Insider trading through selling of shares clearly indicates ASMurthy's ethics, & Indian Government does not wish to punish the true fraudulent persons. There is involvement of all top officers of SATYAM in the fraud. Just we have to determine how much is each persons share in that ? This is clearcut cheating with shareholders' class. Why there are CAs, if they cant find planned, systematic and hidding fraud. The same training they got while doing CA through articleship. In actual practice, CAs are the persons who told businessmen how to do the fraud and how that should not have to came on the face, not only for 1 but for 7 years. There will not be possibility that any person being mastermind in hiding frauds through manipulation of accounts, & he is not the CHARTERED ACCOUNTANT. Because, CAs are the mastermind dogs from whom nothing can be hidden, even a slight smell of fraud of ONE RUPEE, CA named dogs can smell. In this computerised world, whether authentication given by Chartered Accountants shall be regarded as valid ? It is mostly possible that Raju has prepared multiple accounts. Raju's multiple accounts had been definitely prepared by the CHARTERED ACCOUNTANTS, that is the real case. And instead false accounts being showed to shareholders of SATYAM. How much bribes had been taken by Chartered Accountants should have to be disclosed. Financial transactions of CAs with Raju should have to crossexamine. WHY THERE ARE CAs IF THEY CAN’T SMELL FRAUD, AS WATCHDOG ?
Nehru started the license, permit and quota raj. Indira made it: license, permit, quota and corruption raj. Rajiv turned it into: license, permit, quota and loot raj. All for serving the poor! Congress leaders became richer and richer and poor became poorer! Serving, weeping, dying for the poor the Congress leaders made nation bankrupt! You had to see the dramas by these leaders to believe them! Sonia is no where before them! The economic advisor turned FM during Narasimha Rao’s time did not have money to wipe the tears of the poor Congress workers. He had to get loans from IMF, WB signing blank papers for them and GATT. Now we have new invention for looting (idiots/intellectuals/media people/chamchas love new terms): liberalization, globalization and privatization as directed by the IMF, WB and WTO!!!!! Rich became richer, poor became poorer, Congress and Italian relations became richer and Swiss bank accounts became bigger. Again for the sake of poor and aam admi. These days even aams have become too costly for aam admis! We had great economists and their pied pipers all through out this period churning garbage and garbage again and again for the poor!
Re: WB pensioner sold India!
by Viren Shah on Apr 13, 2009 07:45 PM
Rama,
I appreciate your concerns and think your observations are a bit overly critical. Let's step back 60 years, the time when India had just gained her independence, India was a pathetically poor state. Whether you like it or not Nehru's socialist policies prevented the concentration of wealth in a few hands. If we had followed a open market policy at that time we would be a b***h of one of the super powers today. Just look around you and see India is a much better place than what it was 15 years ago and No I am not talking in terms of materialistic achievement, but in terms of opportunity that is available to an average Indian. Instead of working in a bank or a PSU or being unemployed when they are out of college, today's youth can dream big and have umpteen opportunities. The IIMs and IITs that we are so proud of were created a part of the socialist policies. A lot number of private management institutes and colleges have sprung up in the last 30 years yet no one measure up to IITs/IIMs. As for corruption, it is present since the time of Adam and Eve and is everywhere. Indians are blessed with great intellectual talent and it is high time we used it for constructive purpose, instead of being critical on matters that we have little knowledge about. It appears to me that you are an intelligent person and India needs people like you to take it forward. BTW, if your response was an anti-congress electoral campaign; Good Job!!!
Have you ever find the Chartered Accountant with ethics ? NO!!!! NOT AT ALL!!! ICAI does not willing to produce any Chartered Accountant with ethics & this is deliberately, especially in the procedure of creating Chartered Accountant. When ANNUAL REPORT of company published, there is emphasis on Auditors' Report & considered it as most valid & valuable document, but this is not the case with Director's Report / Corporate Governance report. Also, without full information regarding all financial transactions, the Chartered Accountant can not prepare the accounting statement & after preparing that it is going to be shown to shareholders. How many Chartered Accountants are facing legal charges in courts, since its inception should have to come out. That number is in '000s. What action ICAI had taken against their members, also should have to come out, & what amount of time span is gone in waste. Also, all CAs prepare false accounting statements, is the wellknown fact & by that means only they are rich enough. Calculate what they get from their ordinary services like Accounting ( all persons in world do that ), auditing fees, taxation matters and then calculate how much their property, especially in the name of family members as they can not make other business while working as a Chartered Accountant. THERE IS NO CHARTERED ACCOUNTANT IN INDIA WHO HAS THE ETHICS.
Each financial activity made open by clients in front of Chartered Accountants & without that no CA can prepare clients accounts & if there is fraud then can't save client from frauds / misrepresentations, etc. So, enquiry of all registered Chartered Accountants all across India in connection with all listed companies should have to be carried out from last 10 years. They me be internal auditors or external auditors or CAs appointed in the company & who are on the rolls of company. Also, Chartered Accountants hide the frauds, by taking bribes in percentage terms which they demand from clients directly. All these CAs are produced by most worst & corrupt organisation in the world i.e. ICAI, whose system is now at that stake where it should have to be dissolved permanently, as it can not be erected & no overhawling is possible furthermore & should have to be replaced by any educational institution like INDIAN BUSINESS SCHOOL, Hyderabad. CROSSCHECK ALL THE CAs ACROSS ALLOVER INDIA & PUNISH THEM WHEN THEY FOUND GUILTY.
This UPA govt has bankrupted us. The budget deficit includes borrowing of 1, 45, 000 crores. Now it is floating immediately bonds of 45,000 crores for meeting immediate needs! Hope these bonds are worth what they are. These massive borrowing with no literal signs of spending anywhere at the ground level indicate massive loot all the way down and paying salaries of babus! Casino capitalism has brought massive economic miseries right on our door step! Rich have become richer and poor have become poorer! Australian farmers got double the price for their poor wheat than Indian farmers. Meanwhile our farmers are committing suicide in large numbers. Meanwhile Swiss banks have maximum deposits of Indians politicians, babus and others of more than 1800 billion dollars. Imagine who has kept maximum there! We all know it! Interestingly, many Swiss banks are going bankrupt. Hope our netas money vanishes too.
As per M. Damodaran, expert committee of ICAI should have to examine affairs of SATYAM. But, that is totally ruthless & useless because this is matter of shareholders belief on SATYAM & auditors of company regarding their investments. How many CAs have relationship with SATYAM in last 10 years, that number should have to come in front. Also, most of the time it is found that Institute of Chartered Accountants of India always remains behind members of ICAI, that is history whether they had done fraud/not. There is no validity to reports of such committees formed by other expert members of ICAI. THIEVES are going to be crossexamined by another THIEVES. One important thing is that financial activities in SATYAM board members & CAs should have to be taken into consideration. How much amount, previous CAs got from SATYAM as white money/ black money and how much amount will be taken by expert committee suggested by Damodaran must have to be enquired. Not only in corporate sectors, but in cooperative sectors also, many CAs are found guilty (number in 000’s) in which case, CAs facing legal charges. Ban Institute of Chartered Accountants of India totally is ultimate solution regarding SATYAM case. 99.99% CAs prepares false accounting statements is worst scenario of Indian corporate culture. Not only SATYAM, there are other companies are also in fray. Each client discloses all financial activities in front of CA, may be internal/ external auditor/ appointed employee CA on payroll.
Ban Institute of Chartered Accountants of India totally is the ultimate solution regarding SATYAM case. Not only SATYAM, but other medium size & large companies also are in fray. Other major companies suspected in line of SATYAM are Infosys, Reliance Industries, Reliance Capital, Zee Telefilms and Adlabs. ICAI should have to be dissolved completely & charters of all CAs should have to be taken back, using same law used for creation; use that law for dissolution of ICAI. There are lot of malpractices evidenced in ICAI, not only in operations of working CAs or on job CAs, but in the educational department of ICAI also. Instead of ICAI, there are other institutions also, like INDIAN BUSINESS SCHOOL, Hyderabad, whom authorities can be given & linked it to international apex body. Ban ICAI completely & take back charters given to all current CAs. The system established by ICAI is most currupt & worst system in the world. That is most important thing for much better, cleaner & faster corporate & cooperative sectors culture. In cooperative sectors, working of CAs is totally indulging frauds. In how many scandals ( girls & ladies ), how many CAs are involved, many people in this country are aware of. This educational institution (ICAI) is in actual practice, not a governing & educational institution, but the DARK SPOT on EMERGING ECONOMIC INDIA. THAT ICAI SHOULD HAVE TO BE ABOLISHED. 99.99% ICAI system made Chartered Accountants are corrupt & prepare false a/c statements in India.
