kUMAR's Calendar

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kUMAR

Clash between students & Registrar NERIST.REVIEW 2008

25,26 September 2008: This is the biggest clash between NERIST students and administration in the history of NERIST. NERIST is a deemed university situated in foothill of eastern Himalayas in Nirjuli , Arunachal Pradesh India.
Why SUN had called this strike ??
This strike was called for the non fulfillment of 27 demands submitted to the director in-charge of Nerist, M. Hussain, repeatedly over the past month. The “immediate removal” of the registrar topped the list of demands.
Why registrar ??
Institute registrar Ashok Singh because he was illegally appointed to this post, some of the allegation are
1. He expires the age criteria while joining the institute as registrar.
2. The committee constitute for the selection of registrar by institute has rejected his application, but the Director of NERIST, Kalyan Kumar then constitute a single man committee and appoint him. 
3. He had admitted his own son in NERIST in MBA programs without prior documents/qualifications.
4. Launching frequent FIR against students.
5. Rs 60,000(appro) fraud case still pending in ISM, Dhanbad
6. Beating a local paper seller boy in his house.
7. And many more..
Then we had a series of meeting with authorities of NERIST on these topic and we finally submitted an ultimatum for his removal.
On 25th September 2008, after the expiry of this ultimatum we the Students Union of NERIST decided to call an indefinite strike. We closed the main gate , stopped the movements of pedestrians , stopped the working of offices including bank , post office. All the students were supplied with banners and play cards and asked to standing near directors’ office shouting slogans. The strike was also supported by NERIST Arunachal Employee Welfare Association (NAEWA), NERIST Technical Staff Association (NTSA). Their members are also stands near Directors’ Office shouting slogan.
Then the EAC, Papum pare District came talk to us. He said that he came here to check the situation and ask us to maintain law and order. 
After sometime we were called for meeting in Directors’ Conference Hall by Dean(Student Affairs) where we got a shocking news that the present acting Director Mr. Hussain has resigned and a good news that a team has been send to Itanagar to meet Chairman Board of NERIST (BOM) to find an solution to this problem. The day then just went on attending press conferences and all that .
At around 4pm we got letter from authority stating that Mr. Joram Begi (Director of Higher and Technical Education, Government of Arunachal Pradesh) is appointed as new acting director of NERIST by Chairman BOM and he is coming tonight to sworn in as Director.
At 5pm on repeated requests from all corners of NERIST , we finally decided to open the main gate. At night we got a letter from new Director of NERIST Mr. Joram Begi, calling all SUN Executive members for meeting tomorrow at 10 am.
Then come 26th September 2008, the day of biggest clash. In the morning at 5 am we again locked the main gate. Again students were supplied with banners and play cards and asked to standing near directors’ office shouting slogans. But this time the population was thin, most of the students left home last night in the fear of violence. The local newspapers were full of NERIST strikes and national news person started heading toward NERIST. The atmosphere is very tense . The clock turns to 10am and we headed towards conference hall.
The Director welcome all of us and got our introduction, then the president and GS of SUN described whole scene and ask him for early fulfillment of these demands. The director asked us to call off the strike and go back to classes and he promised us to solve the problem as soon as possible. But SUN had already decided to go for infinite strike till the fulfillments of its demands. The Director then went a series of meeting with the authorities and other groups regarding these matter.
Then around 4 pm the Director call Registrar Mr. Ashok Singh to his office for enquire, He came in his official vehicle. As soon as he come down from his vehicle and moved toward Directors office, the SUN member ceased his official vehicle. After the meeting got over he walk toward his home without looking on his vehicle. At that time SUN president also follows him. 
At around 6pm we got a call from president SUN from NERIST health unit. When we reached there we saw that he was lying on bed, when we enquired he said while following him he reached his house , he was called by registrar to his home and they had a long argument regarding some files and after some time he and his sons started beating him by iron rods, later he was admitted to this medical and an FIR was filed against Registrar. 
At that time almost all the NAPSA students reaches the hospital and all become angry over Registrar for this incident, we then decided for immediate arrest of registrar, then we called all the students from hostels to Registrar house. Within no time all students march towards Registrar house, it was a huge crowd. Some police personal were already presents there, the students then started pelting stones in Registrar house, demanding his immediate arrest. The police then ask us not pelt stones and they promises to do their course of actions, the students then give 5 minutes ultimatum to police to arrest him.
After the expiry of this 5 min, the students again started pelting stones in Registrar house and some students tried to enter the Registrar house, finally some of the students were successful to enter the house, these students started destroying whatever they see in front of them. But the situation become critical when the Registrar and his two sons came out with sharp knife (‘dao’). When the students saw them they flew from there . But unluckily one student (Tai Dora)was trapped by them, he got multiple injuries, one more student (Taso Nobin) was also got injuries in his neck. Then the whole scenario got changes. The trio locked themselves in one of the interior bedroom of their house. A huge police personal (15 buses full of police) were arrived at the scenario, then comes the DC and SP of Papum Pare District followed by Director of NERIST and lots of leaders of Students bodies. Now the situation is somehow can be called as under control. Both the injured students were sent to RKM Hospital.
The DC, SP, Director, SUN, and Dean (SA) had a meeting in which the whole scenario was highlighted and finally after 3 hours at 1130pm it was decided that the Registrar and his two sons will be arrested and a criminal case will be launched against him. 
Finally at 1230 am the trio got arrested and sent to Naharlagun police.

On 1st October 2008 , The services of Ashok Singh has been terminated.
Begi informed us that since the authorities are dissatisfied with the performances of Singh during his extended probation period and in view of his arrest and registration of two cases, his service has been terminated. Begi also informed that the police recovered two ‘Daos’ from Singh’s quarter after the arrest of Singh and his two sons.

After his termination we the SUN had call off the strikes…

SOURCE: - Blog by bikash pradhan

Satyam's $1-billion fraud shakes India.REVIEW 2008

It's a classic rags to riches to rags story.

The son of farmers leaves his village behind, moves up from textile mills to real estate to IT outsourcing for multinational firms. He emerges as one of India's wealthiest and most famous entrepreneurs -- until he reveals that his empire was floating on an accounting lie and it all comes crashing down.

The U.S. has its Wall Street meltdown and the Bernard Madoff investment scandal. India has Ramalinga Raju, who appears to have perpetrated the nation's largest corporate scandal in recent memory.

What has people really scratching their heads is the way the 54-year-old Raju, co-founder of Satyam Computer Services Ltd., chose to signal the game was up: with what some have dubbed a "come-and-get-me" letter released Wednesday that detailed how he'd perpetrated the fraud.

In his mea culpa, Raju lays out how small amounts of fake profits and cash accounts built up over several years until the gap between real and imaginary assets eventually approached $1 billion.

"It was like riding a tiger, not knowing how to get off without being eaten," he wrote. He added that he alone was responsible, his board was blameless and that even top managers had no idea of the fraud.

Some observers are skeptical. "It's impossible to believe he acted alone," said Surjit Bhalla, managing director of Oxus Fund Management in New Delhi. The government appears to agree.

Late Friday, it stripped Satyam's directors of their power, ordered them replaced by independent board members and arrested Raju and his brother on charges of conspiracy, forgery, fraud and criminal breach of trust, according to local media reports. The arrests ended two days of speculation that he had fled to Texas; Dubai, in the United Arab Emirates; or some other distant hideaway.

Questions have also been raised about how top global accounting firm PriceWaterhouseCooper signed off on Satyam's books for eight years and how regulators in India, Europe and the United States apparently failed to pick up any whiff of problems. The accounting firm has denied any wrongdoing and pledged to cooperate with authorities.

Satyam, based in Hyderabad, provided back-office operations for hundreds of corporations, including billing and system integration and technology support. The company grew from its original 20 employees to 53,000 people in 66 countries. Raju picked up 185 Fortune 500 clients -- General Electric, Nestle and Microsoft among them -- becoming an example of India's high-tech ambitions while drawing the ire of U.S. and European labor groups fearful of job losses.

Though there's little evidence that the fraud leaked over to Indian banks or hurt Satyam's customers, shareholders have watched the value of their investment all but disappear. And one Indian job website reported receiving 15,000 resumes from Satyam workers this week.

"Raju has cheated me and millions of shareholders," said Rajesh Shrivastava, 43, a businessman who owns 5,000 shares. "I still fail to believe that I have almost lost everything. The god of IT has failed me."

Those who have spent time with Raju describe him as a modest, thoughtful, seemingly honest man.

"All of us who know him are quite shocked," said Kiran Mazumdar Shaw, managing director of Bangalore-based Biocon, a biotech company. "I always thought I was such a good judge of character. Obviously I'm not."

In retrospect, Raju's story is rich with such ironies.

"Satyam" means "truth" in Sanskrit. And Raju's shelves groaned under the weight of honorary doctorate degrees and good-governance and creative entrepreneur awards.

But not everyone was impressed with the chief executive who loved science fiction, spicy Andhra Pradesh food and hiring people who could speak his native Telugu language.

"If you walk around Dalal Street, our equivalent of Wall Street, there's surprise but not shock," said Ramesh Damani, a member of the Bombay Stock Exchange.

"There was always a sense there was creative bookkeeping, although not necessarily fraud."

Traders speak of a smell test that left Satyam trading at lower price-to-earnings multiples, a measure of earnings potential, than other Indian IT giants in its class such as Infosys Technologies Ltd. The company seemed willing to give away far too much to reach a deal with brand-name global companies, said a lawyer involved in several deals with Raju.

The lawyer, who spoke on condition of anonymity, said that in retrospect, Raju's way of doing business suggested that it was more important to announce impressive deals and prop up the stock price than it was to adhere to strict profit-and-loss benchmarks.

"Other firms had a clear bottom line," he said. "Satyam was willing to do deals at all costs."

But Raju, who got a business degree at Ohio University and was one of the first to see the business potential in the Y2K scare, still has some supporters.

Residents of the village of Bhimavaram, where he grew up and created jobs, have rallied behind him. And some have applauded the way he left the stage. "To me Raju was a hero, and will always be a hero," said Sharad Kumar, 38, a businessman. "You tell me: How many people dare to come out in open and confess to such a thing? . . . What Satyam did was basically to make middle-class Indians dare to dream."

Analysts said the rising tide of hot money going into emerging markets in recent years and India's tech boom made it possible to keep the scam going for years.

"It was the best game in town," said Raamdeo Agrawal, managing director of Mumbai-based Motilal Oswal Securities. "The whole world loves you and you get hooked on it."

But in recent months, as the global economy soured and credit dried up, the walls started to close in. In desperation, Raju tried to engineer a "purchase" of two family firms last month, a deal that allegedly would have allowed him to post money transfers that didn't take place.But shareholders grew suspicious given the $1.6-billion price tag and Satyam's sudden desire to move into the completely unrelated infrastructure businesses.

A further blow came when the World Bank dropped its business with Satyam, citing "improper benefits" given to bank officials. And in what may have been the last straw, DSP Merrill Lynch was called in to broker a sale, only to resign as the company's advisor Tuesday. Raju released his letter the following morning.

"That may've been the trigger," said Manoj Vohra, director of India research with the Economist Intelligence Unit.

Analysts said that in the short term, this bombshell could dent the reputation of "India Inc." But barring another scandal, it would probably be recognized for what it is -- a case of irregularities by one company.

"I hope this is a wake-up call for everyone the world over," said Shaw, the biotech executive. "We've seen an economy of greed, fueled by scams and loose regulations leading to this recession. Good governance has never been held at a [proper] premium."

Source:- Los Angeles Times