Business and Finance

Introduction - Taking clue from the developed nations Indian Government has also established a multi-disciplinary organization under Ministry of Corporate Affairs to investigate serious financial frauds committed in India. This office known as “SFIO” is working with the help of experts in the filed of accountancy, forensic science, auditing, law, information technology, investigation, company law, capital market and taxation. SFIO is extensively being used by the government for detecting and prosecuting white-collar crimes / frauds. The SFIO investigation is generally undertaken in the circumstances where public interest is involved or the fraud has multi-disciplinary ramifications.

Serious Fraud Offices Abroad
United Kingdom – The Serious Fraud Office is an arm of the Government of the United Kingdom, accountable to the Attorney General. Established by the Criminal Justice Act 1987, the Serious Fraud Office is responsible for the investigation and prosecution of suspected cases of serious or complex fraud where 1 million Pounds or more are involved or covers more than one national jurisdiction, though it is rare for cases involving less than 1 million to be taken. It has jurisdiction over England and Wales and Northern Ireland but not Scotland, the Isle of Man or the Channel Islands, though the Serious Fraud Office’s compulsory information powers contained in section 2 of the Criminal Justice Act 1987 do so under invitation from the relevant prosecuting body. The vast majority of fraud in the United Kingdom remains the responsibility of police forces. The SFO is not a police force and its members have no direct personal executive powers, such as the power of arrest. Each case is dealt with by a case team made up of various professionals such as lawyers, forensic accountants and police officers seconded from police forces. The police officers remain members of their relevant police force for the duration of their secondment and it is they who would arrest if the investigation .

New Zealand – The New Zealand Serious Fraud Office is based upon the British model. The SFO works closely with the New Zealand Police in trying to prevent serious and complex fraud. Established by the Serious Fraud Office Act 1990, the Serious Fraud Office is responsible for the investigation and prosecution of suspected cases of serious or complex fraud. Suspects questioned by the SFO have no right to silence and must answer questions and produce requested evidence, even if it incriminates them. Anyone who refuses to comply can be jailed.The New Zealand Government announced in September 2007 that the SFO would be replaced by a new Organised Crime Agency. However, the bill to disband the SFO was delayed by the inquiry into donations received by the political party New Zealand First.

Structure - The Government approved setting up of this organization on 9th January 2003 on the basis of the recommendations made by the Naresh Chandra Committee which was set up by the government to study corporate governance. The Charter of SFIO was issued by the Government on 21st August 2003. Serious Fraud Investigation Office started functioning from 1st October 2003. This organization was set up in the backdrop of stock market scams, failure of non financial banking companies, phenomena of vanishing companies and plantation companies etc. This is a new organization and does not have separate statute to govern it for the present and in the interim period the investigations are being carried out under the provisions of Companies Act 1956. SFIO takes up investigation of the cases of alleged frauds referred to it by the Central Government under section 235 / 237 of the Companies Act 1956.

Companies Act - The Central Government is empowered under the provisions of sub-section (1) of section 235 of the Companies Act, 1956 to appoint one or more competent persons as Inspectors to investigate the affairs of a company and to report thereon in such manner as the Central Government may direct where a report has been made by the Registrar under sub-section (6) of section 234.

Similarly, the Central Government under the provisions of section 237 of the Companies Act 1956 shall appoint one or more competent persons as Inspectors to investigate the affairs of the company if -

(a) The company, by special resolution or the Court, by order declares that the affairs of the company ought to be investigated.

(b) In the opinion of the Company Law Board there are circumstances suggesting that,
(i) That the business of the company is being conducted with intend to defraud its creditors, members or any other persons or otherwise for a fraudulent or unlawful purpose, or in a manner oppressive of any of its members, or that the company was formed for any fraudulent or unlawful purpose.
(ii) That persons concerned in the formation of the company or the management of its affairs have in connection therewith been guilty of fraud, misfeasance or other misconduct towards the company or towards any of its members.
(iii) That the members of the company have not been given all the information with respect to its affairs which they might reasonably expect, including information relating to the calculation of the commission payable to a managing or other director or the manager, of the company.

The Powers - The powers of the Inspector for carrying out the investigation, as listed in section 239, 240 and 240 (A) of the Companies Act are as follows:-

The appointed inspectors may investigate the following entities and may use other avenues of investigation mentioned herein below:

(a) Any other body corporate which is, or has at any relevant time been the company’s subsidiary or the holding company, or a subsidiary of its holding company, or a holding company of its subsidiary;

(b) Any other body corporate which is, or has at any relevant time been managed by any person as managing director or as manager, who is, or was at the relevant time, the managing director or the manager of the company;

(c) Any other body corporate which is, or has at any relevant time been, managed by the company or whose board of directors comprises of nominees of the company or, is accustomed to act in accordance with the directions or instructions of the company, or any of the director of the company, or any company, any of whose directorships is held by the employees or nominees of those having; the control and management of the first mentioned company;

(d) Any person who is or has at any relevant time been the company’s managing director or manager, the Inspector shall subject to the prior approval of the Central Government have power so to do and shall report on the affairs of the other body corporate or of the managing director or manager, so far as he thinks that the results of his investigation thereof are relevant to the investigation of the affairs of the first mentioned company.

(e) To call all officers and other employees and agents of the company to preserve and produce before him or any person authorized by him in this behalf with the previous approval of the Central Government, all books and papers of, or relating to, the company or, as the case may be, or of relating to the other body corporate which are in their custody or power.

(f) With the prior approval of the Central Government may require any body corporate other than a body corporate first one to furnish such information to, or produce such books and papers before him or any persons authorized by him in this behalf (with the previous approval of the Government) as he may consider necessary if the furnishing of such information or production of such books and papers is relevant or necessary for the purposes of his investigation.

(g) Under the provisions of section 240A of the Act where the Inspector has reasonable ground to believe that the books and papers of, or relating to any company or other body corporate or managing director or manager of such company or body corporate may be destroyed, mutilated, altered, falsified or secreted, he may make an application to the Magistrate of the First Class or, as the case may be, the Presidency Magistrate, having jurisdiction for an order for the seizure of such books and papers.

The Procedure - As the investigations are carried out under the provisions of the Companies Act, the Officer appointed as Investigating Officer by the Government has the final say in the matter related to investigation. The working groups of the officers constituted by the Director, SFIO in consultation with the I O, to assist the Investigating Officer are required to render him all possible assistance in the respective areas of their specialization so that the issues are examined from a multidisciplinary angle. He supervises the entire investigation and coordinates with subject specific team leaders in the matters related thereto. The Investigating Officer, after conclusion of his investigation, submits the Investigation Report to the Central Government in the Ministry of Corporate Affairs.

Administration - For smooth functioning of the administration of the SFIO office, the Director has been declared ‘Head of the Department’. He exercises the powers of HOD. He is assisted in this task by one of the Additional Directors who has been given the charge of Administration. Under him there is an administration unit headed by a Deputy Director who is assisted by two Assistants.

Time Frame - For each investigation that is to be carried out by the officers of this organization, the Central Government while ordering the same assigns a time frame. The investigation has to be completed within that time frame. The subject specific groups of officers which render necessary assistance to the Investigating Officer have to examine the issues involved in the case within a given time frame and give requisite inputs to the Investigating Officer.

Recommended Prosecutions - As per the information available, SFIO after their investigation has recommended prosecution the following companies.

Daewoo Motors India Ltd., Design Auto Systems Ltd., Bonanza Biotech Ltd, Vatsa Corporation Ltd., Mardia Chemicals Ltd., Soundcraft Industries Ltd., Kolar Biotech Ltd., Adam Comsof Ltd., DSQ Software Ltd., Usha India Ltd., Malvika Steels Ltd., Koshika Telecom Ltd., Chitrakoot Computers, Classic Credit Ltd., Classic Shares & Stock Broking Services Ltd., Goldifsh Computer Pvt. Ltd., KNP Securities Pvt. Ltd, Luminant Investrade Pvt. Ltd, Manmandir Estate Dev., N H Securities Ltd., Panther Fincap and Management Services Ltd., Panther Industrial Products Ltd., Panther Investrade Ltd., Saimangal Investrade Ltd., Triumph International Finance India Ltd., V N Parekh Securities Pvt. Ltd., Triumph Securities Pvt. Ltd., Nakshatra Software Pvt. Ltd., Morepen Laboratories Ltd. Shonk Tech. Ltd., Shonk Tech. Int. Ltd.

SFIO Addresses - The addresses of SFIO offices are as follows:

DELHI OFFICE – Serious Fraud Investigation Office, Ministry of Company Affairs, 2nd Floor, ‘B’ Wing, Paryaveran Bhawan, CGO Complex, Lodhi Road, New Delhi, India.

MUMBAI OFFICE – Everest Building, 6th Floor, 100 Marine Drive, N.S Marg, Mumbai.

The Author, CA A. K. Jain, can be contacted at, 21, Skipper House, 9, Pusa Road, New Delhi – 110005, Mobile No. – 98-100-46108, E-Mail:copindia@hotmail.com

With India becoming industrialized following the footsteps of the European nations, industries supported a major chunk of the Indian population & it even became key source of sustenance supporting the blue & the white collar jobs. But that wasn’t all what was required in the Indian economy. In order to manage the finances of the individuals as well as the industries, financial advisers were required. You can treat the provider of financial advisory services in India as huge conglomerates providing financial planning & investment solutions to the people at large.

Financial advisory services made a slow & a gradual entry in India. Till date India is experiencing the boom phase of the economy and the Merger & Acquisitions advisory continue to spread their wings in India to make your investments secure & safe.

If you look at the current scenario you will find out that the M&A advisory in India is constantly helping out a business to incorporate its long term financial & investment goals & even provide financial consultancy at the corporate level. Prompt decisions pertaining to mergers and acquisitions, formation of strategic alliances & joint ventures are taken in India by the financial advisers in order to put you at ease and divert your mind to much larger issues related to your company. In totality if you are a small, medium or a big business house, get relieved by delegating your task of capital restructuring to the M&A advisers in India.

Financial advisory services in India are fast catching up with the growth of a large number of financial advisers who are constantly into competition with each other to emerge as the top M&A advisory in India. It is your decision to make an appropriate choice of the firm who will cater to your financial planning & investment decisions properly.

Though the emergence of the finance and investment firms can be routed to the developed economies, but in order to have wide market coverage it has expanded its operations in India as well. You must be aware of the global economic downturn which affected many businesses around the world. The developed economies were worst affected by the “storm” which swiped away the investments – with banks locking down, customers withdrawing their confidence from further investment and to top it all was the vendor uncertainty. On the contrary, India’s investment was sound enough to face the storm head and it had placed itself in a very strong position. People from developed countries started diverting their funds to India to draw favorable and profitable returns.

The reasons for considering the Indian economy viable for future investment decisions are innumerable. India has always concentrated on the cash flow aspects of the operations and not the profit & loss. A balanced profit & loss approach has made a ground for both the domestic and the foreign investors to find India a secure place for investment. A proper approach has always been followed by the Indian conglomerates to reduce the expenses across all the levels of the organization.

Thus India continues to be an attractive destination for the investors from all the spheres of the world and has been able to retain its clients despite the economic crisis. The M&A advisory in India feel relieved and relaxed, but the global war to accumulate big investments still continues.

For more information: -

Caston Corporate Advisory Services

Corporate Advisory | Investment Banking Services | Mergers & Acquisitions | Debt Syndications

http://www.castoncorporateadvisory.in

Scenario: I live in California and have a house with first mortgage worth of $470K and a second home loan worth of $180K. Due to some financial hardship (I had a divorce and had to pay lump sum alimony), I couldn’t make the mortgage payments on time. My first lender has suggested to modify the home loan with a 25-year, interest-only ARM. I am thinking whether or not a Chapter 13 Bankruptcy will suit me better as the second lien can get striped off. However, I can’t refinance the property as its value has decreased to about $360K. I also don’t have any extra money to reduce the principal amount. A friend of mine has suggested that I go for a short sale. Can you suggest whether I should go for a short sale or make interest only payments for a few years till I can refinance the mortgage loan?

Solution: If you’re thinking of whether a short sale or an interest-only ARM will be best suitable for you, then at first you should know about these 2 options in details.
If you opt for interest-only mortgage, then you’ll have to pay only the interest for a certain period of time. However, this doesn’t mean that you won’t be able to make payments towards the principal. You can very well do it whenever your financial condition permits you to do so. However, if you have high interest debts, then there’s a chance that you’ll try to repay them first. As a result, the outstanding mortgage balance will increase thus making it more difficult for you to pay it off in full. So, if you’re going for this option then make sure that your financial condition will permit you to make the required monthly pay­­­ments after the interest-only period ends.
You can choose short sale and sell off the property for less than the outstanding mortgage balance.

The Government has introduced a program, HAFA (Home Affordable Foreclosure Alternative) as per which the lenders are compelled to allow short sale thereby forgiving the difference between the amount owed and the current property price. Under this program, the servicing bank along with other parties involved in the transaction will get $1000 each. The distressed homeowner will also get $3,500 as relocation assistance. Moreover, a short sale will have less damaging effects on credit report as compared to foreclosure. In addition to this, the lender also assures that he/she will not sue the borrower for the unpaid mortgage balance.

But the question still remains whether or not you’ll have to pay the tax on the forgiven amount. The lawmakers of the California State has passed a bill SB 401 that attempts to exempt mortgage borrowers who’ve lost their homes in a short sale or a foreclosure in the 2009 from state tax on the forgiven debt amount.

The borrowers will continue enjoying this benefit till 2012.
You’ve also inquired whether or not a Chapter 13 Bankruptcy will be suitable in your case. Your second lien may get stripped off if you file a Chapter 13 Bankruptcy. However, to get your second lien stripped off, the value of the property must be less than what you owe on your first mortgage. You’ll also have to qualify for the Means Test so as to file a Chapter 13.
Considering all these factors, my suggestion would be to go for loan modification.

The Government is offering home loan modification help through HAMP (Home Affordable Modification Program). Under this program, certain lenders are asked to allow the distressed and underwater homeowners modify their mortgage loans and have their monthly payments reduced to 31% of their pre-tax income if they satisfy the qualifying criteria. You may call 1-888-995-HOPE (4673), where a HUD-approved housing counselor may assist you on how to proceed with the Home Affordable Modification Program.

It is not virtually possible for everyone to manage basic necessities of life with fixed source of income. Moreover if the earning amount is small then you are bound to face the problem of inadequate funds. Now, financial experts have come up with 500 pound loan for those people who fall in category of salaried class. By taking this monetary facility, the borrower can grab tiny cash to meet their urgent financial expenses.

This loan is a kind of short loans which the people want to secure to meet immediate urgent monetary demands. These financial schemes are especially designed for salaried class of people. As they sometimes experience shortage of funds in the middle of month for which they are not prepared beforehand.

These finances can be utilized to meet sudden fiscal crises like payment of electricity bill, medical bills, grocery bills or travel expenses and many other household expenses.

As these are short term loans so its reimbursement period is also short. It is just for 15 to 20 days from the day loan is approved. The borrower has to pay penalty charges if he defaults or pay late or less the credit amount.

Borrowers who apply for these financial facilities get several benefits. Firstly this loan is free from any credit check procedure. Thus, people with the poor credit scores like CCJs, IVAs, missed or late payments etc can also avail these loans without any fear and hesitation.

Secondly, you are not asked to fax documents in support of their personal details, these loans are free from any tedious and lengthy documentation likes paperwork or faxing. This is the reason why the payment of the loan amount is made very fast.

Thirdly, the loan-seekers can submit their loan application online. Due to this the documentation hassle becomes nil. Thus online mode of application is free from hazards. You simply just need to fill an online application form with your genuine personal and professional information. 500 pound loans help you to save your time, energy and effort. Finally, the loan amount is sent to the bank account of the borrower just after the lender approves the loan application.

Life insurance is a very important decision for every family. While the importance of life insurance is understood well in the United States, most Americans think that just having a policy is enough to protect one’s family.

In 2007, the country’s first-ever ‘Life Insurance Gap’ study revealed that many Americans have just half the life insurance protection they needed to meet their financial objectives. Since this survey was published the economy has spiraled downwards, and this statistic may well have changed for the worse.

What is the ideal amount of coverage?
The answer to this question can never be cast in stone, because financial needs are different for each family and change with the seasons of life. However, most financial advisors recommend buying coverage equal to around 15 times one’s current annual income.

Another way to find out is for each family to work this amount out on their own. You need to honestly write down all that you expect your life insurance policy to take care of – mortgage, college fees for the kids, daily living expenses, etc. Write down seemingly minor expenses as well, such as plumbing and accounting because it all adds up. How will your family live after you are gone? Will your partner take up a job? Will they have to move to a more affordable neighborhood? Work everything out. Unless you visualize it and take the cost of living into consideration, you will never be able to arrive at the right amount.

There’s a third ‘easy’ way to work out the amount of coverage. Use an online life insurance needs calculator found on reputed websites that offer life insurance tips and resources. These take inflation and the value of your current assets into consideration so they can be quite accurate, provided you have honestly filled in the information in their form.

Why just a work life policy won’t do
A majority of Americans who have workplace life insurance assume it is a strong safety net when they are actually underinsured. However, never depend solely on work life insurance because:

• Most such policies only insure you for a maximum of 3- 4 times your salary. This is simply not enough insurance especially if you have a young family, many dependents, financial obligations such as loans and mortgage, etc.
• Secondly, work life insurance policies lapse when you leave the workplace for whatever reason including retirement. This means that you will suddenly find yourself without coverage, and that’s a dangerous situation to be in.

With the problems presented by an uncertain economy, it makes sense to buy private life insurance. Also, life insurance costs increase with age. So it makes sense to buy privately owned life insurance at the earliest.

The importance of reviewing policies
Even if you have carefully worked out your life insurance needs and have bought a policy, you should not just forget about the purchase. Remember that policy is meant for your family, and will help them live a decent life even after you are gone. This necessitates that you review your policy whenever there is a life-changing situation like a birth, death, new job, promotion, an empty nest, and sudden unforeseen expenses, etc.

During a review you will go over all your investments, your existing life insurance coverage amount, and your assets and work out how much your family will have in the event of your death. Use one of the methods listed above to work out how much life insurance your family will need given the new development. For instance if there is a new family member, you will have one more dependent and your need for life insurance will increase as well.

Bridge the gap between perception and reality
The Life insurance gap study revealed that a majority of Americans believe they have enough life insurance to take care of their families. However, when they listed out their needs and financial obligations, they found out that they had just enough life insurance to take care of their families’ needs for 4 years, on average. This disconnection between perception and reality clearly reveals that inadequate life insurance is one of the most common mistakes that Americans are making today.

Have you reviewed your policy lately? Is the amount you have insured enough to take care of your family, and will it be enough to allow them to pay off your credits and loans, and still live decently? If you find that your life insurance is not enough there’s no reason to worry. Simply take out a fresh term life policy to make up the difference.

A new life insurance policy may mean a strain on your monthly budget, but nevertheless make it your priority. Your family may not understand now, but there will be a time when they will thank you for it.

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Almost every lender, financial institution and bank offers instant cash loans now days. Individual or needy person can grab the desired amount without a mortgage or security deposit. It means these loans are unsecured in nature and risk is borne by creditors instead of loan seeker. Due to high risk, lenders may charge slightly high or expensive interest rate and APR. However, with the help of online process or internet individual can easily obtain cheap finance with minimum effort. So, it is important to choose the correct way and best lender to avail urgent money. Any person can repay the cash easily if he/she chooses the correct lender and loan option as per the need and requirement. Making the loan payment on or before due date ensures that your credit rating or score will remain good.

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Quick cash loans provide you urgent finance when financial emergencies occur without invitation. When you are unable to get your small demands fulfill because of the shortage of funds, then these loans are the best option for you. You can easily face the monetary crisis through these loans. These loans are the perfect substitute of your salary, as these loans provide you fast money before your next payday. These loans are most suitable for the short-term purposes. You can make all your expenditures with ease and convenience through this financial scheme.

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An investment banker is an expert professional who provides guidance to companies in matters related to raising funds, mergers and acquisitions and attends to the legalities involved. They also provide assistance and guidance in stock market trading, foreign exchange, commodities etc. Investment banker’s job is to call on companies and individuals of good financial standing and make suggestion on investment and trading. Many investment banking firms are also involved in investment management, merchant banking, global investment and even commercial banking. It’s important that an investment banker you are going to trust your future with is a license holder. If you are looking to make some profitable investment in the stocks to make some quick money then you need to look for a reliable and seasoned merchant banker like Mr. Gregg Lorenzo.

Recently people have realized the true strength of investment banking and this has made it a dominant role player in the market. With companies getting ambitious and getting into acquisitions mode, the demand for a good investment banker is all time high. At Charles Vista, expert financial consultants advice their clients about fund rising. Their clients include medium and large companies who seek their guidance for selling stocks and going public.

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At Charles Vista, Mr. Gregg stress on relationships because he believes that it’s the relationship with a client that distinguishes a good investment banker from an average one.