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Govt's software detects 160 corporate frauds
New Delhi: The Ministry of Corporate Affairs (MCA) had developed an early warning system (EWS) to detect corporate frauds after the Satyam scam. Now, it has detected financial irregularities in 160 companies, out of which 30 are government, according to PTI.
"We have asked the Registrar of Companies to inspect the books of about 130 companies based on the preliminary findings of the EWS and some 30 PSUs would be referred to the Comptroller and Auditor General," an official source told media. The software-based fraud detecting system scans firms based on 10 financial parameters set by the ministry.
The sources said the EWS has detected discrepancies like fund diversions in own subsidiaries as well as other firms, irregularities in filing balancesheets, and asset-liability mismatch. "There are some blue-chip companies against which the EWS has given out alerts and we are also carrying out inspections, both invasive and non-invasive, of their books as per Sections 209 and 234 of the Companies Act," the official said without divulging the names of the companies in question.
With the early warning system, the corporate affairs ministry sources said, unusual developments are looked into by scrutinising the quarterly results of companies, their public announcements, filings with exchanges, tax returns, and media reports among others.
"We have asked the Registrar of Companies to inspect the books of about 130 companies based on the preliminary findings of the EWS and some 30 PSUs would be referred to the Comptroller and Auditor General," an official source told media. The software-based fraud detecting system scans firms based on 10 financial parameters set by the ministry.
The sources said the EWS has detected discrepancies like fund diversions in own subsidiaries as well as other firms, irregularities in filing balancesheets, and asset-liability mismatch. "There are some blue-chip companies against which the EWS has given out alerts and we are also carrying out inspections, both invasive and non-invasive, of their books as per Sections 209 and 234 of the Companies Act," the official said without divulging the names of the companies in question.
With the early warning system, the corporate affairs ministry sources said, unusual developments are looked into by scrutinising the quarterly results of companies, their public announcements, filings with exchanges, tax returns, and media reports among others.
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Reader's comments (33)
1: If you can find one organisation without
manipulations I shall be happy. Whether it is
small or big thereis curruption all over and
the governments are helping the currupt by
appointing a fact finding committee that will
take years to find the fact that points to
nothing and people forget the whole issue by
that time. Commissions or for omissions of
facts
Posted by: kamalkumar - 06 Mar, 2010
2:I commend and share the views expressed by
Kamalkumar. We can say Governemnt of the
corrupt, by the corrupt for the corrupt.May
God save us!
Piyush C.Sharma replied to: kamalkumar
post - 08 Mar, 2010
post - 08 Mar, 2010
3: These corruptions are not a surprise at all
and this has been regular practice and it has
been known to govt's and officials of this
country and this is clearly a nexus between
politicians,Beurocrats and corporates.Most of
the balance sheets and financial results have
been manipulated and exagerated to the core
and we the common people always fooled and
idots who trust this fabricated documents.
Posted by: RAVIPRAKASH - 03 Mar, 2010
4: The entire world is a creation of thoughts
Gross material objects of physical world are
nothing but the creation of subtle power of
thoughts. Today's corruption lives in our
thoughts, we think different but do not same
as no similerity in our thinking, talking
& working, this is called mental
corruption. All of us are suffering from such
major problem. Really we should take
effective step about it. Please visit &
register yourself on www,diya.net.in for
better guidence, if you agree the programme.
Posted by: sudha asthana - 02 Mar, 2010
5: All you idiots if you all wanna do some
thing as you all discussed here "Stop the
corruption in the country by punishing the
people involved in
corruption (both those offering and taking)".Its a big crime. I will suggest you a task.Lets see who takes up the job and finishes it.All educational
institution in this country "colleges and schools" take bribe in the name of "Donation" from the candidates to admit them in their respective
institutions, we know what amounts for different courses we have payed.
Now no body can deni the fact saying "I dint know that". We are all part off this game for long time, helplessly, unable to avoid in order to persue
our educations, we do it for the sake of our childrens future, we did that for our own education. Its a big crime.
Why dont you all join together and stop this. We all talk so much. Can we?. How far can we take this issue in order to be noticed by every single
person in this nation?
"If the answer is yes"
Then we can do it.There are ways.
How?
An association or organisation can be formed. Collect proofs submit it in the court. And get stay order from the court.And do the net step.
or some other suggested plan.
No government body will act against these corrupts.
Why?
Because if these "Corrupts" are punished and they function properly. There would be no reason for the govt to blame them and extract money.
Eg:
1)If a vigilance or income tax raid is happening and unfortunately some organisation is caught violating. Then there is a bargain between the "govt
vigilance organisation" and the "corrupt". So the two make a deal with some denomination of money. The money exchanges hands. And the
"corrupt" continues the corruption. We all are experiancing in you lives in this country, but talk and do nothing.
2)The education minister took action against some universities in this country by blacklisting them.
The institutions applied for a stay order from the court. Slowly they will retain the "University status".Money will play again.
The Minister who granted the university status to all these institutions had done the favour for getting some favour.
Is anyone ready for some action.
corruption (both those offering and taking)".Its a big crime. I will suggest you a task.Lets see who takes up the job and finishes it.All educational
institution in this country "colleges and schools" take bribe in the name of "Donation" from the candidates to admit them in their respective
institutions, we know what amounts for different courses we have payed.
Now no body can deni the fact saying "I dint know that". We are all part off this game for long time, helplessly, unable to avoid in order to persue
our educations, we do it for the sake of our childrens future, we did that for our own education. Its a big crime.
Why dont you all join together and stop this. We all talk so much. Can we?. How far can we take this issue in order to be noticed by every single
person in this nation?
"If the answer is yes"
Then we can do it.There are ways.
How?
An association or organisation can be formed. Collect proofs submit it in the court. And get stay order from the court.And do the net step.
or some other suggested plan.
No government body will act against these corrupts.
Why?
Because if these "Corrupts" are punished and they function properly. There would be no reason for the govt to blame them and extract money.
Eg:
1)If a vigilance or income tax raid is happening and unfortunately some organisation is caught violating. Then there is a bargain between the "govt
vigilance organisation" and the "corrupt". So the two make a deal with some denomination of money. The money exchanges hands. And the
"corrupt" continues the corruption. We all are experiancing in you lives in this country, but talk and do nothing.
2)The education minister took action against some universities in this country by blacklisting them.
The institutions applied for a stay order from the court. Slowly they will retain the "University status".Money will play again.
The Minister who granted the university status to all these institutions had done the favour for getting some favour.
Is anyone ready for some action.
Posted by: spark - 02 Mar, 2010
6:I agree with your argument spark. However,
instead of you looking for some one to do it,
why not do it for yourself?
I understand that when one of the chief Judges of India was asked this question, he had replied " I do not accept bribe from any body, but, if I have to pay for the education of my child, I will have to pay donations/bribe."
Hope the point is made clear.
I understand that when one of the chief Judges of India was asked this question, he had replied " I do not accept bribe from any body, but, if I have to pay for the education of my child, I will have to pay donations/bribe."
Hope the point is made clear.
Krishna Burli replied to: spark
post - 02 Mar, 2010
post - 02 Mar, 2010
7:
I dont deny on what you say. I can but would definitely fail.
Imagine in an organization when a problem is faced by all employees and only one addresses it, what will be impact? The management will simply ignore and turn down saying there was no problem with others but only you suffer on the complaint.
Eg:If there is a change in work time from 8 to 10 hrs, or 6 days a week work instead of 5 days a week, any pay issue etc. Its a common issue that most of us would not raise Q against the organization - the result leniance and negligence.Here if 1 or 2 is going to raise a Q the ersponse is - if you dont like you can quit. Think
So for the complaint to take effect it should be a collective, equal, whole hearted response from all of those who suffered the problem.
I dont deny on what you say. I can but would definitely fail.
Imagine in an organization when a problem is faced by all employees and only one addresses it, what will be impact? The management will simply ignore and turn down saying there was no problem with others but only you suffer on the complaint.
Eg:If there is a change in work time from 8 to 10 hrs, or 6 days a week work instead of 5 days a week, any pay issue etc. Its a common issue that most of us would not raise Q against the organization - the result leniance and negligence.Here if 1 or 2 is going to raise a Q the ersponse is - if you dont like you can quit. Think
So for the complaint to take effect it should be a collective, equal, whole hearted response from all of those who suffered the problem.
spark replied to: Krishna Burli
post - 03 Mar, 2010
post - 03 Mar, 2010
8: Spark. I've always been hearing that in
india, it's always unity in diversity. how
many are there to prove this? I believe
everyone. SAD!
AAA replied to: spark
post - 08 Mar, 2010
post - 08 Mar, 2010
9: The government should make public the names
of such companies at the earliest for the
security of the shareholders of the company
or atleasts should issue an alert.It should
ensure the security of the employees and
shareholders of the company
Posted by: Vicas Rajvanshi - 01 Mar, 2010
10:Names of the comapny should be published
.Venkatesan replied to: Vicas Rajvanshi
post - 02 Mar, 2010
post - 02 Mar, 2010
11: I fully endorse the comments of
Venkatesan.Corruition and corrupt must be
exposed.
Piyush C.Sharma replied to: .Venkatesan
post - 08 Mar, 2010
post - 08 Mar, 2010
12: These are all happened due to the correct
systems are not available.Systems in the govt
should be changed.There are many loop holes
& irregular systems.
Posted by: Ananthe - 01 Mar, 2010
13: Dear Friends
What all we discussed here is one side of the coin. And all we knew that taking the bribe is only not the crime, even giving the bribe is also crime. We all should underline this. Forget about the past. At least if we start from our generation not to encourage the bribing, we are like BOOKS to next generations. So please... please… we together fight against to corruption and also we make others too fight against to corruption.
What all we discussed here is one side of the coin. And all we knew that taking the bribe is only not the crime, even giving the bribe is also crime. We all should underline this. Forget about the past. At least if we start from our generation not to encourage the bribing, we are like BOOKS to next generations. So please... please… we together fight against to corruption and also we make others too fight against to corruption.
Posted by: INDIAN - 01 Mar, 2010
14:Desire to fight is ther but there is no m
ight with an ordinary man
L.Venkatesan replied to: INDIAN
post - 02 Mar, 2010
post - 02 Mar, 2010
15:I certainly 100 % agree with INDIAN - it
needs a revolution with similar minded team
up against the epidemic of "Corruption"
Let's fight a decisive battle with ownself first and kill the corrupt brain we all have in our own mind. I strongly hope one day we will achieve wat seems unachievable now -
Let's fight a decisive battle with ownself first and kill the corrupt brain we all have in our own mind. I strongly hope one day we will achieve wat seems unachievable now -
Sovan replied to: INDIAN
post - 01 Mar, 2010
post - 01 Mar, 2010
16: MCA is digging and wish to get clues by
govt.software for EWS.
Will they look seriously about unproductive money lying in swiss bank.USA can investigate why not India? This will again turned into exploiting money. Will GOVT. publish the details of income tax raids and money collected and its use?
Once the media gets the byte,subsequent no body is interested in taking the matter to the end. It disappears and since public memory is short there are people exploiting that also.
Will they look seriously about unproductive money lying in swiss bank.USA can investigate why not India? This will again turned into exploiting money. Will GOVT. publish the details of income tax raids and money collected and its use?
Once the media gets the byte,subsequent no body is interested in taking the matter to the end. It disappears and since public memory is short there are people exploiting that also.
Posted by: Sharad D. Ghorpade - 01 Mar, 2010
17: There are so many Software companies in
india, which are making backdoor entry and
not paying salary to its employess. For this
too govt should take steps.
Posted by: Farrukh Ahmed - 01 Mar, 2010
18: Ministry of Corporate affairs can be
rechristened as Ministry of Corrupt affairs
which is most ideal as we Indian stand to be
the 84th ranked most corrupt country in the
world meaning out of 100 WE ARE in 16 TH
RANKed corruption index thanks to our
Ministries,Bureaucrats and politicians by
dr.g.gandhi
Posted by: Dr.G.Gandhi - 28 Feb, 2010
19:Correction Dr. Gandhi, we are 17th ranked and
not 16th as you say.
rehan replied to: Dr.G.Gandhi
post - 01 Mar, 2010
post - 01 Mar, 2010
20: GOOD CORRECTION IN CORRUPTION!?
Krishna Burli replied to: rehan
post - 02 Mar, 2010
post - 02 Mar, 2010
21: 1st our Ministers, politicians and Berucrates
should be punished by common man on the
streets.
These ministries should stop corrupt practice, BUT how to run the Party will be BIG, BIG problem if these ministers, MLA, MP stop corruption ,Its a survivel game for all them.
If they can't bribe, than no one will contest for election, since these people know there is a lot of public fund which is not questioned by public, hence these people contest for election.
These ministries should stop corrupt practice, BUT how to run the Party will be BIG, BIG problem if these ministers, MLA, MP stop corruption ,Its a survivel game for all them.
If they can't bribe, than no one will contest for election, since these people know there is a lot of public fund which is not questioned by public, hence these people contest for election.
Posted by: PGp - 28 Feb, 2010
22:WHO IS TO BELL THE CAT?
KYA RAM RAJYA LAUT KE AYEGA PHIR?
SAMBAVAMI YUGE YUGE
ALL THAT IS HAPPENING IS GOOD,
ALL THAT HAS HAPPENED IS GOOD,
ALL THAT IS GOING TO HAPPEN ALSO GOOD
Why corporate frauds alone? 360* Fraud around us.
BRIBE HAS COME TO STAY AT ALL WALKS OF LIFE
1. Voting Machines2.Fake currency economy
Loot sake tho loot Haram ka Dhan Payo Re for all and more so for politicians.
BE IT CORPORATE HOUSES, BE IT SO CALLED HONEST POLITICIANS,
BE IT THE INTELLECTUALS HOLDING PRESTIGIOUS POST BY VIRTUE OF CORRUPTION
See the news IIM “first online common admission test (CAT) for B-schools struggled yet again as sever crashed leaving lakhs of students clueless about result”
Who has account of INDIAN CRICKETERS PROPERTIES?
Who has account of Indian Politician properties?
Can any one Touch the Chief Ministers and others-n be it LALU,
KARUNANANIDHI, SHRAD PAWAR, MULAYAM SINGH AND …..
KYA RAM RAJYA LAUT KE AYEGA PHIR?
SAMBAVAMI YUGE YUGE
ALL THAT IS HAPPENING IS GOOD,
ALL THAT HAS HAPPENED IS GOOD,
ALL THAT IS GOING TO HAPPEN ALSO GOOD
Why corporate frauds alone? 360* Fraud around us.
BRIBE HAS COME TO STAY AT ALL WALKS OF LIFE
1. Voting Machines2.Fake currency economy
Loot sake tho loot Haram ka Dhan Payo Re for all and more so for politicians.
BE IT CORPORATE HOUSES, BE IT SO CALLED HONEST POLITICIANS,
BE IT THE INTELLECTUALS HOLDING PRESTIGIOUS POST BY VIRTUE OF CORRUPTION
See the news IIM “first online common admission test (CAT) for B-schools struggled yet again as sever crashed leaving lakhs of students clueless about result”
Who has account of INDIAN CRICKETERS PROPERTIES?
Who has account of Indian Politician properties?
Can any one Touch the Chief Ministers and others-n be it LALU,
KARUNANANIDHI, SHRAD PAWAR, MULAYAM SINGH AND …..
the Helpless Indian replied to: PGp
post - 28 Feb, 2010
post - 28 Feb, 2010
23: Please Add Mayawati, Deve Gowda, Jaylalitha
into the esteemed list. I hope one day we
will be aware of their asstes too.
Can the Govt come up with a way to get as to who and how much money do individuals hold in the Swiss BANK
I guess all fradulents will be indentified if we could only have the list of Indians having an account in the Swiss Bank
Can the Govt come up with a way to get as to who and how much money do individuals hold in the Swiss BANK
I guess all fradulents will be indentified if we could only have the list of Indians having an account in the Swiss Bank
Kanhaiya replied to: the Helpless Indian
post - 28 Feb, 2010
post - 28 Feb, 2010
24: hi i am eager to do mca
thanks
thanks
ajay dwivedi replied to: Kanhaiya
post - 02 Mar, 2010
post - 02 Mar, 2010
25: Ministry of Corporate affairs should
immediately announce the list of companies
comitting corporate frauds to save innocent
investors in stock market.Funds of be it
insurance companies or mutual funds, are of
the public and government should take stern
action at once to protect public wealth.
JaiHind.Shyam,Chennai
JaiHind.Shyam,Chennai
Posted by: Shyam Prabhakar Kunte - 28 Feb, 2010
26:Dear Mr Kunte,
I fully agree with your comments. They should announce the list in News Papers specially in the PUBLIC NOTICE col. I doubt if they do or not, if they do the govt officials will be the loosers as they dont get anythig from the fraudulent companies.
I fully agree with your comments. They should announce the list in News Papers specially in the PUBLIC NOTICE col. I doubt if they do or not, if they do the govt officials will be the loosers as they dont get anythig from the fraudulent companies.
Arun Balachandran replied to: Shyam Prabhakar Kunte
post - 28 Feb, 2010
post - 28 Feb, 2010
27: yes we do agree to all of u thats why we all
stoped voting coz we know its useless now
being educated still its useless just because
of this corruptive system we are shameful
because of them the whole humanity can not
trust one another to hv education hv job all
is just a BAKWAAS as they wont allow u to go
untouched with all their ill practices today
the crime is beacuase of them and india on
this bitter state is again they r responsible
we even dont have democracy today as they
choice their ministers and PM CM on their own
other indian and say a common man now dont
have any right to choose any dam this in this
country and now we should be ready to be
slave again as b4 1947 as previously
Britishers ruled here now these bureaucrats
and politicians we need bhagat singh raj guru
sukhdev to kill all these so tht we can
proudly say that WE ARE INDIAN
Bindu replied to: Arun Balachandran
post - 01 Mar, 2010
post - 01 Mar, 2010
28: yeah its a right option but it can effect
anyone of the companies.somewhere it may be
loose of brand image.so keep woking very
carefully mr.government
Posted by: vivek k mishra - 28 Feb, 2010
29:i dont care about this country . i just want
to leave this corrupt place. thank god ! i m
at iit !
anonymous_ofcourse replied to: vivek k mishra
post - 01 Mar, 2010
post - 01 Mar, 2010
30: An old Hindi prob...." Jab Hahaj Doobta hai
sabse pehle Choohe bhagte hain.
kaushik replied to: anonymous_ofcourse
post - 08 Mar, 2010
post - 08 Mar, 2010
31: THE MOST CORRUPT PERSON IS one who forgets
his mother when he becomes capable of earning
himself. He is not cheating to his mother but
to himself.
Sushil Kumar replied to: anonymous_ofcourse
post - 02 Mar, 2010
post - 02 Mar, 2010
32: there are many dogs in the country who
eat,sleep and do there daily activity here
and finally pass comments on there own Mother
Land.....
Leave the country now itself it do not need dogs like you but you are in need of the country to study in IIT........
Leave the country now itself it do not need dogs like you but you are in need of the country to study in IIT........
Ravi Kiran replied to: anonymous_ofcourse
post - 01 Mar, 2010
post - 01 Mar, 2010
33: Ravi, If you believe all indians are your
brothers and sisters, then lemme tell ya, u
have juz called urself a dog. Is this the way
you could make someone responsible? You call
urself a proud indian doin' and saying all
this? Don't make us regret thinkin' of u as
an indian.
AAA replied to: Ravi Kiran
post - 08 Mar, 2010
post - 08 Mar, 2010
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