Tags: Andha Kanoon, Amma Jayalalitha, Jayalalitha vs Sonia, Sonida and her damad, Robert Vadra, DLF
Andha Kanoon: Amma Jayalalitha vs Sonia and her Damad
Jayalalithaa Former Tamil Nadu chief minister J. Jayalalithaa.AIADMK chief J Jayalalithaa could not “satisfactorily account” for immovable properties and pecuniary resources of the value of Rs 53.6 crore when she was the Chief Minister from 1991 to 1996, …………….Jayalalith should now appoint DLF-Vadra as her coach to prepare cooked account books!
of India’s most controversial politicians, Jayaram Jayalalitha, has been
sentenced to jail for four years on corruption charges in a case that has
lasted for 18 years.
chief minister of the southern state of Tamil Nadu was found guilty of amassing
wealth of more than $10m (£6.1m) which was unaccounted for.
has to pay a 1bn rupee ($16m; £10m) fine and resign as chief minister.
Karnataka High Court will hear tomorrow, jailed former Tamil Nadu Chief
Minister Jayalalithaa’s application, seeking immediate bail and suspension of
conviction and jail sentence in the disproportionate assets case.
has no eyes
Vadra is the son-in-law of Sonia Gandhi. He has less than one lakh Rs in 2009.
Now he is the billionaire. Ambani, Tata, Premji Amin, Malya took 50 and more
years in getting such status. But our Vadra is fastest runner in this matter.
DLF Chairman said transactions with Robert Vadra
are on the company’s book means cooked books.. Vadra is a private person
according to the Former Minister Chidambaram. After the call of UPA Chairperson Sonia
Gandhi all top leaders, the Former Union Ministers even constitutional authorities as former Governor of Karnatak Bhardwaj had come into the defense of Vadra on the basis of
cooked books . Indirectly former Prime Minister defended them by attacking others. It shows that all were devoted to
one Gandhi family.
Did DLF-Vadra not follow the path of
the Italy’s giant- Parmalat? Should Jayalalitha not appoint DLF-Vadra her coach to prepare cooked books?
Parmalat, Italy’s giant dairy foods producer, was
founded in 1961 by Calisto Tanzi, a 22 year-old college dropout and Italian
food industry heir.
On the surface, all seemed at least reasonably well
with Parmalat through 2002. In addition to many individual shareholders,
Parmalat had a number of well-regarded institutional investors and creditors, a
solid credit rating and even listed securities in the United States. However,
as we will discuss shortly, there were important warning signals of troubles
On December 19, the biggest corporate scam in
European history was unveiled when Bank of America announced and Parmalat
confirmed that a €3.95 billion account that Parmalat claimed to have at the
Bank simply did not exist. About a week later, Tanzi, who admitted to taking
over €500 million for himself and his other businesses, was jailed in Milan’s
overcrowded San Vittore prison, albeit, reportedly, in his own cell with his
own shower and a little camping stove to cook food. T
On December 24, 2003, Parmalat S.p.A. filed for
bankruptcy protection with a court in Parma, Italy, the largest bankruptcy in
For years, Parmalat hid its losses, overstated its
assets, recorded non-existent assets, understated its debt and diverted cash to
Tanzi family members. The firm created over 260 foreign entities such as Bonlat,
its Cayman Islands subsidiary to dump its non-performing and fictitious assets
and to hide its debts. Interestingly, much of the fraud went undetected for as
long as 13 years.
Parmalat’s business interests were far-flung,
extending into travel and sports businesses and well beyond the areas of
competence of its founder and his family.
Parmalat was a publicly held Milan Stock Exchange
listed firm with ADRs traded in the U.S. How could such a large international
firm, with such a large following of investors and analysts be so deceptive in
such a large way? When the scandal broke, Parmalat had a governance structure
that was practically a recipe for a corporate meltdown. First, consider that
Parmalat was Tanzi family-dominated, with Calisto Tanzi serving for many years
as C.E.O. until he resigned when the scandal broke, Tanzi, his family and
affiliate firms controlled the major blocks of votes in Parmalat. Tanzi founded
the firm and used it and its outside suppliers of capital to build himself an
empire for himself and his family. At the time of the firm’s collapse, Tanzi
served on Parmalat’s Board of Directors, as did his son Stefano who also served
as the president of the 5Parmalat-owned Parma Calcio football team. The Board
also included Tanzi’s brother Giovanni and his niece Paola Visconti. Other
board members included the company’s CFO Fausto Tonna, who was deeply involved
in the fraud and three other firm managers, Luciano Del Soldato, Alberto
Ferraris and Francesco Giuffredi, all hired by Tanzi. The outside directors
were Tanzi’s attorney and two of Tanzi’s close friends. Tanzi’s daughter
Francesca apparently ran Parmatours, one of the family tourism businesses,
another of Parmalat’s major money-losers that owned Club Vacanze with its nine
beach and four Alps resorts. She denied running the firm after her arrest.
Tanzi clearly was the driving force exercising
almost complete control over the company, inserting his own people in every
position of power and in positions to oversee those who held power. For
example, CFO Tonna, who confessed that he had forged Band of America documents
for the €3.95 billion account using a scanner, scissors and glue, was also a
member of the Parmalat board three-member audit committee. That is, Tonna was
appointed to a position with responsibility to oversee his own operations and
to ensure that he did not steal from or mislead the company’s investors. He
was, in effect, his own monitor.
A number of high profile cases of governance
failure led to executives being accused of activities such as stealing,
improperly diverting funds and lying to investors to receive more money. In one
such case, L. Dennis Kozlowski, former CEO of Tyco International and his CFO
Mark H. Swartz was accused of stealing $150 million
from their employer by secretly forgiving loans that they received. They were
also accused of misappropriating millions more through other improper means and
selling stock after lying about the company’s condition. Kozlowski’s case
attracted substantial attention due to his lavish spending, apparently
including around $11m of the company’s money on furnishing his Fifth Avenue
apartment, including a $6,000 gold threaded shower curtain, a $4,000 tablecloth
and a $515 toaster. He was also said to have thrown a $2m birthday party for
his wife in Italy with company money. When questioned by his criminal
prosecutor, Ann Donnelly during his criminal trial about compensation that was
omitted on his 1999 IRS Form W-2, he testified that he did not notice that $25
million was missing. This omission had if not been discovered, might have saved
him $17.5 million on his income taxes.