MY comments are in capital letters in this message.
From: Ramachandran Mahadevan <ramachandran_ca@yahoo.co.in>
To: icai circ <icai_circ_meerut_ca@yahoogroups.com>; aaykar <aaykarbhavan@yahoogroups.com>; AURANGABADCAs <aurangabad_ca@yahoogroups.com>; bhilai-ca <bhilai-ca@yahoogroups.com>; jalgaon ca <jalgaoncas@googlegroups.com>; "cacscwaindia@yahoogroups.co.in" <cacscwaindia@yahoogroups.co.in>; "costingbyparaggupta@yahoogroups.com" <costingbyparaggupta@yahoogroups.com>; THANECAs GROUP <ThaneCAs@yahoogroups.com>; taxfin <taxfinsoft@yahoogroups.com>; New Delhi <new_delhi_ca@yahoogroups.com>; VADODARA CA GROUP <vadodara_CA@yahoogroups.co.in>
Cc: lucknow <Lucknowca_reinvented@yahoogroups.com>; GLOBAL CA GROUP <globalindianCAs@yahoogroups.com>
Sent: Wednesday, 19 December 2012 11:06 AM
Subject: [TaxFinSoft] COMPANIES LIKE SATYAM-ICSI
From: Ramachandran Mahadevan <ramachandran_ca@yahoo.co.in>
To: icai circ <icai_circ_meerut_ca@yahoogroups.com>; aaykar <aaykarbhavan@yahoogroups.com>; AURANGABADCAs <aurangabad_ca@yahoogroups.com>; bhilai-ca <bhilai-ca@yahoogroups.com>; jalgaon ca <jalgaoncas@googlegroups.com>; "cacscwaindia@yahoogroups.co.in" <cacscwaindia@yahoogroups.co.in>; "costingbyparaggupta@yahoogroups.com" <costingbyparaggupta@yahoogroups.com>; THANECAs GROUP <ThaneCAs@yahoogroups.com>; taxfin <taxfinsoft@yahoogroups.com>; New Delhi <new_delhi_ca@yahoogroups.com>; VADODARA CA GROUP <vadodara_CA@yahoogroups.co.in>
Cc: lucknow <Lucknowca_reinvented@yahoogroups.com>; GLOBAL CA GROUP <globalindianCAs@yahoogroups.com>
Sent: Wednesday, 19 December 2012 11:06 AM
Subject: [TaxFinSoft] COMPANIES LIKE SATYAM-ICSI
Companies like Satyam indulge in the following activities that come
under the ambit of unethical practice:
a) Resorting to dishonesty, trickery or deception.
NOT ONLY THIS IN THE CASE OF RATNAMANI ENGINEERING LIMITED , BAD ACCOUNTING PORACTICES FOLLOWED BY WAY OF CREDIT OF MERE BOOK ENTRY OF PROFIT , AGAINST PROVISIONS OF COMPANIES ACT ALLOWED , PERMITED BY AUDITOR C R SHARE DALAL & CO , CHARTERED ACCOUNTANTS , PARTNER JAYESH C SHAREDALAL. ALSO MISLEAD HON COURTS IN ONE OR OTHER CASE BY MISREPRESENTATION FAR A WAY FROM THE FACTS OF THE CASE AND HID MATERIAL FACTS FROM COURTS FOR MORE THAN 18 YEARS !!!!!! NO ACTION BY OUR ALMA FOR ALL THESE YEARS!!!!!!!!!
NOT ONLY THIS IN THE CASE OF RATNAMANI ENGINEERING LIMITED , BAD ACCOUNTING PORACTICES FOLLOWED BY WAY OF CREDIT OF MERE BOOK ENTRY OF PROFIT , AGAINST PROVISIONS OF COMPANIES ACT ALLOWED , PERMITED BY AUDITOR C R SHARE DALAL & CO , CHARTERED ACCOUNTANTS , PARTNER JAYESH C SHAREDALAL. ALSO MISLEAD HON COURTS IN ONE OR OTHER CASE BY MISREPRESENTATION FAR A WAY FROM THE FACTS OF THE CASE AND HID MATERIAL FACTS FROM COURTS FOR MORE THAN 18 YEARS !!!!!! NO ACTION BY OUR ALMA FOR ALL THESE YEARS!!!!!!!!!
b) Distortion of facts with a view to misleading or creating
confusion.
MISLEAD THE COURTS BY TAKING THE MATTER TO ANOTHER WAY AS CONTEMPT , NOT GIVEN PROPER REPLY TO THE MATERIAL QUESTION OF ILLEGAL PAYMENT OF DIVIDEND , THAT TOO OUT OF MERE CREDIT OF BOOK ENTRY OF PROFIT!!!! REPLY GIVEN WAS THAT THE EXPENSES COULD NOT BE ADJUSTED IN PROFIT AND LOSS ACCOUNT , THEREFORE DEBITED TO CAPITAL ACCOUNT AND LIKE!!!!!!!!!!!!
STAYAM HAS COME OUT IN 4 YEARS. BUT IN THIS CASE OF LITIGATION GOING ON FOR 18 YEARS AND MORE !!!! MISLEADING ALWAYS. NOTHING HAS COME OUT!!!!!!!!!! U ALL KNOW..
MISLEAD THE COURTS BY TAKING THE MATTER TO ANOTHER WAY AS CONTEMPT , NOT GIVEN PROPER REPLY TO THE MATERIAL QUESTION OF ILLEGAL PAYMENT OF DIVIDEND , THAT TOO OUT OF MERE CREDIT OF BOOK ENTRY OF PROFIT!!!! REPLY GIVEN WAS THAT THE EXPENSES COULD NOT BE ADJUSTED IN PROFIT AND LOSS ACCOUNT , THEREFORE DEBITED TO CAPITAL ACCOUNT AND LIKE!!!!!!!!!!!!
STAYAM HAS COME OUT IN 4 YEARS. BUT IN THIS CASE OF LITIGATION GOING ON FOR 18 YEARS AND MORE !!!! MISLEADING ALWAYS. NOTHING HAS COME OUT!!!!!!!!!! U ALL KNOW..
c) Manipulating executives emotionally by exploiting their
vulnerabilities.
d) Resorting to profiteering due to excessive greed.
e) Over invoicing through false documents to show higher profits.
THE COMPANY OVER VALUED THE MACHINERY BY DEBITING THE AMOUNT OF KNOW HOW FEES NOT RECEIVED FROM ANY BODY!!! CREATED FOR THE SERVICES GIVEN BY THEIR SERVICE DEPARTMENT TO MANUFACTURE , INTERNALLY , ALL COST WERE CAPITALISED , NO EXPENSE LEFT OUT TO BE CAPITALISED, CREDITED THE KNOW HOW FEE IN PROFIT AND LOSS ACCOUNT AND PAID DIVIDEND!!!!
THE COMPANY OVER VALUED THE MACHINERY BY DEBITING THE AMOUNT OF KNOW HOW FEES NOT RECEIVED FROM ANY BODY!!! CREATED FOR THE SERVICES GIVEN BY THEIR SERVICE DEPARTMENT TO MANUFACTURE , INTERNALLY , ALL COST WERE CAPITALISED , NO EXPENSE LEFT OUT TO BE CAPITALISED, CREDITED THE KNOW HOW FEE IN PROFIT AND LOSS ACCOUNT AND PAID DIVIDEND!!!!
f) Using political clout to avoid penalty or compensation for
unlawful act.
TILL DATE NO BODY HAS TAKEN ANY ACTION FOR SUCH A GRAVE DEFAULT!! R.O.C IS TAKING VIEW OTHER WAY OUT AND IGNORING ACTUAL FACT ON THEIR RECORD FOR ALL THESE YEARS!!!
TILL DATE NO BODY HAS TAKEN ANY ACTION FOR SUCH A GRAVE DEFAULT!! R.O.C IS TAKING VIEW OTHER WAY OUT AND IGNORING ACTUAL FACT ON THEIR RECORD FOR ALL THESE YEARS!!!
g) Lack of transparency and avoiding investigation.
THIS IA ALSO HAPPENED IN THIS CASE. NO INVESTIGATION EITHER BY R.O.C , MCA , ETC.
THIS IA ALSO HAPPENED IN THIS CASE. NO INVESTIGATION EITHER BY R.O.C , MCA , ETC.
h) Damaging the environment by violating the government
prescribed norms for pollution.
i) Resorting to money laundering.
j) Diverting through foul means from a public limited company to
family-owned concerns.
k) Abusing the legally constituted institutions such as boards of
directors, auditors and independent directors to achieve
nefarious ends.
THIS FACT WAS KNOWN TO THE AUDITORS , ALL DIRECTORS. AUDITOR REPORTED AND EXCLUDED KNOW HOW FEES THE SAME INCOME FROM TAXABLE INCOME IN TAX AUDIT REPORT AS TAXABLE INCOME , IN VIEW OF THE MERE BOOK ENTRY OF PROFIT!!!! BOARD OF DIRECTORS FAILED TO TAKE NOTE OF THIS FACT FOR ALL THESE YEARS!!!! WHAT MORE CAN WE EXPECT . EVEN IN LETTERS ACTION , STICKT ACTION , PROSECUTION PROVISIONS MADE ETC. BUT IN BOOK ONLY. THIS IS ACTUAL DOUBLE ACCOUNTS!!!!!!!!!!!!! TO SHOW PROFIT TO SHAREHOLDERS PUBLISHED ACCOUNTS ONE WAY AND TO TAX AUTHORITY IN ANOTHER WAY!!!!
THIS CAN BE ALLOWED AND PERMITTED ONLY IN INDIA FOR SUCH A LONG PERIOD OF LAPSE!!!!
THIS FACT WAS KNOWN TO THE AUDITORS , ALL DIRECTORS. AUDITOR REPORTED AND EXCLUDED KNOW HOW FEES THE SAME INCOME FROM TAXABLE INCOME IN TAX AUDIT REPORT AS TAXABLE INCOME , IN VIEW OF THE MERE BOOK ENTRY OF PROFIT!!!! BOARD OF DIRECTORS FAILED TO TAKE NOTE OF THIS FACT FOR ALL THESE YEARS!!!! WHAT MORE CAN WE EXPECT . EVEN IN LETTERS ACTION , STICKT ACTION , PROSECUTION PROVISIONS MADE ETC. BUT IN BOOK ONLY. THIS IS ACTUAL DOUBLE ACCOUNTS!!!!!!!!!!!!! TO SHOW PROFIT TO SHAREHOLDERS PUBLISHED ACCOUNTS ONE WAY AND TO TAX AUTHORITY IN ANOTHER WAY!!!!
THIS CAN BE ALLOWED AND PERMITTED ONLY IN INDIA FOR SUCH A LONG PERIOD OF LAPSE!!!!
__._,_.___
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