Five audit firms of Price Waterhouse India have admitted to the US markets regulator, the Securities and Exchange Commission (SEC), that deficiencies in their auditing process were not restricted to Satyam Computer , but extended to other companies audited by them in India as well. This disclosure by PW India is in two documents released by the SEC on April 5 while concluding its findings on the Satyam accounting Fraud case....
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Media support crusade against corruption
There can be little question that the news media, print as well as television, have contributed significantly to bringing the issue of corruption to political India's centre stage. The focus on the corruption of elections through ‘cash for votes' comes in tandem with the proactive intervention by the Election Commission of India during the April-May elections to State Assemblies. There can also be little doubt that the U.S. Embassy Cables,...
More »Mixed report card on NREGS by Alok Ray
The scheme has reduced rural migration and promoted financial inclusion, but needs to create more durable assets. The Mahatma Gandhi National Rural Employment Guarantee Scheme (MGNREGS) – the only government social welfare scheme named after the other Gandhi, not belonging to Nehru-Gandhi family – has recently completed five years. The performance of the scheme, considered a major pillar of UPA government's strategy of inclusive growth, has been a matter of debate. The...
More »'It's Sharad Pawar's old habit to indulge in corruption'
It's Sharad Pawar's old habit of indulging in corruption. Yes, I am levelling charges. Take me to court, I will prove the allegations," said activist Anna Hazare in New Delhi, as he began his fast unto death strike against corruption on Monday. Hazare's is campaigning for a compressive Lok Pal Bill to give wider powers to the ombudsman to check corruption attracted a huge crowd of over 3,000 people at Jantar...
More »Satyam and PwC are fined in US for accounting Fraud
Satyam Computer Services and its former auditor PricewaterCoopers (PwC) have agreed to pay a combined $17.5m (£10.7m) in fines in the US after one of India's biggest corporate scandals. Satyam, an outsourcing company, will pay $10m for falsely reporting more than $1bn in profits over five years. The company's chairman Ramalinga Raju admitted to the Fraud in 2009. Satyam's shares were indirectly traded on the New York Stock Exchange (NYSE) as well as...
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