Financial Fraud By Management
Financial services and stock brokering firm KARVY filed a complaint alleging that promoters of the Deccan Chronicle Holdings Limited (DCHL) have resorted to financial fraud invoking provisions under Sections 420 (cheating), 406 (criminal breach of trust), 458 (wrongful restraint) and 471 (passing off forged documents as genuine).
Deccan Chronicle promoters T.Venkat Ramireddy, T.Vinayak Reddy, PK Ayyar were named in the Karvy complaint as being responsible for the fraud. Uma Maheshwar Reddy, a Karvy employee, filed a complaint in the Central Crime Police station in Hyderabad. The police then filed an FIR in the 12 additional chief metropolitan magistrate court in Hyderabad.
Read more about this topic: Deccan Chronicle
Famous quotes containing the words financial, fraud and/or management:
“What people don’t realize is that intimacy has its conventions as well as ordinary social intercourse. There are three cardinal rules—don’t take somebody else’s boyfriend unless you’ve been specifically invited to do so, don’t take a drink without being asked, and keep a scrupulous accounting in financial matters.”
—W.H. (Wystan Hugh)
“He saw, he wish’d, and to the prize aspir’d.
Resolv’d to win, he meditates the way,
By force to ravish, or by fraud betray;
For when success a lover’s toil attends,
Few ask, if fraud or force attain’d his ends.”
—Alexander Pope (1688–1744)
“Why not draft executive and management brains to prepare and produce the equipment the $21-a-month draftee must use and forget this dollar-a-year tommyrot? Would we send an army into the field under a dollar-a-year General who had to be home Mondays, Wednesdays and Fridays?”
—Lyndon Baines Johnson (1908–1973)