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Monday, March 8, 2010

Another fraud like satyam?

Scripscan:
cmp:
Traded:Nse-bse

Story:It can be another classic case of a massive fraudulence by a company which is listed in our stock markets and commands over lakh volumes a day.I am in no mood to disclose the name since that can create an immediate stir.Let the facts speak for the company which seems most prudent as of now.Concerned stakeholders please safeguard yourselves in no time and act accordingly as I furnish more information about the stock.Such is the open-ended crisis that in the last one year alone, as many as three auditors — Ernst & Young, Price waterhous Coopers India and Grant Thornton — walked out.Its new auditors never has been reviewed with its peers which itself is a violation of the law as peer review is a mandatory requirement for any auditor auditing a listed firm.To amaze me further the fineprint suggests those audit guys completed and issued the audited statements in a mere period of 20 odd days.Last year a FIR was filed against the same company by a big bank accusing the company promoters of a fraud worth 9 million usd.The company had apparently raised money through bill discounting but when it failed to pay on schedule, the Bank contacted the customers to know that they had no business with the listed company.It was mentioned the accused company channelized those funds to reality sector making false claims of bagging huge contracts.The directors have been issued summons by a city criminal court for another 200crs fraud.The listed firm has allegedly diverted the huge amount to itself, violating various agreements that it had concluded with a Japanese trading firm in early 2008.Now their are strong rumuors in the market that the company is all set to bag a "200cr" order.Can you sense the foul play folks?It is reliably learnt that SEBI and the BSE and NSE have received serious complaints from the company’s vendors.For a clue,the company is a preferred vendor of BSNL.Our regulators are still horror striken over the satyam saga and so far nil action has been taken on the company.Corporate governance,listing clause blah blah gone for begging folks.Unfortunately,"The stunt is still on in the gallery"

Regards,
ARUN
9804589299
I can be reached at:arunanalyst@rediffmail.com

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