SHC through the decades
Saturday, 28 March 2009 11:34 Memories Foundation Stone
The Fruitful Forties: Fourteenth of January 1945 was a momentous day for Jamshedpur as the Apostolic Carmel Sisters arrived in the town, at the request of the Management of Tisco to start an English medium school in the Steel City. Mr. John D’Costa graciously hosted them at Boulevard Hotel until they were put up at a bungalow in Circuit House Area. The objective of the Sisters was to impart quality education to women in India.
Sacred Heart Convent School did not have this beautiful building in those first years. It was relocated several times before it had this permanent building. The school first started functioning on 22nd January 1945 at 5 Beldih Triangle, a bungalow opposite the present Loyola School. This was equipped with just 11 benches and 2 cupboards. A handful of students were enrolled. Soon the school was shifted to the CNR Hall (the present Loyola School auditorium). As the students increased, again classes were started at Dhatkidih Primary School, which is at present J. H. Tarapore School. Later they moved to Dalma Villa, C. H. Area. By this time the need for a proper permanent building was felt so Tata Steel allocated a plot of land in Northern Town. One of the sisters, Sister Joan herself designed the building. Sir J. J. Ghandy, Director In Charge, Tisco laid the Foundation stone on 7th May 1949 and the construction of this present building was started.
5 Beldih Triangle
The Fascinating Fifties: A red-letter day for SHC was the 12th of January 1951. Lady Roshan Ghandy, wife of Sir J. J. Ghandy, was to inaugurate the school building. Unfortunately she fell ill and could not go personally to the school. But this did not deter the sisters or the administration. Overnight a connection was made from her house to the school. Just imagine, half a decade ago, and she pressed a button from her home on Straight Mile Road and the curtain rose on the plaque at the school premises. This plaque is proudly on display at the entrance even today.
The first Principal was Mother Cleopha. In those days, in fact almost till the 70’s the Principals were addressed as Mother Superior and the others as sisters. The 1st Batch of students appeared for the Matriculation Examination in 1955.
Strange though it may sound, there were boy students in the lower classes almost till the early seventies. Many of us still remember the boys chasing the girls and even pelting them with stones. School timings were from 9 a. m. till 3:30 p. m. with an hour’s break for lunch. There was a room specially for lunch (which is now the carpenter’s room) and many a student would have meals sent from home which were laid out in the lunch room all complete with serviettes, forks and spoons. As the lunchroom could not accommodate all the students many had to eat outside. Eagles swooping down and flying off with a morsel or two often troubled those who ate outside in the garden. But the lunch hour was great for playing games and making friends.
Opening Plaque
In the Sizzling Sixties school was great fun. Besides academics the school started other activities. Two sisters, Miss Rita Mendonza and Miss Philomina Mendonza, dedicated teachers of the school headed the Bulbuls and Girl Guides. They brought fun into the school curriculum with the camps and different activities organized by them. Every Saturday children would hurry to school to be able to attend the Bulbul and Guide meetings. The March Past was a regular feature of the schools. It became more interesting as the students of the Loyola School would march past the entrance of SHC and invariably the ‘eyes right’ command would be given exactly as the girls would be spotted. Competitions soon started and our greatest rival was the Loyola School. But it was healthy rivalry and many a school romance had a happy ending with couples from these two schools. We think the tradition still continues.
The school then, was divided into four squads named Shanti, Neeti, Satya and Daya and regular inter-squad competitions were held. There was a system of giving merits and demerits, which was taken very seriously. There was a sister in those days Sr. Bonoza who would even give half a demerit! But most of the students remember her for teaching them the finest embroidery skills. Saturdays were days also for movies and many a classic was shown on a small roll up screen put up on the stage and black curtains on the windows- King of Kings, Mother India, Lassie Come Home were some we remember. Some of the Teachers Mrs. Kispota and Mrs. Violet Moss are in town even today.
In 1965 the first batch of students gave the Indian School Certificate Examination of the New Delhi Board. The papers were sent from England at that time as it was affiliated to the Cambridge Exam. Since Loyola School was already familiar with this system some of their teachers, Father Power, Mr. Paul Mathews and Mr. Ward would come and give extra classes to the students. Sister Veronique, a bubbly energetic sister, who was the Principal in those days bustled about making the students enthusiastic not only about their new course but also other activities. She was a strict disciplinarian and she would blow one whistle in the portico and within moments would be bounding up the staircase and ready on the stage for the assembly.
As the school flourished the need was felt for another block to accommodate the Kindergarten classes. The Students of the First ISC batch to collect funds staged the first ‘My Fair Lady’. Zarin Kabi the English teacher directed the play. Sr. Veronica even took the actors to Calcutta to see the film “My Fair Lady”. Of course it was not a musical but it captured the hearts of all those who witnessed it. Mrs. Shireen Dotivala and Ms. Roshan Dastur acted in the play and are here with us. The present KG block, which was completed in 1969, was built from the proceeds of that show.
Silver Jubilee
The Spectacular Seventies started with the celebration of the Silver Jubilee. The staff staged ‘The Christmas Play’ for the students and parents. We can still picture Teacher Violet as Mother Mary.
1974 was a unique year. Students of SHC were divided in 3 Batches and answered 3 board exams- the last batch of ISC, The first batch of ICSE and the Matric exam.
The world was ready to modernise and Sacred Heart Convent, as usual, was in the lead. With the new curriculum of ICSE the Science Laboratories came up in the late 70s. Again space was needed for expansion and the Primary Building and the Hostel were built and inaugurated. Those were the days when the sisters changed their garb and we would see a few sisters in sarees. One of them, Sr. Doris was spectacular. You could often see her drive a scooter or a van though she was officially the Bio teacher. An eminent principal in the late seventies was Sr. Marie Eugene, who had come from Australia and brought a lot of class and polish to the school.
The sisters who thought mind and body should both be exercised, always encouraged extra curricular activities. The Annual Sports Day became a regular hit. The March Past,drills and formations were practiced regularly. At first the Sports were held at school itself. Then for a few years they were held at the XLRI grounds. The venue of the Sports Day was then shifted to the Keenan Stadium. You would often see many of the teachers including, Mrs. Nargis Madon, Ms. Lalita Sareen and Mrs. Bulu Tyagi on the field throughout the day in the hot sun, marking the field and directing the students. But finally the students presented splendid displays for the parents. In the Golden jubilee year the Sports day was organized at JRD Sports Complex and SHC was the first school to use the Sports complex for school sports.
The Exciting Eighties saw Sr. Flavian as the new Principal and she introduced a host of new activities in the curriculum. The Duke of Edinburgh Award Scheme was started and, on the sports field, as well as the quizzing arena, SHC students entered the National and International levels.
The first opera, staged by the school on a large scale was ‘The King and I’. Faranah Patel, and Simone Singh were some of the students who took part in it and were propelled into careers unknown to SHC like modeling and the theater. Other famous productions of SHC were ‘Fiddler on the Roof’, Twelfth Night and a Hindi play ‘Badi Buaji’. All these were indigenously produced with teachers directing, doing the stage props, designing the costumes as well as playing the piano. The school staff handled everything.
My Fair Lady
The Novel Nineties saw the dawn of the Plus Two section and for this an additional floor was built and the Hall was shifted to the 3rd floor. The Golden Jubilee was celebrated in 1995, which saw the emergence of ASHA, the ex-students association. Many ex- students joined enthusiastically and became life-members. Mrs. Daisy Irani became the Founder President and Mr. Ronald D’Costa (also an ex-student) became the Vice President. One of the major projects of ASHA was starting a counseling Cell for the students. 2 teachers, Mrs. Nargis Madon and Mrs. Kashmira Kotwal, were specially sent to Bangalore and trained for it. We also had 2 entertaining shows by Remo Fernandez and he was so impressed with the SHC girls that he even dedicated a song “Munni munni” to them. The communication award given by Mrs. Rita Bhimani, an ex-student was instituted by ASHA
ASHA kicked off the 3 day Golden Jubilee celebrations with reminisces of the former years. The School students celebrated the Golden Jubilee by staging a Medley of songs from English classics for the parents.
During this period the All India National Conference for schools was held by UNESCO in Sacred Heart School which was a feather in our cap and the NOS was started.
In the new millennium, with the guidance of Sr. Teresita Mary, we are all set for the Diamond Jubilee Celebrations and we hope to soon witness the Platinum Jubilee too.
As we enter this Diamond Jubilee year it is our hope and ASHA, to set the pace for SHC to scale new heights with you students at the helm of affairs as a part of the ASHA family.
Thursday, April 30, 2009
Wednesday, April 29, 2009
GOLMURI CLUB TO HAVE A NEW SWIMMING POOL IN LINE WITH TELCO CLUB
Golmuri Club is all stated to have a new swimming pool in place of the outdated old one .
It would be better than the one at Telco club .
Currently Telco club boasts of the best swimming pool amongst all clubs in Jamshedpur .
Incidentally Golmuri has gone in for major renovation which has made it into a real comfort zone .
It would be better than the one at Telco club .
Currently Telco club boasts of the best swimming pool amongst all clubs in Jamshedpur .
Incidentally Golmuri has gone in for major renovation which has made it into a real comfort zone .
Wednesday, April 22, 2009
7 PRINCIPLES OF AN EAGLE
7 Principles of an Eagle
Inspiration on the "7 Principles of an Eagle"
I. Eagles fly alone at a high altitude and not with sparrows or mix with other smaller birds. Birds of a feather flock together. No other bird goes to the height of the eagle. Eagles fly with eagles. Never in a flock. Stay away from sparrows and ravens. Eagles fly with eagles.
II. Eagles have strong vision, which focuses up to 5 kilometers from the air. When an eagle sites prey - even a rodent from this distance, he narrows his focus on it and sets out to get it. No matter the obstacle, the eagle will not move his focus from the prey until he grabs it.
Have a vision and remain focused no matter what the obstacle and you will succeed.
III. Eagles do not eat dead things. They feed on fresh prey. Vultures eat dead animals but not eagles.
Steer clear of outdated and old information. Do your research well always.
IV. The Eagle is the only bird that loves the storm. When clouds gather, the eagles get excited. The eagle uses the winds of the storm to rise and is pushed up higher. Once it finds the wind of the storm, the eagle stops flapping and uses the pressure of the raging storm to soar the clouds and glide. This gives the eagle an opportunity to rest its wings. In the meantime, all the other birds hide in the leaves and branches of the trees.
We can use the storms of our lives (obstacles, trouble, etc) to rise to greater heights. Achievers relish challenges and use them profitably.
V. The Eagle tests before it trusts. When a female eagle meets a male and they want to mate, she flies down to earth with the male pursing her and she picks a twig. She flies back into the air with the male pursuing her. Once she has reached a height high enough for her, she lets the twig fall to the ground and watches it as it falls. The male chases after the twig. The faster it falls, the faster he chases until he reaches it and has to catch it before it falls to the ground, then bring it back to the female eagle.
The female eagle grabs the twig and flies to a much higher altitude pursued by the male until she perceives it high enough, and then drops the twig for the male to chase. This goes on for hours, with the height increasing until the female eagle is assured that the male eagle has mastered the art of picking the twig, which shows commitment, then, and only then, will she allow him to mate with her!
Whether in private life or in business, one should test commitment of people intended for partnership.
VI. Eagles prepare for training. When about to lay eggs, the female and male eagle identify a place very high on a cliff where no predators can reach; the male flies to earth and picks thorns and lays them on the crevice of the cliff, then flies to earth again to collect twigs which he lays in the intended nest. He flies back to earth picks thorns and lays them on top of the twigs. He flies back to earth and picks soft grass to cover the thorns, and then flies back to pick rugs to put on the grass.
When this first layering is complete the male eagle runs back to earth and picks more thorns, lays them on the nest; runs back to get grass and rugs and lays them on top of the thorns, then plucks his feathers to complete the nest. The thorns on the outside of the nest protect it from possible intruders. Both male and female eagles participate in raising the eagle family. She lays the eggs and protects them; he builds the nest and hunts.
During the time of training the young ones to fly, the mother eagle throws the eaglets out of the nest and because they are scared, they jump into the nest again. Next, she throws them out and then takes off the soft layers of the nest, leaving the thorns bare. When the scared eaglets jump into the nest again, they are pricked by thorns. Shrieking and bleeding they jump out again this time wondering why the mother and father who love them so much are torturing them.
Next, mother eagle pushes them off the cliff into the air. As they shriek in fear, father eagle flies out and picks them up on his back before they fall, and brings them back to the cliff. This goes on for sometime until they start flapping their wings. They get excited at this newfound knowledge that they can fly and not fall at such a fast rate. The father and mother eagle supports them with their wings.
The preparation of the nest teaches us to prepare for changes; The preparation for the family teaches us that active participation of both partners leads to success; The being pricked by the thorns tells us that sometimes being too comfortable where we are may result into our not experiencing life, not progressing and not learning at all. The thorns of life come to teach us that we need to grow, get out of the nest and move on.
We may not know it but the seemingly comfortable and safe haven may have thorns; The people who love us do not let us languish in sloth but push us hard to grow and prosper. Even in their seemingly bad actions, they have good intentions for us.
VII. When the Eagle grows old, his feathers become weak and cannot take him as fast as he should. When he feels weak and about to die, he retires to a place far away in the rocks. While there, he plucks out every feather on his body until he is completely bare. He stays in this hiding place until he has grown new feathers, then he can come out.
We occasionally need to shed off old habits and items that burden us without adding to our lives...
Inspiration on the "7 Principles of an Eagle"
I. Eagles fly alone at a high altitude and not with sparrows or mix with other smaller birds. Birds of a feather flock together. No other bird goes to the height of the eagle. Eagles fly with eagles. Never in a flock. Stay away from sparrows and ravens. Eagles fly with eagles.
II. Eagles have strong vision, which focuses up to 5 kilometers from the air. When an eagle sites prey - even a rodent from this distance, he narrows his focus on it and sets out to get it. No matter the obstacle, the eagle will not move his focus from the prey until he grabs it.
Have a vision and remain focused no matter what the obstacle and you will succeed.
III. Eagles do not eat dead things. They feed on fresh prey. Vultures eat dead animals but not eagles.
Steer clear of outdated and old information. Do your research well always.
IV. The Eagle is the only bird that loves the storm. When clouds gather, the eagles get excited. The eagle uses the winds of the storm to rise and is pushed up higher. Once it finds the wind of the storm, the eagle stops flapping and uses the pressure of the raging storm to soar the clouds and glide. This gives the eagle an opportunity to rest its wings. In the meantime, all the other birds hide in the leaves and branches of the trees.
We can use the storms of our lives (obstacles, trouble, etc) to rise to greater heights. Achievers relish challenges and use them profitably.
V. The Eagle tests before it trusts. When a female eagle meets a male and they want to mate, she flies down to earth with the male pursing her and she picks a twig. She flies back into the air with the male pursuing her. Once she has reached a height high enough for her, she lets the twig fall to the ground and watches it as it falls. The male chases after the twig. The faster it falls, the faster he chases until he reaches it and has to catch it before it falls to the ground, then bring it back to the female eagle.
The female eagle grabs the twig and flies to a much higher altitude pursued by the male until she perceives it high enough, and then drops the twig for the male to chase. This goes on for hours, with the height increasing until the female eagle is assured that the male eagle has mastered the art of picking the twig, which shows commitment, then, and only then, will she allow him to mate with her!
Whether in private life or in business, one should test commitment of people intended for partnership.
VI. Eagles prepare for training. When about to lay eggs, the female and male eagle identify a place very high on a cliff where no predators can reach; the male flies to earth and picks thorns and lays them on the crevice of the cliff, then flies to earth again to collect twigs which he lays in the intended nest. He flies back to earth picks thorns and lays them on top of the twigs. He flies back to earth and picks soft grass to cover the thorns, and then flies back to pick rugs to put on the grass.
When this first layering is complete the male eagle runs back to earth and picks more thorns, lays them on the nest; runs back to get grass and rugs and lays them on top of the thorns, then plucks his feathers to complete the nest. The thorns on the outside of the nest protect it from possible intruders. Both male and female eagles participate in raising the eagle family. She lays the eggs and protects them; he builds the nest and hunts.
During the time of training the young ones to fly, the mother eagle throws the eaglets out of the nest and because they are scared, they jump into the nest again. Next, she throws them out and then takes off the soft layers of the nest, leaving the thorns bare. When the scared eaglets jump into the nest again, they are pricked by thorns. Shrieking and bleeding they jump out again this time wondering why the mother and father who love them so much are torturing them.
Next, mother eagle pushes them off the cliff into the air. As they shriek in fear, father eagle flies out and picks them up on his back before they fall, and brings them back to the cliff. This goes on for sometime until they start flapping their wings. They get excited at this newfound knowledge that they can fly and not fall at such a fast rate. The father and mother eagle supports them with their wings.
The preparation of the nest teaches us to prepare for changes; The preparation for the family teaches us that active participation of both partners leads to success; The being pricked by the thorns tells us that sometimes being too comfortable where we are may result into our not experiencing life, not progressing and not learning at all. The thorns of life come to teach us that we need to grow, get out of the nest and move on.
We may not know it but the seemingly comfortable and safe haven may have thorns; The people who love us do not let us languish in sloth but push us hard to grow and prosper. Even in their seemingly bad actions, they have good intentions for us.
VII. When the Eagle grows old, his feathers become weak and cannot take him as fast as he should. When he feels weak and about to die, he retires to a place far away in the rocks. While there, he plucks out every feather on his body until he is completely bare. He stays in this hiding place until he has grown new feathers, then he can come out.
We occasionally need to shed off old habits and items that burden us without adding to our lives...
Tuesday, April 21, 2009
RECESSION ---ALI BABA AND 40 CHORES ---NO NO 30 CHORES
The story has changed ---its no more Ali baba and challis chors --but ali baba and theese chors ------10 have been retrenched due to recession .
Thursday, April 16, 2009
GOLMURI CLUB TO HAVE A 18 HOLE GOLF LAYOUT
Golmuri club is soon to have an 18 hole golf layout .Work is on to convert the 9 hole golf course to 18 hole one --will take about a year to complete .
It is believed that the 9 hole golf course at Beldih club may be converted into the extended airpoprt connection the small airport at Jamshedpur --whereby large planes such as Boeings may land .
At present MDLR and Kingfisher are opeating on the calcutta, delhi route connecting Jamshedpur .
The rush at Jamshedpur is heavy and so more and more small airliners are joining the fray .
It is believed that the 9 hole golf course at Beldih club may be converted into the extended airpoprt connection the small airport at Jamshedpur --whereby large planes such as Boeings may land .
At present MDLR and Kingfisher are opeating on the calcutta, delhi route connecting Jamshedpur .
The rush at Jamshedpur is heavy and so more and more small airliners are joining the fray .
Monday, April 13, 2009
A GREAT SMS FROM MY FRIEND VANU
LITTLE BOY: DAD HOW WAS I BORN ……? DAD (A SOFTWARE ENGINEER) WELL SON U R MOM & I GOT TOGETHER AT YAHOO –WE SET UP A DATE’ VIA E MAIL & MET IN CYBER CAFÉ
UR MOM AGREED TO DOWNLOAD DATA FROM MY PEN DRIVE .
JUST WHEN I WAS ABOUT TO TRANSFER ,WE REALISED THAT NONE OF US HAD INSTALLED A ‘FIREWALL .’’
IT WAS TOO LATE TO HIT DELETE .
NINE MONTHS LATER A POP UP WINDOW APPEARED SAYING YOU HAVE GOT A MALE
UR MOM AGREED TO DOWNLOAD DATA FROM MY PEN DRIVE .
JUST WHEN I WAS ABOUT TO TRANSFER ,WE REALISED THAT NONE OF US HAD INSTALLED A ‘FIREWALL .’’
IT WAS TOO LATE TO HIT DELETE .
NINE MONTHS LATER A POP UP WINDOW APPEARED SAYING YOU HAVE GOT A MALE
Tuesday, April 7, 2009
COST ACCOUNTANT --G RAMAKRISHNA --VICE PRESIDENT --(FINANCE )--SATYAM COMPUTERS BLAMED FOR SATYAM FRAUD
ICAI Interrogates Satyam Auditors & CFO
________________________________________
PRESS RELEASE
April 6, 2009
ICAI INTERROGATES SATYAM AUDITORS & CFO –
CFO ADMITS HIS ROLE IN FALSIFICATION OF ACCOUNTS
In terms of directions of the CBI Court, Hyderabad allowing members of the High Powered Committee of the Institute of Chartered Accountants of India to examine and record statements of the three accused members of the Institute viz. CA. S. Gopalakrishnan, CA. Srinivas Talluri, auditors and CA. Vadlamani Srinivasu, CFO of Satyam, a team led by CA. Uttam Prakash Agarwal, President of the Institute and Chairman of the High Powered Committee along with CA. Shanti Lal Daga, a member of the Committee and a member of the Central Council of the Institute, interrogated the three accused members currently lodged in Chanchalguda Central Prison, Hyderabad.
The interrogation went on for the whole day, during which the CFO admitted his role in aiding the Chairman, B. Ramalinga Raju and Managing Director, B. Rama Raju in fudging and falsifying the accounts by forging and creating fake records. He was candid enough to admit that he along with the Vice President (Finance), G. Ramakrishna, a Cost Accountant by profession were actively involved in the scam. He admitted his involvement in the planning of the scam, which was masterminded by the Chairman and the Managing Director. According to him, another team which was directly reported to the CMD, led by G. Ramakrishna executed the plan by fabricating and preparing false documents such as sales invoices, bank statements, bank confirmations, by involving a team of around 10 junior staff.
The CFO further admitted that neither the auditors nor the independent directors were aware of the scam. He also mentioned that no pecuniary benefits were derived by the auditors and that it was not true that the auditors had confessed to their alleged role, as was reported earlier in the media.
Tracing back the events, the CFO mentioned that what started as a small adjustment in the accounts 5-6 years ago, continued quarter after quarter and year after year and by the second quarter of 2008 had attained unmanageable proportions. He also mentioned that the CMD initially assured that the falsification would be rectified after one or two quarters, but it went on. He stated that he had resisted the attempts, but could not do much in view of master-servant relationship. He stated that he had twice submitted his resignation, but was pursued by the CMD to continue, so that the company does not collapse and the future of 54,000 employees is not endangered.
The CFO expressed his regret and shame on having been a party to the scam, which according to him, was masterminded by the Chairman and Managing Director and abetted by him in planning and by G. Ramakrishna in its execution.
CA. Uttam Prakash Agarwal expressed his satisfaction on the outcome of the interrogation which had vindicated his belief about the credibility of the auditing profession. According to him, despite the existence of Audit Committee, independent directors, internal audit, integrated audit under SOX, information systems audit, whistle blowing mechanism on the inherent risk in the internal controls, the scam had occurred owing to a carefully crafted fraud by creating normal trails and backup support documents and records, which had kept the fraud unchecked and undetected for as much as 5-6 years.
Later in the night, the ICAI submitted a report to the CBI investigation team, prepared by a Group constituted to assist the Multi-disciplinary Investigation Team of the CBI. The report covers the outcome of the limited exercise done by the ICAI Group on the role of auditors in compliance with the Auditing and Assurance Standards issued by the Council of the Institute of Chartered Accountants of India, in respect of some of the issues relating to financials of Satyam for past 4-5 years, based on the copies of the documents provided by the CBI.
About ICAI
The Institute of Chartered Accountants of India (ICAI) set-up by an Act of Parliament viz. The Chartered Accountant Act, 1949 to regulate the profession of Chartered Accountancy is the second largest and prominent accounting body in the world. It has been taking various proactive measures from time to time, aligned with the changing facets of the Indian economy, for continuously raising the standard of quality of accounting and financial reporting. The quality of education and the standards of examination of the Institute are acknowledged to be the best in the world.
ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi and 118 branches spread all over the country. In addition, it has also set up 21 chapters outside India and an office in Dubai. Currently over 4,50,000 students are pursuing the Chartered Accountancy course and the total membership of ICAI is more than 1,50,000
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________________________________________
PRESS RELEASE
April 6, 2009
ICAI INTERROGATES SATYAM AUDITORS & CFO –
CFO ADMITS HIS ROLE IN FALSIFICATION OF ACCOUNTS
In terms of directions of the CBI Court, Hyderabad allowing members of the High Powered Committee of the Institute of Chartered Accountants of India to examine and record statements of the three accused members of the Institute viz. CA. S. Gopalakrishnan, CA. Srinivas Talluri, auditors and CA. Vadlamani Srinivasu, CFO of Satyam, a team led by CA. Uttam Prakash Agarwal, President of the Institute and Chairman of the High Powered Committee along with CA. Shanti Lal Daga, a member of the Committee and a member of the Central Council of the Institute, interrogated the three accused members currently lodged in Chanchalguda Central Prison, Hyderabad.
The interrogation went on for the whole day, during which the CFO admitted his role in aiding the Chairman, B. Ramalinga Raju and Managing Director, B. Rama Raju in fudging and falsifying the accounts by forging and creating fake records. He was candid enough to admit that he along with the Vice President (Finance), G. Ramakrishna, a Cost Accountant by profession were actively involved in the scam. He admitted his involvement in the planning of the scam, which was masterminded by the Chairman and the Managing Director. According to him, another team which was directly reported to the CMD, led by G. Ramakrishna executed the plan by fabricating and preparing false documents such as sales invoices, bank statements, bank confirmations, by involving a team of around 10 junior staff.
The CFO further admitted that neither the auditors nor the independent directors were aware of the scam. He also mentioned that no pecuniary benefits were derived by the auditors and that it was not true that the auditors had confessed to their alleged role, as was reported earlier in the media.
Tracing back the events, the CFO mentioned that what started as a small adjustment in the accounts 5-6 years ago, continued quarter after quarter and year after year and by the second quarter of 2008 had attained unmanageable proportions. He also mentioned that the CMD initially assured that the falsification would be rectified after one or two quarters, but it went on. He stated that he had resisted the attempts, but could not do much in view of master-servant relationship. He stated that he had twice submitted his resignation, but was pursued by the CMD to continue, so that the company does not collapse and the future of 54,000 employees is not endangered.
The CFO expressed his regret and shame on having been a party to the scam, which according to him, was masterminded by the Chairman and Managing Director and abetted by him in planning and by G. Ramakrishna in its execution.
CA. Uttam Prakash Agarwal expressed his satisfaction on the outcome of the interrogation which had vindicated his belief about the credibility of the auditing profession. According to him, despite the existence of Audit Committee, independent directors, internal audit, integrated audit under SOX, information systems audit, whistle blowing mechanism on the inherent risk in the internal controls, the scam had occurred owing to a carefully crafted fraud by creating normal trails and backup support documents and records, which had kept the fraud unchecked and undetected for as much as 5-6 years.
Later in the night, the ICAI submitted a report to the CBI investigation team, prepared by a Group constituted to assist the Multi-disciplinary Investigation Team of the CBI. The report covers the outcome of the limited exercise done by the ICAI Group on the role of auditors in compliance with the Auditing and Assurance Standards issued by the Council of the Institute of Chartered Accountants of India, in respect of some of the issues relating to financials of Satyam for past 4-5 years, based on the copies of the documents provided by the CBI.
About ICAI
The Institute of Chartered Accountants of India (ICAI) set-up by an Act of Parliament viz. The Chartered Accountant Act, 1949 to regulate the profession of Chartered Accountancy is the second largest and prominent accounting body in the world. It has been taking various proactive measures from time to time, aligned with the changing facets of the Indian economy, for continuously raising the standard of quality of accounting and financial reporting. The quality of education and the standards of examination of the Institute are acknowledged to be the best in the world.
ICAI has its Headquarters at New Delhi with 5 Regional Offices at Mumbai, Chennai, Kanpur, Kolkata, New Delhi and 118 branches spread all over the country. In addition, it has also set up 21 chapters outside India and an office in Dubai. Currently over 4,50,000 students are pursuing the Chartered Accountancy course and the total membership of ICAI is more than 1,50,000
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Copyright 2008 All rights reserved to the ICAI.
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