Saturday, July 5, 2014




HC prohibits Non advocates from appearing before VAT Authorities




a quixot

The view the court has taken is, prima facie,- nay, if were to be considered through any intimate thinking or based on sound logic, - rather too technical to be pragmatically followed. That is bound to serve as, and add, one more spoke in the wheel of the extant rules being followed and implemented, especially for the exclusive benefit of the victims of the villainy, whose interests get impaired by any fraud of this kind knowingly perpetrated and indulged in by anyone. More importantly, will  certainly lead to justice being denied because of an inevitable delay in rendering justice, Perhaps, the view could have been different had the so called principles of natural justice been, going by common sense, invoked and forcefully and effectively argued on behalf of the party to the dispute; bearing in mind that was absolutely warranted keeping in focus, instead of only one or more of the impaired/impacted party's interest alone, but the larger interests of the whole of the banking community whose life has increasingly turned out to be miserable for varying reasons known and unknown, or within or beyond ordinary comprehension.


Principally, that may be found traceable to the ever changing behavioral pattern of we, the ‘homo sapiens’ (as stressed by a leading legal legend of our own times, and more significantly, a great humanist (fondly called 'nani' in intimate circles)  . 

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Mega Serial  

  1. SC gets tough on cheque bounce cases - The Times of India
    May 4, 2010 - NEW DELHI: Delay in settling cheque bounce cases will now cost ...
  2. Supreme Court: Over 40 lakh cheque bounce cases ...
    Jan 22, 2013 - The Supreme Court on Monday sought suggestions from the Centre and ..
  3. Decide on dud cheque cases in three months, Supreme ... › City
    May 6, 2014 - The Times of India ... The SC has also directed magistrates to scrutinize cheque bouncing complaints ...

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So relevant for many debaters on National Television.
  • 4 people like this.
  • Swaminathan Venkataraman Offhand: Has no validity , if intended as a generalized or universal proposition ! That depends; not only 'not increase' but also 'fail to be driven home' or leave the least impressed, upfront; particularly, if the co-mortal at the receiving end is not tuned to the same wavelength as at the transmitting end ! This unpleasant fact of life, in one's perception, equally holds good / is relevant to anything else as well; that is, even other than the referred "debates" on NT, dotted with pet phrases such as- 'i think'.
  • Swaminathan Venkataraman




Angrezi hatao | Times of India Blogs







Posted: 26 Jul 2014 04:37 PM PDT
Prof. N. Balasubramanian has a new research paper titled Strengthening Corporate Governance in India: A Review of Legislative and Regulatory Initiatives in 2013-2014 that is available on SSRN. The abstract is as follows:.....







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Overwhelming/surpassing activism across the border; how one reacts elsewhere, if of any relevance , presently or in future!


How a corrupt judge continued in Madras high court 

 All such sensational news has lately come to alrmingly assume the enormous magnitude of a 'way of life' , albeit being highly deplorable and detestable to the core hence turn out to be a fountainhead of explosive provocation to any right thinking mortal . Even so, what is all the more sad is that, what happens to be, by and large, harped on is just the obvious facts of vexing corrupt minds and practices, spreading as rapidly as any life poisoning epidemics. To be precise, in the process, the undeniable aspect that is being unwittingly pushed to the wayside is this: Consider the line of disputes gropingly taken to courts - be it civil, criminal, or tax, and what not , which happen to have been decided by corrupt members of the 'judiciary'. It needs no special mention, as readily infer able, final decision , verdict, so on, so handed out could not have been founded on a profoundly 'objective ' (or better judicial ) view normally expected of; but, instead, would only have been one-sided, nay lopsided or wrong -sided. So much so, it is the ultimate true sufferers, victims of such litigation who are left aggrieved, but with no remedy or recourse. As said, perhaps, these on-going developments are bound to prove an 'acid test' to the just newly installed government at the centre. The result /outcome will not be known until after a gap in time. No denying that lies in , and depends on, also the inscrutable 'wish' and dominant 'will' of the 'powers' at the States level.


ICL (contd.)

INDIAN CORPORATE LAW: SEBI Order in the Satyam Case




Finally, the truth about Satyam

QED B Ramalinga Raju and his team at Satyam found a simple way of fudging big time PV Sivakumar
SEBI’s indictment answers questions about India’s largest corporate fraud. It also shows how laughably easy it was to carry out
Unlike Agatha Christie novels, financial crimes in India seldom have a satisfying denouement. Per... »

Sporadic (in sharing own thoughts) >

 Ref.  "But even if you narrow the universe of victims to investors who actually held the Satyam stock when the scam broke, ..." - These do not prima facie make sound sense; in any view, absolute sense. Given/granting the Wish, and the necessary Will to follow, the 'billions (!) dollar' intriguing doubt is, - should it not be possible to reach the compensation to the victims / for that matter, to the successors-in-interest, to whom it is due, some day; instead of, it being straight away / outright appropriated  to the common kitty /treasury, unduly so.

As regards the role of 'auditors', that, one believes,  depends on the precise form and substance/full contents  of the statutory report as made to the respective members' body, in general, not only in the given case. 

In this context, it is imperative to inquire and get to know as to what really is in store for such or similar episodes, possibly waiting in wings, to be enacted anytime in the future. So much so,  a conscious note might require to be taken of the drastic changes made from to time,- particularly in the last announced format of audit report*. Even on a quick glance, it is bound to be realized that, in cold recognition of the obtaining  horrid field realities impinging /impacting the ideal of 'good governance', in re- framing the format, every care seems to have been painstakingly accorded; in the result, the utmost/ultimate responsibility/ answer ability for the final accounts, though subjected to statutory audit, for meeting the requirements of  the governing law, - in short, the "true and fair" view concept, stands shifted to the 'corporate  management' as understood  in its all -comprehensive meaning.

Open to Experts, if so minded, to spare time, and thoughts, if different.

* Format of Statutory Auditors Report for Financial Year 2013-14

  • Format of Statutory Auditors Report for Financial Year 2013-14
  • - See more at:



    INDIAN CORPORATE LAW: SEBI Order in the Satyam Case

    (Facts and Sanctions)

      (Comments reiterated)


    Sebi to recover Rs 3,000 cr from five Satyam execs.

      Cross refer >


    Satyam scam: Auditors can’t get cosy with management


    Satyam case: SEBI bars Raju, 4 others for 14 years; seeks return of ₹1,849 cr

     "...How the scam unfolded < It all came out when....." 

    <>  This , as wantonly or otherwise implied, seems to carry an unhidden fact of life : In the absence of any foolproof 'mechanism' in place, -which, of course, in the nature of things, will remain as ever before and is bound to remain a pipe-dream, so also a non-starter , - for any such scam to come to light some time (!) everyone concerned would have to wait for an honest realization and admittance by the culprit himself of any misdeed/misadventure of this kind. 

    In individual's perspective, it is anybody's guess how the drastic changes, being made from to time, in the very form and substance of independent 'statutory audit report', for, besides the rest, the corporate , including the latest , unwittingly or otherwise so, could be no even remotely of any help; but , instead, may only lead to further complicating and worsening the extant scenario. Over to the experts, if so willing, for a serious but unbiased / impartial deliberation and expression of an honest opinion.

    <><> Frankly, the suggestion to 'find an alternative' , is not at all understood; much less is found appealing ; one thought that, historically,   'double entry' is, and continues even in changed times, rightly so, the very foundation or corner stone of the edifice called 'book keeping'.  In one's devout perspective, the concept of 'double entry' has, thanks to the self-centric greed and narrow mindedness of 'vested interests' ( in its wrong, not profound, sense), happened to be misconstrued and as to permit the evil  practice of 'double books' (duplication or may be, triplication of 'books' of account.  

    The added complicity , mostly attributable to/ contributed by newer and newer concepts such as, - 'accounting standards'  (not only Indian but 'foreign') , unjustifiable and unholy focus / undue overemphasis against 'related party transactions', and the like, etc., etc., seems to be an area which calls for an anxious deliberation and rightful conclusion, with the inevitable  'pragmatism'  kept as the righteously fitting  backdrop for such purpose.

    The frank/upright poser is, - can anyone or more of the Experts at large be considered to have truthfully ever paid heed to or borne such and other crucial and clinching aspects, for improving upon the 'system' in a wholesome /desirable way ? (!)

    PS: All said, at the end of the day, the mentioned complicity , can only be regarded as promoting the utmost accountant's pride  (of place) / delight, but the adversely impacted (s)' envy / chagrin (-or call it by some other name more appropriate !)


    yahoo >

     Is this what (not to use the too familiar name 'richie rich') one may heard of , called - Midas Touch (with the right end of Magic Wand)????!!!!!!!!









     In today's context, those not-so-blessed with unimpaired vision do not seem to pose any real concern much less any kind of threat or *worry' to the society around. For, as often heard from intelligent observers, in comparison, they are endowed with compensatory qualities , predominantly, a "sharp acumen" to sense and intuitively differentiate, clearly identify, and avoid/obviate the obstacles coming in the way. Is there any need to specially dilate on the not-so-desirable faculties possessed and evinced , by and large, by those who believe , so self-proclaim and take pride in the only advantage of having a 'vision' . This obviously is an area , not for pure physiologists .. .or the like to exclusively dwell upon ; but to be explored by researchers on social behavior in its all-inclusive / comprehensive sense.




    < C see posts

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      Jan 7, 2014 - [Stare decisis] is a maxim among ... lawyers, that whatever has been done before may legally be done again: and therefore they take special ...

      RElated or COnnected ?!


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    Related News




    july 7  


    Be careful while buying an under-construction property ...


     Did 'u' Know THIS > HC sets aside deemed conveyance for Campa Cola

    OR  ever give a serious thought to its potential far reaching consequences, in store for the aggrieved / impacted one and all alike, the promoters deserving no exception / exclusion ?!

      In one's conviction, all such or like instances in recent times do provide helpful clues; and ought to be taken a conscious note of in re-framing and -structuring , -while going ahead with the lately mooted idea of having a fresh look at / through, - the pending legislation of a regulatory regime for the realty sector.

    No need to add, in this respect what is imperative and hence aspired is the whole hearted proactive assistance and unadulterated co-operation with the ministry (ies), of each one of the competent experts around, endowed with basically a public-centric approach and altruistic attitude. 

    Loudly thinking, points (of posers) instantly surfacing are broadly as under: 

    Are not, now that the deemed conveyance stands nullified,  all the parties back to square one; that is, on the premise that conveyance of the property (land and building) has yet to take place ?

    Does that not impact / jeopardize the rights and interests of all purchasers, not excluding those in occupation and enjoyment of the rest of the floors, not faulted as illegal ?

    Is not, as per the law, therefore, the property to be treated as still in possession of the promoter(s), with all attendant lawful consequences/ perils? 

    Answers could hopefully emerge only in the course , and on conclusion , of the further proceedings !   

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