When shorts are based on perceived corporate mismanagement or malfeasance, as in cases like Enron and Satyam, they enable the financial system to work efficiently, points out Devangshu Datta.
Sections of our media and elites take Western reports/judgements at face value and are ready to condemn the targets without understanding the deeper power linkages behind such actions, asserts Colonel Anil A Athale (Retd).
The government on Saturday asked the Institute of Chartered Accountants of India to ensure that accounting professionals strictly adhere to stipulated standards in order to avoid Enron-like cases in India.
A jury has convicted a former Enron Corp executive and four ex-Merrill Lynch & Co officials in the first criminal prosecution arising from the accounting fraud that led to the collapse of the energy trader.
Former chief financial officer of Enron, Andrew S Fastow, is in advanced negotiations with the government on a deal under which he would plead guilty and agree to a 10-year prison sentence, The Washington Post reported.
US authorities are probing if Linda, wife of ex-Enron chairman Ken Lay, acted improperly when she had their family foundation sell 1.3 million Enron stocks just days before the energy giant's bankruptcy.
Enron Corp's former chief accountant agreed to plead guilty on Tuesday to criminal conduct that preceded the energy giant's collapse into bankruptcy
The Supreme Court on Wednesday issued notice to the Centre on a petition challenging the legality of the power purchase agreement between Maharashtra State Electricity Board and the Enron-promoted Dabhol Power Corporation.
Kenneth Lay, the former chairman as well as a founder of US energy giant Enron died of a heart attack at his home in Aspen, Colorado on Wednesday.
Enron verdict jurors said they only looked at the facts and didn't let emotion enter into their decision to convict Enron executives Jeffrey K Skilling and Kenneth Lay on fraud and conspiracy charges.
The present power crisis in Maharashtra is due to the controversy over Enron project and not related to acceptance of Godbole Committee's recommendations four years ago, Chief Minister Vilasrao Deshmukh said on Tuesday.
Former chairman and chief executive officer of Enron, Kenneth Lay, on Thursday surrendered to the Federal Bureau of Investigation in Houston and was immediately taken, with his hands cuffed behind his back
Creditors for Enron Corp. have asked a court to order the company's former chairman Kenneth Lay and his wife to hand over more than $70 million in loans they received from the bankrupt energy trader.
Enron Corp's lenders may be able to recover as much as $5 billion in assets, the failed energy trading company shifted to other entities using improper accounting techniques, according to a bankruptcy court examiner's report.
Manic Monday, Tragic Tuesday, Black Friday. We are not short of monikers to describe the current financial market meltdown that has dragged the world into recession. But everyone is suffering from a short-to-medium term memory loss and a failure to learn from past mistakes.
'We are going to need more technical people in government.' 'You can't expect a generalist to understand the complicated world of financial engineering.' 'I regret to say that most of our politicians have no competence to deal with these things. Nor is there a willingness to learn.'
A federal appeals court in the US has denied bail to the former CEO of Enron Corp and ordered him to report to prison immediately to serve a 24-years prison sentence for securities fraud and conspiracy.
With the sentence reduction and time off for good behaviour, he could go free in 2017.
Immediately after the Enron debacle we found that a lot of US trading companies were badly affected by downgrades. Most of them pulled out of the electricity trading market in the UK. What is left now are the big and original players.
Bankrupt energy giant Enron's financial whiz Andrew Fastow was on Tuesday sentenced to six years in prison and two years of community service for his role in the spectacular collapse of the firm.
A Houston-based law firm has agreed to pay Enron $2.8 million to settle a lawsuit to recover fees the energy company paid it before becoming bankrupt in December 2001.
Offshore lenders to bankrupt Enron Corp's $2.9 billion Indian power plant in Dabhol want to terminate the power purchase agreement with Maharashtra State Electricity Board, a statement from a consultant of the banks said.
Meanwhile, the US Bankruptcy Court late on Thursday has rejected Reliance Energy Ltd's bid to buy out the bankrupt Enron Corp's 65 per cent stake in the controversial Dabhol Power Company.\n\n\n\n
Lenders to bankrupt Enron Corp's $2.9 billion Indian power plant met for a new round of talks in Singapore on Tuesday to thrash out an agreement to revive the stricken project, an official said.
Foreign lenders to bankrupt Enron Corp's $2.9 billion Dahbol power plant want to pull out from the venture after endless bureaucratic delays to revive the stalled project.
Former Enron chief executive Jeffrey Skilling was on Monday sentenced to more than 24 years in jail for massive fraud and conspiracy in one of the biggest scandals in US corporate history.
'Why should we disclose classified information to satisfy those who doubt our Hydrogen Bomb capability?'
The fact that Satyam's reputed auditors kept quiet while it cooked its books is reminiscent of the Enron-Andersen days.
Gautam Adani was the world's third and Asia's richest man a month back but a damning report by a US firm triggered a massive sell-off in shares of his apples-to-airport group, plunging his own wealth by $80 billion and the tycoon slipping to No.30 on the world billionaire index. Adani's sprawling conglomerate, which spans from sea ports to airports, edible oil and commodities, energy, cement and data centres, is under attack by US short-seller Hindenburg Research, which successfully deflated electric-vehicle maker Nikola Motors in 2020. Hindenburg, which held short positions in unidentified shares of Adani Group firms through its US-traded debt and offshore derivatives, on January 24 accused the conglomerate of "brazen stock manipulation and accounting fraud" and using a number of offshore shell companies to inflate stock prices.
A small Ahmedabad-based chartered accountancy firm, whose appointment was questioned by a US short seller in its scathing report against the conglomerate run by billionaire Gautam Adani, has resigned due to "pre-occupation", Adani Total Gas Ltd said. Hindenburg Research in its January 24 report that levelled allegations of fraud, stock manipulation and money laundering against the Adani group, had also raised the issue of the size and capability of the firms auditing the conglomerate. Adani group has repeatedly denied all allegations.
The government has lost its appeal in the English High Court against a $111 million arbitration award in favour of Reliance Industries Ltd and Shell in a cost recovery dispute in the western offshore Panna-Mukta and Tapti oil and gas fields. High Court judge Ross Cranston on June 9, 2022 ruled that the government should have brought its objections over the arbitration tribunal not meeting the required thresholds, when issuing the 2021 award earlier, two sources with knowledge of the matter said. Rejecting the government's arguments, the court said the objections are barred by an English law principle whereby a party cannot raise matters in new proceedings that could have been raised in earlier proceedings.
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