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Govt's software detects 160 corporate frauds
By | Sunday, 28 February 2010, 19:08 Hrs |
33 Comments
"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
- 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
- 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
- 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
- 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
- 02 Mar, 2010
11:
I fully endorse the comments of Venkatesan.Corruition and corrupt must be exposed.
Piyush C.Sharma Replied to: .Venkatesan
- 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
- 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
- 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
- 01 Mar, 2010
20:
GOOD CORRECTION IN CORRUPTION!?
Krishna Burli Replied to: rehan
- 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
- 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
- 28 Feb, 2010
24:
hi i am eager to do mca
thanks
thanks
ajay dwivedi Replied to: Kanhaiya
- 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
- 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
- 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
- 01 Mar, 2010
30:
An old Hindi prob...." Jab Hahaj Doobta hai sabse pehle Choohe bhagte hain.
kaushik Replied to: anonymous_ofcourse
- 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
- 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
- 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
- 08 Mar, 2010
Beautiful and dress selection, please go to Dresses
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