lecture date:-25th march 2020
TRANSCRIPT
Lecture by: Mr. Chandan Kumar Singh
Assistant ProfessorDepartment of Commerce
Delhi College of Arts & Commerce
Lecture Date:- 25th March 2020Financial Markets & Institution
B. Com. Prog. 6th Semester
TRUE LIES(What Raju owned up to)* Inflated cash and bank balances of Rs 5,040 crore
* Non-existent accrued interest of Rs 376 crore
* Understated liabilities of Rs 1,230 crore on account of funds arranged by Raju
* Overstated debtor position of Rs 490 crore
* Q2 ‘08-09 profit stated as Rs 2,700 crore and operating margin of 24% revenues. Actuals: Rs 2,112 crore profit and 3% of revenues
* Profits inflated over “last several years”; attained unmanageable levels as company grew
* Aborted Maytas deal was “an attempt to fill the fictitious assets with real ones”
Source: Letter to Bombay Stock Exchange
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