in the areas of Information Technology Software Development Services, Systems Integration, ERP Solutions, Product Development, Internet access hosting services, Electronic Commerce and Consulting. Satyam has nearly 6,000 IT professionals, who operate out of its state-of-the-art software development centers located in India, the USA, Japan, Singapore and the UK. These Centers work as an extended enterprise (IT partner) for over 150 Fortune 500 and multinational clients worldwide. Satyam, a multifaceted, totally integrated IT solutions provider is engaged in application development and maintenance, systems integration, datamarts, conversion and migration, Euro currency and engineering services (CADCAMCAE). It specializes in customized IT solutions for industries in the areas of Manufacturing, Financial services, Insurance, Transportation, Telecom,  Healthcare and Power. The company also offers Network and network-enabled services in India. It provides Internet access hosting services, Intranet, e-mail, EDI, store forward, and online information services. In the year 2001, Satyam Computer Services and the US-based Idea EDGE Ventures entered into an alliance to set up a 50:50 joint venture Satyam Idea EDGE Technologies to focus on business emerging from mobile Internet convergence. In 2001, the company was awarded IMC Ram krishna Bajaj National Award Trophy in the service category .The launch of its operation in China. WHAT WENT WRONG WITH SATYAM? Till about two decades ago corporate governance was relatively an unknown subject. The subject came into prominence in the late 80’s and early 90’s when the corporate sector in many countries was surrounded with problems of questionable corporate policies or unethical practices. Junk Bondfiasco of USA and failure of Maxwell, BCCI and Polypeck in UK resulted in the beginning of codes and standards on corporate governance. The USA, UK and number of other developed countries reacted strongly to the corporate failures and codes standards on corporate governance came to the centre stage. Enron debacle in 2001 and number of other scandals involving large US companies such as the Tyco, Quest, Global Crossings, the World.Com and the exposure of auditing lacunae, which led to the collapse of the Andersen, triggered the reform process and resulted in the passing of the Public Accounting Reform and Investor Protection Act of 2002 known as Sarbanes- Oxley (SOX) Act, 2002 in USA. PROBLEMS BEGIN:- Problems in Satyam begin when on December the 16th, 2008; its chairman Mr Ramalinga Raju, in a surprise move announced a $1.6 billion bid for two Maytas companies i.e. Maytas Infrastructure Ltd and Maytas Properties Ltd saying he wanted to deploy the cash available for the benefit of investors. The two companies have been promoted and controlled by Raju’s family. The thumbs down given by investors and the market forced him to retreat within 12 hours.2 Share prices plunges by 55% on concerns about Satyam’s corporate governance3. In a surprise move, the World Bank announced on December 23,  2008 that Satyam has been barred from business with World Bank4 for eight years for providing Bank staff with â€Å"improper benefits† and charged with data theft and bribing the staff.5 Share prices fell another 14% to the lowest in over 4 years. Satyam’s promoters, two brothers B ,Ramalinga Raju and B Rama Raju were arrested by the State of Andhra Pradesh police and the Central government took control of the tainted company.8 The Raju brothers were booked for criminal breach of trust, cheating, criminal conspiracy and forgery under the Indian Penal Code. The Central Government reconstituted Satyams board that included three-members, HDFC Chairman Deepak Parekh, Ex Nasscom chairman and IT expert Kiran Karnik and former SEBI member C . The Central Government added three more directors to the reconstituted Board i.e., CII chief mentor Tarun Das, former president of the Institute for Chartered Accountants (ICAI) TN Manoharan and LICs S Balakrishnan. A week after Satyam founder B Ramalinga Raju’s scandalous confession, Satyam’s auditors Price .Waterhouse finally admitted that its audit report was wrong as it was based on wrong financial statements provided by the Satyam’s management.9 On January 22, 2009, Satyam’s CFO Srinivas Vadlamani confessed to having inflated the number of employees by 10,000. He told CID officials interrogating him that this helped in drawing around Rs 20 crore per month from the related but fictitious salary accounts. Andhra Pradesh State CB-CID raided the house of Suryanarayana Raju, the youngest sibling of Ramalinga Raju who owned 4.3 per cent in Maytas Infra, and recovered sale deeds of different land purchases and development agreements.10 Senior partners S Gopalakrishnan and Srinivas Talluri of the auditing firm PricewaterhouseCoopers (PwC) were arrested for their alleged role in the Satyam scandal. The State’s CID police booked them, on charges of fraud (Section 42 0 of the IPC) and criminal conspiracy (120B). Now, they faced many challenges and the investigation ,like SFIO INVESTIGATION, CBI INVESTIGATION, SEC INVESTIGATION. JUDGEMENT:- Satyam fraud case: Supreme Court rejects Ramalinga Rajus plea:- The Supreme Court on Tuesday rejected the plea of former Satyam chairman B. Ramalinga Raju, seeking extension of tomorrows deadline for his surrender. The apex court had earlier cancelled Rajus bail and directed him to surrender by November 10. However, Raju had moved an application seeking extension of this deadline to surrender citing poor health. The application did not mention as to how much time he needed to surrender. Raju had merely sought reasonable extension. Raju, the founder of Satyam was arrested in January 2009 for one of Indias biggest corporate scams, worth more than 7000 crore. The apex court had earlier on October 1 issued notice to Raju on a petition by the CBI seeking cancellation of his bail granted by the Andhra Pradesh High Court. Raju was granted bail by the Andhra High Court in August. The CBI believes that Raju may try to tamper with evidence against him and influence witnesses. He has been charged under various sections of the Indian Penal Code including Section 120B for criminal conspiracy, under Section 409 for breach of trust, under Section 420 for cheating, and under Section 468 and Section 471 for forgery. Andhra Pradesh Police arrested Raju and his brother Rama Raju on January 9, 2010. Nine other accused, including top company officials and auditors, were also arrested in the case. (ANI) |Supreme Court upholds Monika Bedis conviction in fake passport case| National. The Supreme Court on Tuesday upheld the conviction of gangster Abu Salems girlfriend actress Monika Bedi in the fake passport case. The apex court bench rejected Monikas appeal that she could not be convicted in India as it would amount to double jeopardy since she had been convicted by the Portugal court for the same offence. The apex court bench comprising Justices B Sudershan Reddy and S S Nijjar passed the judgement, while dismissing Monikas appeal challenging her conviction. The Supreme Court, however, gave Monika Bedi some relief by reducing her sentence to period of jail term she had already undergone, which is two-and-half years. The Hyderabad sessions court had earlier sentenced Monika Bedi to five years term, which was later reduced to three years by the Andhra Pradesh High Court. Monika Bedi was caught in Portugal for travelling on a false passport to the name of Sana Malik Kamal.

The Tragedy of the Jim Crow Laws :: Jim Crow Laws Essays

Jim Crow laws are about power. Power of one race over another. These laws really highlight the flaws and weakness of human nature. One group of people asserting power over another for the pride and vanity of a system of politics that had been defeated at the cost of thousands of American lives during the civil war. The term "Jim Crow" has its origins of interest also. The interpretation was intended to ridicule the African American by white American's in the position of power. The Jim Crow laws were initiated after the civil war during the deconstruction of the new south and they help to create a racial caste system in the American South. These laws were protected by the constitution and were a form of constitutional racism. When the Supreme Court ruled on Plessy v. Ferguson the Federal Government legalized racism but under the guise of a doctrine referred to as "separate but equal". The Jim Crow laws were in place until the Supreme Court of 1954 threw them out with it's ruling on Brown v. The Board of Education of Topeka. This court had a different opinion of equality. Soon after the Reconstruction, African Americans and whites Americans ate in the same restaurants, often rode together in the same railway cars, used the same public facilities, but did not often interact as equals. The development of large black communities in urban areas and the significant black labor force in factories presented a new challenge to white Southerners. They could not control these new communities in the same informal ways they had been able to control rural black Americans, which were more directly dependent on white landowners and merchants (sharecropping system) than their urban counterparts. In the city, blacks and whites were in more direct competition than they had been in the countryside. There was more danger of social mixing. The city, therefore, required different, and more rigidly institutionalized, systems of control, henceforth Jim Crow laws. The Jim Crow laws were a response to the new reality that required the white supremacy to move to where it would have a more rigid legal and institutional basis to retain control over the black population. Why title these laws Jim Crow? The definition tells why; Jim Crow or jim crow (jà ®m ¹ kro ¹) Slang. noun The systematic practice of discriminating against and suppressing Black people. adjective 1. Upholding or practicing discrimination against and suppression of Black people: Jim Crow laws; a Jim Crow town.

Alcohol Impact on the Fetal Development

Alcohol Impact on the Fetal Development Every year, in the United States of America, between 1000 to 6000 children are born with Fetal Alcohol Syndrome (FAS), that is considered a huge number. (â€Å"Drinking alcohol during pregnancy,† 2008). Pregnancy is a very crucial time for the fetus. Women need to take care of the fetus by resting, eating a balanced and diet nutritious and performing some physical exercise. In the world, there are many things that can impact the fetus that women are not aware of and mothers should be cautious.Alcohol is one of them, expectant mothers should not drink alcohol during pregnancy. The purpose of this research is to explain and discuss the deleterious effects of alcohol on the fetal development during pregnancy. When, Where, How They Discover that Alcohol Has Effect on the Fetus In 1968, a man from France recognized that drinking alcohol during pregnancy may cause Fetal Alcohol Syndrome (FAS), name was Lemoin. In 1973 in the United States of A merica, James and Smith continued the research about Fetal Alcohol Syndrome FAS.They mentioned that (FAS) affect the fetus growth and cause bad result to the fetus before and after being born (Caleekal, 1989). The scientist discovered Fetal Alcohol Syndrome in some children whose mother drank alcohol during pregnancy before 30 years. At that time, they created FAS about alcohol's effects on the fetus. (NIAAA, 2000). Fortunately, these days with advances in medicine, scientists discover many things having an effect on the fetal development. Many women feel that drinking alcohol during pregnancy is not a big deal.But, depending on some research, it is not only a big deal but a serious problem that will affect the fetus and will cause FAS to be in fetus. Diseases and Disorders of Drinking Alcohol During Pregnancy The Fetus's food come from what the mother consumed either bad or good. Women should not drink any types of alcohol during pregnancy or when they are planning to become pregna nt because the women might be pregnant and they do not recognize that for a few days. This situation is happening in the United States of America every year to many women. Approximately 50% of pregnancies are unplanned.Drinking alcohol during pregnancy might cause FAS. Women can protect their children from Fetal Alcohol Spectrum Disorders (FASDs) completely by stopping alcohol use during pregnancy (Centers for Disease Control and Prevention [CDC], 2010). FAS causes many serious problems and diseases in the fetus such as mental retardation, problems on the heart, weak growth of the fetus, difficulties of understanding and problems in the brain. The mothers should never drink alcohol during their pregnancies, at least the three months of first trimester because these are a dangerous and sensitive time for the fetus.However, not all the children whose mothers consume alcohol will develop birth defects. Sometimes, it affects their behavior and their lives will be difficult for them. Oth er effects of FAS are Alcohol-Related Birth Defects (ARBDs) and Alcohol-Related Neurodevelopmental Disorders (ARNDs). ARBDs are the physical problems in the fetus such as heart disease, eyes diseases or organs problems. ARNDs are the learning problems and difficulties in the fetus such as difficulties of understanding or short memory. There is no medicine or treatment for Fetal Alcohol Syndrome (â€Å"Drinking alcohol during pregnancy,† 2008).Some researchers discovered that drinking alcohol during pregnancy might cause abortion or premature birth the fetus before the specific time and sometimes kill the fetus. The probability of causing diseases depends on the amount of drinking (â€Å"Drinking alcohol during pregnancy,† 2008). According to Henry and Lyn (1984), consuming alcohol during pregnancy may lead to prematurity. They observed drinking more than seven drinks a week during pregnancy may cause preterm delivery. Also, alcohol abuse during pregnancy is associated with decreased birth weight and neurological effects on newborns.

Objectum Sexuality - Free Essay Example

Sample details Pages: 3 Words: 960 Downloads: 4 Date added: 2017/09/25 Category Advertising Essay Type Argumentative essay Did you like this example? Falling in love with the Eiffel Tower, a rollercoaster, or even the Berlin Wall, this may seem to be unrealistic; however, for a certain group of people this is a reality. These people who are in love and deeply attracted to inanimate objects call themselves objectum sexuals. They see themselves as a new sexual orientation that loves in the same was as everyone else. The only difference is their love is towards objects. Objectum sexuals have intense and intimate feelings for certain objects based on the objects physical and intellectual characteristics as well as its geometry and function. There are distinct views on this new trend of objectum sexuality. There are the objectum sexuals who believe that falling in love with objects is a new sexual orientation, and on the opposite side of the spectrum are psychologists and psychiatrists who believe it is simply a fetish. In between the two sides are medical researchers who do believe that these people are in love with objects ; however, the researchers believe this attraction stems from a medical disease known as Asperger’s syndrome. Objectum sexuals believe that OS is an orientation just like heterosexuality and homosexuality that are innate inside every person. Objects in the eyes of an OS person have spirits, personalities, and are also able to reciprocate love. Erika Eiffel, the spokesperson for objectum sexuality who also married the Eiffel Tower says, â€Å"I can find a person aesthetically attractive, but more than that the answer is no. I do not feel anything more than friendship with people. I tried to have relations with people in the years and I rejected the OS but each time was a failure and caused me pain† (Eiffel). Those who are OS have no desire to be with humans; however, they see their objects as human and have the same emotions related to other sexualities. They feel lust, love, jealousy, warmth, and passion for these objects and even become aroused around them like one would with a human partner. Objectum sexual have a mental connection with the objects which allows them to be intimate and share a deep connection. They have a certain mental and physical union with their object and believe that beauty is simply in the eye of the beholder. (What is OS). This means that their idea of beauty and love may be different; however, objectum sexual feel their orientation should be regarded in the same manner as homosexuality, bisexuality, etc. Asperger’s disease, a form of autism is being correlated with objectum sexuality by many medical researchers. Half of the objectum sexual community suffers from Asperger’s leading researchers to feel that objectum sexuality may stem from this medical condition. Sufferers of Asperger’s live in a world where people seem hostile and mean, but inanimate objects appear friendly and loving. They dread the touch of another human being; however, they long for a passionate encounter with their ob ject. Objectum sexuals and those diagnosed with Asperger’s both find human relationships difficult and incomprehensible, while relationships with objects come naturally. Jerry Brooker, New York State medical researcher says, â€Å"It is not that an Asperger person does not long for human relationships. But someone who falls in love with objects can control that relationship on their own terms. Their objects will not let them down† (Brooker qtd I Married the Eiffel Tower 3). To a person suffering from Asperger’s relationships with objects is easy because as the person they are in complete control. An object will never let them down and cause pain like a human could. To a desperately lonely person, loving an object seems very appealing. Psychoanalysts find objectum sexuality to be a type of fetishism. It is diagnosed to be a fetish because of the fixation on an inanimate object that is not sexual in nature and the compulsive need for it. Objectum sexuality is c lassified as a fetish by psychoanalyst because of the need to take an artifact of their object with them at all times. Objectum sexuals use these objects for sexual gratification and to reach a climax, leading analyst to deem it as a fetish. A person with a fetish often spends significant amounts of time thinking about the object of the fetish. Further, the object is intimately related to sexual pleasure or gratification. In the extreme, the presence of the fetish object is required for sexual release and gratification. Objectum sexuality is both a form fetish because the object and shape are important as well as a media fetish because the material of the objects also enhances the emotions and passion of the individual. Analysis has shown that fetishists have poor social skills and lead very isolated and lonely lives, void of human interaction. (Fetishism) There should be no debate on whether objectum sexuality is an orientation, mental disorder, of fetish. The answer is clear because of the growing group of people who claim to be objectum sexual and have intimate relationships with objects. OS should be labeled as an orientation, the same as heterosexuality, homosexuality, and even asexuality. When a person feels a certain way about their lifestyle then the world should be open and willing to accept it. Objectum sexual live by the motto â€Å"It’s unconventional but we don’t care†. Homosexuality is unconventional; however, there is nothing wrong with it and it seen as a sexual orientation. Objectum sexuals and their chosen lifestyle should be respected in the same manner. Humans are evolving from the traditional ways of life and it is time for the world and society to do the same. Works Cited Eiffel, Erika. What is OS. Objectum-Sexuality Internationale. Web. 18 Nov. 2009. . Fetishism. Encyclopedia of Mental Disorders. Web. 18 Nov. 2009. . I Married the Eiffel Tower. Aspies For Freedom. 25 May 2008. Web. 18 Nov. 2009. . Don’t waste time! Our writers will create an original "Objectum Sexuality" essay for you Create order