Rupee Decline in the Offing: "The recent corruption scandals have reinforced the negative perception of a governance deficit in India."
Scams hurt India's image among German firms
Air India mismanagement continues: "Air India transferred about 70 pilots to Air India Express who weren't trained as commanders for the Boeing 737 aircraft."
2G scam: Court denies bail to Shahid Balwa, his two associates
Regulators to tame wealth managers: "With instances of frauds being committed by wealth managers on rise, a high-level committee of financial regulators and top government officials today discussed about the need to regulate the segment better."
The India story has taken a beating
Reliance ADAG officials conspired to circumvent DoT policy: HC
2G: Bail pleas of 5 corporate leaders rejected
IP Khaitan grilled in 2G scam
Mukesh Ambani's house shows lack of empathy for poor: Ratan Tata
India loses shine for foreign investors
Maha politicians bleed state cooperative bank
Rupee could depreciate by 20% in two years: Report
Companies going for background checks of employees
Despite the IPO scams in the past, why do market manipulators still have a field day?
BSNL without Director(F) for 2 yrs; DoT expresses helplessness: "The telecom behemoth is suffering from financial losses due to huge labour wage cost and declining subscribers.", "BSNL, once the country's flagship telecom company, posted a net loss of Rs 1,823 crore on revenue of Rs 32,046 crore in 2009-2010."
Fertilizer-producer Yara suspected of corruption in India: "an employee revealed a payment of $1 million had been made to a third party during the 2006-2007 project in India, aimed at establishing a fertilizer joint venture."
UPDATE 2-Norway's Yara faces second corruption probe: "the world's largest nitrogen fertiliser maker, has been charged with suspected corruption involving a possible $1 million bribe in India during efforts to create a joint venture."
CBI questions Essar CEO in 2G scam
High rates, delayed approvals, corruption hit new investments
2G: SC issues contempt notice to Sahara chief
Kanimozhi's NGO got huge donation from telcos, SC told: "The Supreme Court was today told that the NGO of DMK MP Kanimozhi, one of the accused in 2G spectrum allocation scam, received huge donations from telecom companies which were granted licence during the tenure of former Telecom Minister A Raja."
Air India on a spree of hiring back tainted officers
agitation: air india - Impotent Rajah: "The pilots’ strike is but a sign of a deeper rot", "AI bears a total debt burden of more than Rs 40,000 crore at present and accumulated losses of over Rs 13,300 crore."
Plea for making Anil Ambani and Dayalu Ammal as accused in 2G scam
DGCA flouts microlight aircraft safety norms: "After recent investigations uncovered widespread fraud and corruption involving pilots forging flying records and paying bribes to civil aviation to ''buy'' licences, authorities in New Delhi are probing how Zen Air microlight aircraft with a maximum takeoff weight of more than 450 kg were accorded registration as two-seater microlight planes."
Corporates must speak out against corruption: Gopinath
Directorate General of Civil Aviation of India against corruption
Govt pushes Air India into financial mess: CAG: "Air India incurred Rs 10,000 crore loss because it was forced into buying 111 aircraft it did not need.", "the decision was earlier for a mix of aircraft, Airbus and Boeing, which was later converted to an all Boeing fleet in favour of the Americans."
Two more pilots arrested in fake licence scam
Now, AICCA demands pay parity, JPC probe into 'corruption' in Air India
Pilots back Hazare call AI corrupt
SCANDALS OF THE SKIES
Azim Premji slams India's scam 'culture'
`You need not be dishonest to succeed in India'
Corruption: How it corrodes Brand India
FACTBOX-Key political risks to watch in India
'We are fighting corruption in Air India, which is run with public money’
Jet Airways pilots back Air India strikers as arrests loom: ""They are fighting to ensure their rights, they are taking a stand against corruption and nepotism, as well as gross mismanagement of India's flag carrier.""
Unitech deep in bribery morass
BJP smells bigger scam in Air India; demands reply from PM
Graft, not pay, is the real issue: Pilots
CAG blasts Air India for mismanagement
Once a top airline, AI now loses Rs 26 cr daily: "The airline that JRD Tata nurtured and the first airline in the world to have an all jet fleet, is now reduced to passenger unfriendly and loss-making organisation. Air India is now losing Rs 26 crore everyday with the accumulated loss of over Rs 13,300 crore. As a result, the airline is struggling to pay its 41,000 employees, double the number it should have."
Probe corruption in Air India: Striking pilots
2G scam: ED to attach Rs 2340cr of Unitech properties: "Swan Telecom will be the next telecom company to face such action. Sources said its properties worth Rs 2,800 crore will be attached.", "pegged the total bribe amount at Rs 3,000 crore. "We are not used to such huge figures," the bench exclaimed."
Pilots write to PM for CBI probe into AI management decisions: "The pilot's union said that airline management has appointed officiating executives, who are only junior but also had tainted record and hired foreign pilots at very high pay and perks through "dubious recruitment agencies"."
Daughter of DGCA No. 2 got licence from school with no plane: "They did not have even a single aircraft at their airport base, neither did they have a classroom or a hangar there, but in 2007, for some reason, the Directorate General of Civil Aviation (DGCA) was benevolent enough to grant Raipur-based Touchwood Aviation the approval to start flying training for Commercial Pilot License (CPL) students."
Fake air tickets ground holidayers
Public swindled another Rs. 40 crores by Stock Guru India
CEOs abroad are concerned about corruption in India: Narayana Murthy
A numb DGCA breeds rampant corruption
NY Times - India Finds Corruption in Fast-Growing Aviation Industry: "More than a dozen commercial pilots in have been stripped of their licenses and a top airline safety official has been suspended after a government investigation uncovered widespread fraud and corruption in the booming aviation industry.", "India’s government and its private sector are already convulsing with corruption scandals"
Pilots lose licences after widespread corruption revealed
For 5 jailed India Inc bosses, 2G brings misery: "The new address of Unitech Wireless (Tamil Nadu) Ltd Managing Director Sanjay Chandra, Swan Telecom Director Vinod Goenka, ADAG Group MD Gautam Doshi and two other ADAG officials Surendra Pipara and Hari Nair is Ward No 4 of Tihar's Jail No. 3.", "From fancy meals to jail ki roti, from jacuzzis to a tiny bathroom, which has a curtain for a door, and from comfortable beds to just a blanket on the floor as a bed - this is one outing they will remember for the rest of their lives"
2G: ICICI manager indicates Ambani-Swan link
: "The men behind two of the biggest multi-crore scandals of the country, the 2G and the CWG scam, which includes a minister, senior bureaucrats and billionaire businessmen of the country, have found comfort in each other's company in Tihar jail, where all of them are presently lodged."
2G spectrum scam: ICICI manager tells CBI about ADAG's links with Swan Telecom
2G scam: corporate heads' reputation in tatters: "The corporate leaders have fallen from corporate boardrooms and five star suites to Tihar Jail."
Sanjay Chandra, MD, Unitech Wireless
BBC - Five arrests in India telecoms scam inquiry
From boardrooms to 15x10 jail cell
Telecom bosses lose freedom and gadgets: "Some of the family members of the accused started sobbing in the courtroom. CBI officers asked the five corporate honchos to remove their accessories, including watches, high-end mobile phones, gold chains, wallets, belts and rings."
2G scam: five corporate leaders sent to jail
Indian arrests reveal corruption in granting of pilot licenses
India's illicit financial flow is $462 billion: Book
2G case: Bail plea rejected, five corporate bosses taken to jail
BBC - Investors wary of India telecom
AI pilots take flight against corruption: "Indian Commercial Pilots Association (ICPA), the pilot body of AI, has decided to fight against corruption that has weakened the roots of the Maharaja."
DMK NGO bribed by 2G telecom companies?: "Tamil Maiyyam, an NGO closely associated with DMK MP and Karunanidhi's daughter Kanimozhi, raided by the CBI in December last year in connection with the 2G scam, received donations from various telecom companies that won 2G licenses."
India's Tata Finds Home Hostile: "He says bureaucratic delays, arbitrary regulatory decisions and widespread corruption have thwarted his domestic ambitions in such sectors as steel, power, aviation and telecommunications."
Radia claims Raja backed Anil Ambani's RCom
Tatas vs A Raja: India's corruption gap
CBI seeks detention of 5 corporate executives in 2G case
2G scam: Corporate honchos appear in court, seek bail
Files go missing when palms aren't greased: Infy director
Pay bribe and fly in India: US based pilot
2G scam: ED slaps FEMA charges against top telecom firms: "FEMA violations to the tune of over Rs 4,300 crore against top telecom firms allegedly involved in the 2G spectrum scam"
Enter The Dragnet: "A ‘bold’ CBI goes after the top guns in business over the 2G licences"
Industry for fight against corruption
Corruption in India: Are Private Sector players equally corrupt
DGCA in eye of pilot scam for five years: "The fresh arrest made in fake pilot scam case points towards fraudulent operations taking place in the Directorate General of Civil Aviation (DGCA) since 2006. Over a 100 commercial pilot licences issued during this period are under scrutiny.", Deputy Commissioner of Police (crime) Ashok Chand said that Patil had taken Rs 7.5 lakh each from Hiren and Kaushik for preparing forged marksheets and helping them procure their CPL. “He gave Rs 2.25 lakh to Ansari for each pilot and Ansari gave Rs 1.3 lakh for ensuring that smooth processing and forwarding of the files for obtaining licences. Ansari and Bhattacharya knew that the result cards submitted by Kaushik and Nagar were forged and hence they charged hefty amounts,”", "Ansari, an ITI diploma holder from Bihar, joined DGCA in 1994 as a draftsman. Bhattacharya joined DGCA in 1997 as Lower Divisional Clerk (LDC). He got the job through sports quota since he was a State-level cricket player.""
India's Corruption Scandals Start to Worry Investors: "Raja allegedly rigged the allocation process for mobile telecommunications bandwidth to favor certain companies, possibly costing the government a whopping $40 billion in lost license fees."
2G spectrum scam: Anil Ambani quizzed by PAC
Fake pilots scam: Police issue lookout notice against 4
Interest rates, scams to put India off radar: Mark Mobius: ""Investors are pulling out money from the Indian market looking at the kind of scams taking place in the country,""
Week Ahead: Companies Seek Cash Abroad: "In recent months, the 2G scam and other evidence of rampant corruption and graft in India Inc. have turned foreign investors and companies cautious, and the Indian stock markets negative."
One more pilot arrested for forging documents
2G scam: PAC quizzes Ratan Tata & Niira Radia, summons Anil Ambani
India’s Corruption Producing Negative Signals on Foreign Investors
Indian tycoon Tata faces lawmakers probing telecom scandal
Airline regulatory body does not have a single pilot on rolls: "No wonder that scams which involve incompetent pilots and unscrupulous chief flight instructors take a while to be unearthed."
Anil Dhirubhai Ambani group rocked by 2G scam
Swan & Loop used as front companies to get spectrum: CBI to SC: "The CBI today informed the Supreme Court that telecom companies - Swan Telecom and Loop Telecom - were used as front companies by established telecom players to get 2G spectrum illegally during the tenure of former Telecom Minister A Raja."
Promoters of Unitech Wireless 'gained' Rs 2,342 crores: CBI
Fake pilot scam, a big fraud: Govt, vows to act tough
DGCA grounds 14 pilots: "Acting tough against pilots obtaining their commercial licences by submitting fake records and documents, DGCA has grounded 14 pilots with more such cases likely to come to light.", "are alleged to have got fake certificates from the Rajasthan flying training institute.", "DGCA chief E K Bharat Bhushan had recently told PTI that the CPLs of around 10,000 pilots was under the scanner, besides about 4,000 holders of Airlines Pilots Training License (ATPLs)."
India ex-minister, Reliance ADA co charged in telecoms graft case: "Charges include conspiracy, forgery, cheating"
Plum post for ‘tainted’ Air India pilot: "Capt Subodh Nigam was apparently handpicked by the Air India CMD himself even when it was brought to light that he had no valid licence for flying for at least six months."
Letters: Dress well if you want an upgrade ... or don't
Scam-filled economy: "The large illegal foreign and domestic holdings of Indians include, it is said, of many politicians and bureaucrats."
Scam effect: Course in biz ethics must at new IIMs
'Rs 200 crore from 2G scam travelled to Kalaignar TV'
Aviation: fake pilot scam -A Few Piloted Errors: "A flying school-DGCA-airlines nexus clouds safety in our skies", "Results can be tampered through touts/DGCA officials. Cost: Rs 5-12 lakh", "Jobs in an airline: Middlemen are contacted through senior pilots. Cost of landing a job: Rs 12-25 lakh"
PSUs left headless by scam-stung Govt
BBC: Indian tycoons to face telecom probe panel
The pigsty that is civil aviation in India (Part II)
Subir Roy: Is there an ethics deficit in business?
Corporate governance: Private sector’s bribe-giving
India’s elusive $150 billion nuclear-energy market
2 more pilots arrested, Indian officials investigated in growing scandal over fake documents
Eight more fake pilots to be arrested
End of flying career for 14 'fake' pilots
Companies can benefit from corrupt countries: research
Bribe-givers from abroad, beware!
Open licensing would help to cut corruption
Bill introduced to tackle bribery by foreigners
Official among 4 new arrests in India's growing fake pilot license scandal
Shunglu report indicts EMAAR MGF for CWG loss: "the total loss to the exchequer because of corruption and delays was Rs 220 crore."
Rajasthan Flying School runs without aircraft
Two SpiceJet pilots arrested in Jaipur: "for allegedly obtaining commercial pilot licence on the basis of forged flying certificates"
Sadiq Batcha wanted to be the richest man on the earth: "he worked to build his real estate business in Perambalur and Chennai, no doubt his clout with politicians helped."
ET Now interview with Kumar Mangalam Birla: "how do you look at this whole 2G spectrum allocations, the subsequent scams which have come to light and Idea Spice itself has embroiled in a controversy with DoT?"
FII offloads heavily as WikiLeaks reports cash-for-vote scam
The Telegraph - India corruption threatens foreign investment: "Endemic corruption in India has grown in scale and represents billions of pounds, with the potential to discourage investors and derail growth prospects, consultancy firm KMPG said in a survey."
Are FDI flows disappearing?
DD, AIR chiefs’ interviews begin
Govt tweaks rules to clear Jindal project: "The ministry of environment and forests (MoEF) seems all set to add to the scams and scandals surrounding the UPA government at the Centre thanks to a controversial clearance given to Congress MP Navin Jindal’s proposed steel and power plant in Orissa."
Corruption becoming threat to India's economic development: Survey
Clip their wings: "'Unqualified pilots should be weeded out.', "Recruitment scandals are not uncommon in India, with ineligible candidates finding their way into government service or securing appointment in boards, corporations or other bodies. There have been umpteen charges of irregular appointments by public service commissions, the Railway Recruitment Board, etc"
Playing with lives
Realty & telecom most corruption-prone sectors in India: KPMG
Now, Air India pilot arrested for forging papers: "After IndiGo pilot Parminder Gulati, Air India pilot JK Verma has been arrested for forgery."
FE Editorial : Converging India: "If the government has to hang its head in shame over the large number of scams that have broken out, corporate India is in worse odour."
CWG scam: Indo-Swiss firm executive remanded in CBI custody
2 telcos in spectrum deal can hold nation to ransom: SC: "The Ministry of Home Affairs' objection against the companies are very serious. They can become a threat to the internal and external security of the nation. You get huge FDI for compromising national security," a bench of justices G S Singhvi and A G Ganguly said."
Air India earns Rs 36 crore a day, spends Rs 57 crore
Fake pilots could be flying our aircraft: "at least 10 pilots have bribed their way through rigorous aviation tests to become commanders"
Banks lost Rs 2,289 cr in scams
I-T dept carries searches on 60 premises of two corporates
Corruption threatens India’s growth
ADB intensified fight against corruption last year: report
SEC investigating Kraft for corruption in India
"petitioner has alleged serious fraud and illegality by the Airports Authority of India (AAI) in awarding contract for ground-handling services' to a private consortium at Chennai and Kolkata airports."
CWG scam: Delhi firm MD remanded in CBI custody: "Sanjiv Wadhwa, the Managing Director of an Indo-Swiss firm, arrested for his alleged role in a corruption case linked to supply of various logistical equipment for the Commonwealth Games"
FDI in India nearly halves in January
SC security stinker to ring death knell for Etisalat?
2G: 63 people, including CEOs, under CBI scanner
Telecom companies are at war: Govt tells SC: ""All the companies are beneficiaries of your policy. So, no one would oppose you(govt)," the Bench remarked"
Corruption Threatens India's Growth
Corporate socialism's 2G orgy
CWG Scam: CBI arrests overlays supplier
Rising country risk perception upsets corp India: "The contribution of corporate India to governance deficit has been generous with many leading lights on CBI radar."
Govt May Seek Lalit Modi's Deportation
Banks lost Rs 2,289 cr in scams
Beware: The world’s riskiest countries: "The Global Risks Atlas 2011 released this week shows India and Russia as “high-risk” growth economies.", " India is rated by Maplecroft as an “extreme risk” for security", "The least risky places in the world according to the Global Risks Atlas? Scandinavia, Canada, Australia, South Korea and Japan."
Link between growth and moral values
2G scam: Shourie blames Maran for key policy manipulation
India must regain investors' trust & confidence: KPMG
Balwa facilitated transaction to Kalaignar TV: CBI to court
Foreign Investment Ebbs in India, and Questions Begin
2G scam: Loop Telecom a front for Essar?: "a question which no telecom operator has been able to answer - why so much financial jugglery and what why are these companies registered in tax havens like Mauritius."
Success story over, Railways in a financial mess
Air India COO to Govt: Don’t interfere so much, let me work: "the heavily debt-ridden airline would need funds of about Rs 20,000 crore to stay afloat"
CBI questions Raja’s aide, HFCL managing director
Scams damaging corporate India’s reputation: Deepak Parekh: "HDFC chairman Deepak Parekh comes down heavily on corruption in the country"
India's billionaire "heroes" get humbled: "The reputation of the country's titans of industry has taken a beating over a rash of graft cases, and with it has come the risk of a backlash over their murky links to politicians."
Catharsis for corruption: "It’s easy to see why investors in India are running scared. Two top tycoons have been hauled in by investigators in connection with a mounting telecoms scandal, inflation is rampant and the government seems paralysed."
2G scam: latest link to Mauritian firms, Rcom
2G scam: CBI questions Videocon's Dhoot brothers: ""made a false claim of the paid-up capital of Rs 150 crore through company secretary although documents attached with indicated that the authorised share capital of the company as Rs 1.00 lakh only"."
Now, Raja link surfaces in Wimax irregularities: "BSNL's technical committee had short listed six companies for BSNL's WiMax franchise and five of those were floated by Raja's friend Sanjay Kapoor, along with a few relatives.The five companies are WiExpert Communications, SV Telecom Systems, Digitelco Communications, Spectrus Communications and Technotial Infoways. All the five were registered on a single date - November 5, 2007 and they have the same notary, same auditor, same witnesses and even the same e-mail address. Moreover, Sanjay Kapoor's driver Vijay Pal is a director of one of the five firms."
CBI set to chargesheet ‘fraudulent’ 2G telcos
Former Gujarat cops under scanner for helping Balwa: "Two senior IPS officers from Gujarat, who retired recently, may have helped 2G scam accused Shahid Balwa in making secret investments in Gujarat's booming realty market.", "One is a former director general of police (DGP) and the other a retired additional DGP", "the retired ADGP has been an agent for Balwa in land deals in Gujarat"
Risks to doing business in India: "David Cameron has intervened on behalf of two British companies with problems in India, Cairn Energy and Vodafone, by writing to the country's prime minister. He cited unpredictable government decisions as his concern."
Top Indian businessmen probed by police
CBI may charge Anil Ambani
BSE Sensex dragged down by corruption probe worries
No pilot shortage, RTI exposes Air India's lies
2G scam: Essar CEO Prashant Ruia at CBI headquarters
CBI to approach CLB on links between Reliance, Swam in 2G scam
Govt scraps ISRO-Devas deal on S-band spectrum allocation: "this deal may have resulted in a loss of Rs two lakh crore to the exchequer."
2G scam: CBI to approach law board on links between Reliance, Swan: "Reliance Group Chairman Anil Ambani was questioned for over three hours by the CBI yesterday in this regard and was also brought face to face with jailed former Telecom Minister A Raja for over an hour. The duo remained "non-cooperative" when both of them met."
2G spectrum scam: CBI quizzes Anil Ambani
2G spectrum scam: Anil Ambani meets CBI officials
2G scam: Anil Ambani summoned by CBI
Corporate war over 2G favours: "Forgery charge to be slapped on Raja", "Ex-Minister, Balwa custody extended"
How taxing 657 Indians 1% could yield Rs 16,000 crores!
2G scam: CBI questions Unitech MD: "The CBI headquarters here virtually turned into a corporate office with top brass of four companies — Loop, S-Tel, Tata Realty and Unitech"
Corruption new confidence killer: Survey
Corruption, inflation major concerns, finds JP Morgan survey
India’s power, corruption and lies: "its ascent is likely to hit a stumbling block unless the endemic corruption, huge inequalities and bureaucratic red tape are tackled head on. I", "In terms of the ease of doing business, India is rated a lowly 133 among 183 countries. It was also ranked 70 in the corruption index of 2006 and the worst performer out of 30 countries in the Bribe Payers Index."
India in sweet fiscal spot: "Global investors have expressed worries about India’s high inflation, wide current account deficit and rising corruption."
India’s corruption conundrum
ANALYSIS-Long-term investors toughing out India graft scandals
ADB 'very concerned' about corruption in India
India worst performer among global markets this year
Home ministry official passed info to DB Realty: Police: "The agency has widened the scope of investigations into the scam to all the companies which got 122 licences and allegedly paid kickbacks to Raja and others. The CBI has begun investigations related to eight companies which got 2G licences in 2008 and officials of five of those companies—Reliance, Loop, S-Tel, Swan and Unitech—are being questioned."
India market hit by $40bn scandal: "A CRISIS of confidence has gripped foreign investors in India as federal investigators close in on an alleged $US40 billion corruption scandal.", ""There is a lot of fear in the market,", "Mr Raja was arrested this month and is in custody. Indian federal investigators last week arrested Shahid Balwa, the head of DB Realty, one of the largest property developers. On Saturday, Reliance ADAG, controlled by Anil Ambani, one of Asia's best known tycoons, admitted that several executives had been questioned as part of the 2G investigation. Mr Ambani's Reliance Communications, India's second-biggest mobile operator, was one of the steepest fallers on the bourse last week.", "Supreme Court demanded that investigators make more arrests and suggested that several businessmen were in its sights. "We have a large number of people who think themselves above the law. You must catch them. Merely because a person is in the Forbes list of millionaires and billionaires does not matter,"
Rate rises and graft scandals threaten India growth
Investors on edge over scandals, governance
Sun TV shines in spectrum deal?: "Astro, a sister concern of Malaysian billionaire T Ananda Krishnan-owned Aircel, invested R675 crore in the Maran family-owned Sun TV’s DTH venture within four months of getting spectrum in Dishnet Wireless (Now Aircel)."
"Air India can get into the Guiness Book of World Records: the national carrier would be the only one in the world that operated over 9,000 flights last year with less than one-fourth of its seats occupied."
2g scam: investigation - The Swan Song Now: "The CBI sets out to track the money trail from 2G beneficiaries to Kalaignar TV ", "CBI finally submitted that there was a direct money transaction linking Swan Telecom to the Karunanidhi family", "Cineyug, CBI now has records to show, put in Rs 206 crore in Kalaignar TV, a channel in which Karunanidhi’s second wife Dayaluammal (mother of M.K. Stalin and M.K. Azhagiri) and daughter Kanimozhi jointly held 80 per cent of the stake"
To Build A Tower Business: "An MP’s letter exposes the Tata Realty-Unitech nexus "
Rs 50k-cr power scam in N-E: "the total value of the scam in Arunachal and other N-E States at around a whopping Rs 58,000 crore, including Rs 20,000 crore kickbacks in AP. It sought a time-bound probe into the ‘loot’ by the Congress Governments in the North East States.", "allotment was done within days of the companies coming into existence. “A tour and travel company, stock broking and trading firms, non-existing and Benami companies have been allotted projects worth hundreds of crores of rupees,”", "not only are the Central leaders corrupt, even the Chief Ministers of Congress-ruled States are making money", "
India investors on edge over scandals, governance
Corruption scandals hit India funds in January
After Swan, focus now on Unitech in 2G scam: "Unitech -- who earned a quick profit of nearly 267 per cent by off-loading 60 per cent of shares after getting spectrum in 2007-08"
2G scam: CBI to probe ADAG-Swan Telecom links
2G scam: SC unleashes CBI on corporate, govt beneficiaries
Go after corporates in 2G scam: SC to CBI
Balwa moved payoff share to Kalaignar TV, says CBI
Are U.S.-Indians making mark in corporate crimes?
Scams hit India Inc: Corporate governance to blame?
2G: Reliance ADA Group officials quizzed by CBI
Shahid Balwa: From college dropout to billion-dollar realtor: "The boy who grew up in a small family home near the landmark Maratha Mandir cinema at Mumbai Central and studied at Mazgaon's St Mary's School went on to become one of the wealthiest people in the world. The Forbes list has him as India's 66th richest man with a net worth of US $1.06 billion. ", "In corridors of power, D B Realty is widely perceived to be backed by a top state politician. Bureaucrats talk in hush tones about how files of the construction company are speedily approved."
CBI-ED tussle may give Ramalinga Raju a free passage
Ailing Air India delays salaries again for 30,000 staff
BBC: India's economic growth under 'threat' from inflation
Prakash Karat accuses big corporate houses for corruption
Holding The Graph Down: "The problems of India Inc are linked to our structural flaws, not to daal-chawal woes "
'Governance, inflation hit FDI flow'
India accuses companies in telecoms probe
Economic chaos spreads in India
Governor rues evils of crony capitalism in the country
Malaysians Warned To Beware Of IVR-based Bank Scam: "in an effort to help lower the incidence of credit card fraud in India, the nation's central bank recently issued a directive to financial institutions to add another layer of security to Interactive Voice Response (IVR) transactions and other phone-based payments."
Will the corporates share the fate of Raja in 2G scam?
All decisions on spectrum allocation since 2003 wrong: Telecom panel
Spectrum policy deviations began under NDA in 2003: Sibal
Worried about investment, Indians now rank corruption as No.1 concern
CBI says Swan, Unitech got favourable deals in 2G licence
India battles with illicit flow of funds-FACTBOX
Quantifying corruption risk in India
2G scam: After Raja arrest, CBI focuses on 'favours' shown to telcos
Excessive govt regulation will stifle industry: Rahul Bajaj
Corporate mafia fuelling corruption: Prashant Bhushan (Interview)
Govt delay leads to substitute bosses at ONGC and IndianOil: "India's most profitable company, ONGC, will function without a full-time chairman from Tuesday, while the top-ranker in turnover, Indian Oil Corp , is bracing for its second successive make-shift chief executive as political changes along with allegations of corruption and forgery have dogged top appointments of state energy firms for months."
Officials gift builder Rs 400cr plot for just Rs 5cr: "Just four people took part in the auction, which wasn't advertised, and in 24 hours readymade possession certificates were handed out.", " the accused held a sham auction."
Scams are an industry concern: Anand Mahindra
India Inc's activist agenda
Corruption making life miserable for SMEs: survey: "The magnitude of India's corruption story is mind-boggling and the Comptroller and Auditor General (CAG) has recently reported that the Indian exchequer has lost anywhere between USD 22 billion and USD 45 billion due to a single scam alone - the 2G Scam.", "With the cost of corruption to the country well exceeding Rs. 250,000 crores, the survey found that SMEs feared that if these brazen acts of corruption continue, India's corruption could be a trillion dollar industry very soon."
Employees' Provident Fund Organisation of India: "Corruption by the Enforcement officers has been a serious problem facing the organization, since joining the scheme is compulsory and the subscription rate being high, many of the smaller companies avoid joining the scheme. The organization, having legal powers to prosecute such companies, and make ad-hoc assessments and recover past arrears including interest and penalty, many of the field official connive with such companies for consideration. At times, less informed Companies are threatened by such officials. However, there is some check on this malpractice, since mandatory and routine inspections are now avoided and there is lot of restriction on inspection by field staff. However, one rule/instruction for employers that helps corrupt EPF officials and scares honest employers into making illegal payments to them is that they (employers) must "enroll all categories of employees including the employees engaged by or through contractors and also piece rated, hourly rated employees" . This is interpreted differently by different people and, according to one interpretation, all people from gardeners working one hour a week, newspaper delivery boys and construction workers employed for a short time to bus drivers and conductors employed by schools and other organisations through bus contractors can come under its purview. Semi-literate, part-time workers do not want this facility as they find it difficult to get back their contribution while small-time contractors refuse to pay their part of the contribution. The duty of filling in the forms and submitting the contribution of such employees of contractors rests with the employer having 20 or more employees which makes compliance difficult and leads to underhand payments to corrupt officials of the department."
Scams may raise cos' cost of cover
Cricket, cash and corruption
Is Corporate India thriving on black money?
http://ibnlive.in.com/ Jan 23, 2011
CII joins chorus on against corruption
Unsavoury questions on corruption await Indian CEOs in Davos: "I don’t think we can hide anywhere: CII President Hari Bhartia"
Keep a check on corruption: India Inc to government
Alchemy of corruption in India
Sensex loses sheen over prices, graft
Corporate India fires first salvo against corruption: "For the first time ever, leading luminaries from India have joined hands and issued an open appeal to the leaders of our country to speak out against the culture of corruption which has all but swamped our nation"
Bloated solar bill costs crores: "A central ministry is paying private solar energy-producing companies a higher subsidy than it needs to, which will cost the exchequer up to Rs 2,166 crore in the next 25 years", "The MNRE had last August decided to pay about 70 companies a subsidy of Rs 12.41 per unit for 25 years, based on an estimated production cost of Rs 17.91."
Scam gains: "If there is one person who is not complaining about the spurt in scams, it is the tea stall owner outside the CBI headquarters in central Delhi. Since the central investigation agency is currently responsible for investigating most of the headline-grabbing scams from the Commonwealth Games to 2G, journalists have been staking out the building en masse everyday. The CBI canteen operates on restricted hours, as a result of which the tea stall has suddenly acquired an expanded market for tea and bread omelette."
Is the India story on the wane?
Slowdown blues here again: "According to Global Financial Integrity, Washington-based research group, India is losing about $16 billion (R72,496 crore) a year to outflows related to tax avoidance by wealthy individuals and companies, plus corruption and bribery."
The New York Times: A Warning As Markets Cool in Asia: "While most investors are accustomed to corruption in developing countries like India, the recent scandals suggest that demands for bribes have become more arbitrary and repetitive in nature"
Noida forex firm scams investors
Cotton and the theatre of the absurd: "promising allocation to anyone willing to pay a rumoured Rs 400 per bale as graft", "It is easy to understand why exporters are desperate for allocation. It’s pure greed. They want to beat the system any way they can. The more loopholes government creates, the more thankful they are."
Domestic issues, RBI rate hike scare investors: Experts
'Corporate Forces Infiltrated To Indian Mainstream'
Citibank's Vikram Pandit cleared over Indian 'fraud'
Hero Gr AVP arrested in Citi scam case
Stock market wishes for scam-free year to keep rolling
Air India to get Rs 1200 cr equity from Govt
2010 year of extremes for telecom: "The 2G scam: Exchequer looted, Raja booted"
India Citibank employee 'steals millions of dollars'
Why is India Inc more wary of corruption laws in USA & UK?: "Most Indian companies I talk to are more worried about the long arm of the FCPA, and now UK's Bribery Act than India's Prevention Of Corruption Act (PCA). "
Scandal Threatens India's Economic Growth
Citibank executive siphons off Rs 100 cr from customers
Corruption business faces
Ratan Tata's letter to Rajeev Chandrasekhar
2G corporate war gets ugly
Empty seats nail pvt carriers’ lie
Tata slams Rajeev Chandrasekhar and GSM operators: ""We should all note that many of the flip-flops in the telecom policies occurred during the BJP regime.""
2G scam: SC 'astonished' banks gave huge loans to licencees: "public sector banks provided loans of nearly Rs 10,000 crore to 2G spectrum licencees,", "the loans were given to the licencees after the FIR was registered in the 2G spectrum allocation scam. ", "bribes were given to political parties like DMK and the Tamil Nadu chief minister."
Corruption Incorporated: "journalism today is as much commerce"
Flying too high: "charge `40,000 for a one-way economy class ticket from Delhi to Bangalore.That is the sort of money that could get you a return ticket to London.", "the Government should consider even greater deregulation of the domestic flying business and completely open it up to foreign players. The keen edge of competition and market forces will force India’s greedy airline businesses to see sense and respond to the flyer rather than fleece him.", "the Government and its regulatory mechanism need to come down hard on private airlines. They cannot be allowed to get away with opaque pricing and plain cheating."
DGCA asks domestic airlines to put fares on their websites: "Aviation regulator DGCA today directed all Indian carriers to show route-wise and date-wise airfares on their websites by Wednesday evening and ensure transparency so that flyers do not feel cheated by high ticket prices."
Scandals, uncertainty dent India investment case: "The number may be huge -- up to $39 billion lost in one of India's biggest corruption cases -- but the damage to India's position as an investment star may be in the regulatory backlash.", "this one over alleged bribes-for-loans that saw eight executives detained, including top officials from state banks."
Reuters Insider - Doing business in India worth corruption risk
Policy as a tool of subversion: "Bureaucrats and politicians invent policy to spike projects inconvenient to those with access in Government. The stillborn Tata-SIA project is an example"
SEBI bars founders of 4 firms: "The Indian markets regulator said on Thursday it has barred founders and related entities of four firms from trading on the stock exchanges as these firms had indulged in "fraudulent and unfair" trade practices".", "The founders of Murli Industries (MURL.BO), Ackruti City Ltd (ACKR.BO), Welspun Corp (WGSR.BO) and Brushman India (BRUS.BO) have been directed not to deal in any securities of their group companies"
Insomnia in the house of Tatas: "It is politicians and their henchmen in the bureaucracy that have made India a thriving kleptocracy. Such is the scale of thieving that Raghuram Rajan, the IMF's former chief economist and now professor at Chicago University, has warned in his book Fault Lines that India is sliding into crony capitalism: after Russia it has the most number of billionaires per trillion dollars of the economy. Most of them, he says, have made their billions by leveraging their proximity to the government."
2G scam: Govt to issue notices to 85 telecom firms
Lobbying charge by Arun Shourie stirs row: "he was replaced by senior party leader Venkaiah Naidu in Parliament as the BJP's lead speaker in a debate on the 2009 Budget so that the party could take a more accommodating line on proposals that could favour industrialist Mukesh Ambani."
5 dodgy firms received Rs 26,000-cr bank loan
Niira, Of Two Eyes: "these two of India’s largest corporate groups pay Rs 30 crore per annum each for Radia’s services", "She also mentions Madhu Koda, then Jharkhand’s chief minister, saying in one conversation that “I know what we fought in Jharkhand. I have been to Ranchi and I have met Madhu Koda. He won’t agree on anything less than (Rs) 150 crore. We had to go to court. He said you pay me (Rs) 150 crore, you tell Ratan Tata to pay me through his contractors.”, "As the spotlight intensifies on Niira Radia, senior retired bureaucrats working for her are facing some uncomfortable questions. A senior former bureaucrat recalls that former trai head Pradip Baijal and ex-economic affairs secretary C.M. Vasudev told him they were joining the “lady who handles the advertisements for Tatas...Baijal seemed to know Radia better. They mentioned that the offer was very good as no investments would be required—yet after two years they would be partners in the company by virtue of sweat equity”. Ajay Dua, former secretary, Department of Industrial Policy and Promotion, who took premature retirement to join Niira Radia’s team, is denying having done any lobbying “whether in my advisory or director’s capacity nor am I inclined to do it”."
Tata hits at inconsistencies in govt policies: "the Tata group had been disadvantaged repeatedly because of conditions becoming a little vague, implemented funnily and eligibility of capability being abused at the time of awarding major contracts.", "I've always felt and said this openly that behind it is not government policy, what's behind it is the vested interests."
AI bills Rs 39cr for 11 cities it doesn't serve
Sebi, ED to probe insider trading: "Investigation will look into money laundering angle"
Sex-for-signature scam: IAS officer's GK-II stay paid by middleman: "and helped clear the file of telecom company Telcordia", "Singh was using three cell phone numbers, apart from the official one, and these were procured using fake identities."
2G scam: ED summons to 7 companies
Stocks tank on sell-a-loan scam
CBI probing 16 companies in housing loan scam
Sex, cash, secrets: The corporate mole's story
Top bank officials arrested on alleged graft charges: "At least eight top officers of some state-run banks and financial institutions were arrested by India's federal probe agency Wednesday for allegedly accepting bribes to extend loans to corporate houses in a housing finance scam."
Loan scam: LIC Housing CEO arrested on bribery charges: "Apart from Nair, those arrested are Naresh K Chopra, Secretary (Investment), LIC, R N Tayal, General Manager of Bank of India (Delhi), Maninder Singh Johar, Director (Chartered Accountant) of Central Bank of India, Venkoba Gujjal and Deputy General Manager of Punjab National Bank (Delhi). "The CBI has busted a racket wherein a private financial services company, its CMD and other associates were allegedly bribing senior officials of public sector banks and financial institutions for facilitating large scale corporate loans,""
'Corporate snoop': IAS officer quizzed, aide arrested
Radia’s role to be probed in 2G case: CBI
Niira Radia Tapes -The Power Tapes: ""The whole intention of Praful Patel was to strip the airline... huge amounts of kickbacks have taken place in various aircraft purchases... but he's raped it, asset-strip so that he could give it away to Vijay Mallya and Naresh Goyal... Praful's a silent partner in Indigo..he's made at least in the vicinity of 15,000 crores.. and they removed Sunil Arora because he had sent a whole dossier to PM and Sonia Gandhi... Praful wanted him out because he wouldn't cut deals"", "Praful Patel 'screwed up the airline' and now wants to bring in Ratan Tata to tell the PM that he would do something. 'It was Sharad Pawar who wrote to Vajpayee to allow Naresh Goel to bid for Air India' and these are the people who are now trying to say that they are trying to revive the airline"
Trai recommends 2G licence cancellation, Sibal calls meeting
70 near-miss incidents in 3 yrs, Lok Sabha told: "
Air India sacks AI Express COO: "less than two months after his controversial appointment"
Regulator sends notice to airlines over exorbitant fares
Is India Inc also responsible for 2G scam?
Mumbai-Delhi airfare soars to Rs 35,000
Rahul Bajaj backs Ratan Tata's claim on bribing
Bribing by big businesses common, says Bajaj: "Noted industrialist Rahul Bajaj today alleged that many a top-corporate house was indulging in bribing, even as the government assured that it would take the strongest action if anything was brought to its notice."
2G scam: Swan Telecom acted as front for Reliance Telecom
CAG names top business tycoon in telecom scam: "As many as 85 of the 120 licences were illegal", "The auditor has held Raja guilty of favouring a select group of companies in the way he went about issuing a press release on January 10, 2008 at 2.47 pm, giving companies just 45 minutes to assemble at DoT to collect response letters to their applications. Raja's favourites, who knew of the press release in advance, were able to be ready with performance bank guarantees, financial bank guarantee and other requirements in time. What's more, the auditor found that 13 applicants were ready with demand drafts drawn on dates prior to the press release being issued, proof that they were aware of the minister's move."
Workers lynch AGM of Indo-Japanese company: "Allied Nippon AGM Yogendra Chaudhary was beaten with iron rods and stones. He later succumbed to his injuries."
Pathetic Service Quality of the so called Maharaja!!!
AI Express flight punctures tyre while landing in Kerala
Indian carriers carry Rs 57,274 cr debt
BSE snag freezes trading for more than 2hrs
Cooperative bank chairman in hawala racket: CBI
Air mishap averted at Mumbai airport, passengers safe
Ex-Satyam chief Raju to be CEO of jail BPO?
Soaring above India's poverty, a 27-storey home
CBI unearths Rs.1400 crore scam by jewellery traders
Indian airports are without valid licences: report: "More than 60 airports in India, many of them major international hubs, are without valid licences."
Satyam scam: SC refuses extension for Raju's surrender