fraud

In order to check banking frauds, RBI today asked public sector lenders to promptly report cases of cheating involving Rs 1 crore and above to the CBI, and of the lesser amount to the police. Full Article

The Central Bureau of Investigation has filed a charge sheet against the then Branch Manager, Union Bank of India, Avenue Road Branch, Bangalore (Accused-1); Manager (Technical), Union Bank of India, Nodal regional Office, Bangalore (Accused-2); Mana Full Article

CBI officers on Saturday arrested Deputy Manager of State Bank of India Ajay Kumar Sinha when he was accepting a bribe of Rs 30,000. Sinha, posted in the Small and Medium Enterprises, Cash Credit Centre in the bank's Patna Main Branch, was arrested Full Article

The Institute of Chartered Accountants of India (ICAI) said auditors need to be more vigilant in detecting financial irregularities."Auditors need to be more agile and more vigilant in detecting financial irregularities. A simple disclaimer or a gene Full Article

Reserve Bank of India on Friday said fraudulent and ficticious offers though e-mails, mobile phones and SMSs had increased significantly in the last two years despite public awarness by RBI. Full Article

This is one of those cases where the issuer company has misused its Initial Public Offer (IPO) to the detriment of the genuine investors including its employees by allotting 98.5% of the shares under the employee category to its seven chosen persons who were masqueraded as its employees. Pyramid Saimira Theatre Ltd. is the issuer company which is the appellant before us. It came out with an IPO in December, 2006 in which 4,22,200 shares repr Full Article

Share transfers: We all know the settled law that the Private Company can have restrictions in its Articles restricting the right of its shareholders in transferring the shares. There can not be any such restriction in the articles of Public Companies as it is expressly prohibited under law. The Private Company can refuse to register the transfer or transmission of shares on certain grounds and the scope of refusal of registration of transfer or acceptance of transfer a.. Full Article

Ramalinga Raju, former chairman of Satyam Computers, who last year confessed to have inflated his company's assets by over $ 1 billion, was declared a pauper by a court here exempting him from paying court costs. New York judge Barabara S Jones approved 'pauper' status for Raju, his brother Rama Raju, Satyam's former chief executive officer, and Srinivas Vadlamani, the company's former head of finance. Full Article