...CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF BOARD OF DIRECTORS OF THE COMPANY HELD ON FRIDAY, 28TH JULY, 2006 AT ITS ADMINISTRATIVE OFFICE 4/1 MIDDLETON STREET KOLKATA-71 AT 3.00 P.M. “RESOLVED THAT pursuant to the provisions of section 198, 269, 309 and Schedule XIII and other applicable provisions, if any of the Companies Act, 1956 and subject to all such approvals as may be required, the approval of the Board of Directors be and is hereby accorded to the appointment of Shri S.K. Baksi, as Whole-Time Director of the Company for a period of 3 years effective from the date of 12th June 2006 on the terms and conditions including remuneration as may be decided by the Board of Directors with liberty to the Board of Directors to alter, vary, modify the terms and conditions, referred to above, in such manner as may from time to time be stipulated by the Central Government or to be in consonance with the applicable provisions of law and as may be agreed to by and between the Board and Shri S.K. Baksi.” CERTIFIED TRUE COPY OF THE RESOLUTION PASSED AT THE MEETING OF SHAREHOLDERS OF THE COMPANY HELD ON TUESDAY, 26TH SEPTEMBER, 2006 AT ITS REGISTERED OFFICE VILLAGE CHAPLE, TEHSIL: KHARSIA, DIST.: RAIGARH, CHHATTISGARH AT 10.00 A.M. “RESOLVED THAT pursuant to the provisions of section 198, 269, 309 and Schedule XIII and other applicable provisions, if any of the Companies Act, 1956 and subject to...
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...Dell delisting, and share valuation concerns MOHAN R. LAVI SHARE · COMMENT (1) · PRINT · T+ As with Dell, questions on the offer price have arisen in the case of Cadbury in India. The story of Dell represents the story of American enterprise. Started in a college dormitory room, and making products that the technology age devoured with passion, the company wasted no time in catapulting itself to a market capitalisation of more than $100 billion. For some time, it was also the darling of the stock market. In stark contrast, last week, Dell unveiled a buyout deal to take the company private. The $24.4-billion buyout would be financed with Michael Dell’s cash and equity, cash from Silver Lake, and a $2 billion credit line from Microsoft. Four major investment banks — Merrill Lynch, Barclays, Credit Suisse and RBC Capital Markets — are financing the debt. The primary intention behind the go-private move appears to be to escape the harsh glare of the markets with iffy quarterly results and to focus on strategy without being hounded by analysts. It could well be a combination of many factors, but the fact that cannot be denied is that Dell has been bleeding because of the shift in the market to smartphones and tablets and its inability to play catch-up. Further bleeding could have only hammered its stock price. While the buyout can help it avoid quarterly analysis and questions, delisting could also prevent Dell from building a war-chest for future acquisitions. ...
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...Börsenrückzugs und auch Beispiele dafür sowohl aus Sicht des Unternehmens darstellen, als auch von einer rechtlichen Perspektive aus beleuchten. Ziel soll es sein, einen Einblick in die Thematik des Börsenrückzugs zu geben, Hintergründe und Entwicklungen dieser darzulegen und festzustellen, ob sich derzeit ein Trend zu Börsenrückzügen erkennen lässt. 2. Börsenrückzug Ein Rückzug von der Börse wird nicht nur als „Going Private“, sondern auch als Delisting bezeichnet. Delisting beschreibt „die Streichung einer Börsennotierung von Wertpapieren bzw. Beendigung der Börsenzulassung“. Die Unterscheidung dieser Begriffe ist insofern möglich, als dass sich das Going Private mit der „Zusammensetzung und Struktur der Eigentümer“ und das Delisting mit der „Handelbarkeit der Eigentumsanteile an den Kapitalmärkten“ beschäftigt. Ein Going Private weist üblicherweise drei Kriterien auf. Die Börsennotiz wird an jedem Handelsplatz, an dem die Gesellschaft bis dahin notiert war, ausgesetzt – hier liegt der wesentliche Unterschied zu manchen Formen des Delistings, auf die ich im folgenden eingehen werde. Zweitens hat die Gesellschaft vom Zeitpunkt des Going Privates an einen geschlossenen Gesellschafterkreis und desweiteren...
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...uncertainties that could significantly impact the amounts reported in the financial statements in the near term or the near-term functioning of the reporting entity. These risks and uncertainties may result from, among other matters, the nature of the entity’s operations, and the use of estimates in the financial statements, and significant uncertainties in the entity’s operations. Financial Implications due to delisting It is the opinion of the group after careful analysis of the Molex, Inc case that should the company not comply with regulations and allow themselves to be delisted due to delinquency, it will bring about a host of financial implication. In their paper on the Laws and Finances of the delisting process, M. O’Hara and D. Pompilio, 2004 wrote that The practice of delisting stocks that fail to meet certain financial criteria is curious for many reasons: it hurts the firms being delisted; it harms the investors holding those shares; and it removes from the exchange or stock market a security that traders wish to transact. Perhaps the most immediate impact of the delisting announcement is on price. Lack of Financial Expert within the Audit Committee Definition of “Audit Committee Financial Expert” A 2008 KPMG report stated that the Securities and Exchanges Commission (SEC) rules define “audit committee financial expert” as a person who has each of the following attributes: * an understanding of generally accepted accounting principles (GAAP)...
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...Financial Statement Restatement Paper Abstract Restatement of the financials for a company can affect a company tremendously, when it comes to the validity of the company’s financial success. A study was conducted on the company IEC and its financials. For the fiscal year of 2012, the company announced their restatement of their financials. The aftermath of the announcement are discussed. Also, the financial standing, prior to the restatement, is examined. The effects the error had on the company’s shareholders were also determined. On May 1, 2013, IEC Electronics Corp, a public company in the NYSE, (NYSE MKT:IEC) announced that it has filed a current report with the Securities and Exchange Commission (SEC) which it claimed that its consolidate financial statements for the fiscal year, ending September 30, 2012, the quarterly periods during fiscal 2012, and the quarter ended December 28, 2012 were restated due to an error in accounting for work-in-process inventory (IEC To Reinstate Financial Statements, 2013). This error resulted in an aggregate understatement of cost of sales and an aggregate overstatement of gross profit during all such Restated Periods of approximately $2.2 million (IEC To Reinstate Financial Statements, 2013). According to the complaint, on May 1, 2013, IEC announced that it would be forced to restate its consolidated financial statements for its fiscal year ended September 30, 2012, the quarterly periods during fiscal year 2012, and...
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...Grizzly bears http://www.care2.com/causes/graphic-grizzly-bear-hunting-video-sparks-outrage.html are iconic on the Yellowstone National Parks landscape, so how can the United States Fish and Wildlife Service (FWS) consider delisting them? For its part, the FWS insists that the bears have recovered enough -- today there are 757 http://yellowstoneinsider.com/2015/10/22/yellowstone-area-grizzly-bears-dying-at-high-rate-in-2015/ bears compared to the 136 bears when the bears were first protected in 1975. But for American Indian tribes with deep cultural and spiritual connections to the grizzlies, the bears have not recovered enough. Some tribes insist that delisting the bear and opening them up to be trophy hunted is on par with with cultural genocide. Hunting Tradition or Killing Tradition? As reported in TakePart, http://www.takepart.com/article/2015/10/27/native-americans-fight-keep-grizzly-bear-endangered-species-list a coalition of almost 50 tribes called Guardians of Our Ancestors’ Legacy (GOAL) has formed to oppose delisting the grizzly. R. Bear Stands Last, a cofounder of the...
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...MODEL BYE-LAWS CHAPTER-4 CHAPTER - 4 LISTING OF SECURITIES 4. Listing of Securities A company, desirous of listing its securities on the Exchange, shall be required to file an application, in the prescribed form, with the Exchange before issue of Prospectus by the company, where the securities are issued by way of a prospectus or before issue of 'Offer for Sale', where the securities are issued by way of an offer for sale. The company shall be responsible to follow all the requirements specified in the Companies Act, the listing norms issued by SEBI from time to time and such other conditions, requirements and norms that may be in force from time to time and included hereafter in these Bye-laws and Regulations to make the security eligible to be listed and for continuous listing on the Exchange. 4.1 Applications in Respect of New Issues or Offers for Sale or Book-Building 4.1.1 Except when otherwise allowed by the Governing Board or Managing Director or Relevant Authority in any particular case and subject to compliance with such conditions as it or he may impose, tenders or applications for subscription or purchase or book-building in respect of any new issue or offer for sale of any security shall not be submitted unless the issuer or offerer offers to all a fair and equal opportunity for subscription or purchase and on the same terms as to brokerage to all the trading members and unless it is provided that all tenders and applications for subscription or purchase or book-building...
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...uses unstated premises and conclusions to build his case. He is leading the readers toward the preferred point of view, Wolves should not be killed. The writer is very adamant about Wolves and the hunting and killing of the wolf. The writer is very literate and draws the reader into the article with a heartfelt dissertation on Senator Eugene McCarthy leading immediately into an attack on the delisting of the Wolf from the Endangered Species act. The author has written the article based on his emotional opinion and does not use statistics to bolster his position. He lists items on the Montana Legislative agenda designed to find new ways to kill animals but he does not list any bills. The author made one statement to the effect of “For me it is so magical, such a spiritual experience.” He was referring to the sight of a wild animal. Rebuttal Howling for Justice The author of this article could have made his impact greater if he had used statistics to bolster his opinion. He offers no supporting statistics, no bill numbers and no legal references to support his position against delisting wolves from the Endangered Species Act. The author speaks from a purely emotional point of view where he attacks the legislative assembly for their actions. By not offering any credible statistics his opinion will not sway the critical opinion of his readers. Montana is a very heavy ranching area, and the writer is close to Yellowstone National Park. The Re-introduction and effects Fourteen...
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...the market is much lower than its intrinsic value. Much of it is due to NECE’s continued investments in business units that are creating negative earnings, and its failure to cut down costs. While NECE is strong fundamentally, it fails to convert that success operationally. Given estimated growth rates of 2008-2010, we projected it to 2013 using average growth rate of 2008-2010. Exhibit 3 shows that Communications division will continue to drag the overall profitability of the business unless a major restructuring takes place. Significant qualitative components accounted for NECE’s low stock price. Japan’s homogeny is a strong concern for any foreign investor in Japan. NECE was at a risk of delisting due to concentrated share ownership as part of a law in the constitution of Japan. Delisting would eliminate liquidity. It is also an accepted practice to incorporate a “poison pill” or other actions that dilute a foreign investor’s stake in a Japanese company. Corporate governance is also weak, especially in regards to minority shareholders and government scrutiny. These issues lead to a lack of due diligence in effective corporate operations and profitability. Regarding the impact of a parent’s ownership of a subsidiary company, based on the R-squared results of the below regression analysis of the 6, 12, and 24 month periods, we see that the subsidiary performance as explained by the parent is low (exhibit 3); the success of the parent does not explain the success of the subsidiary...
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...What’s the matter at Walmart? Gordon Wade – Partner Amidst a severe recession, Walmart, the retailer which claims the lowest prices…always…is suffering a continuing downturn in same store sales, the standard metric for evaluating retail success. How can this be? What’s going on? The facts are fairly clear. For seven straight quarters, same store sales in Walmart’s heartland US market have declined. The stubborn persistence of this downtrend supports the conclusion that something basic has gone awry. The stock market seems to agree. Walmart’s stock has been the poorest performer on the big board since the DJI reached its nadir some 3 years ago. The alarming answer is that Walmart’s traditional everyday low price (“EDLP”) positioning is less competitive in the very economic environment in which it seemed designed to prosper. Consumers are more stressed than ever, but now instead of blindly accepting that Walmart has the lowest prices …always… these struggling digitally enabled cybershoppers are surfing the net comparing Walmart’s prices with their competitors. And there are LOTS of competitors, ultra low priced Dollar Stores and hi-lo food retailers, category killers such as Best Buy and Home Depot. Let me give one simple personal example. Yesterday my wife came home from Publix with two huge boxes of Cheerios, which she bought on special for $5. On its best day, Walmart could not match this price or that of dozens of promo items at numerous retailers including...
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...Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers Joseph D. Piotroski The University of Chicago Graduate School of Business 1101 East 58th Street Chicago, IL 60637 Phone: (773) 834-4199 Fax: (773) 702-0458 E-mail: joseph.piotroski@gsb.uchicago.edu April 2000 I would like to thank Mark Bradshaw, Peter Joos, Steve Monahan and an anonymous referee for their helpful comments, suggestions and support. Analyst forecast data was generously provided by I/B/E/S. The financial support of the University of Chicago Graduate School of Business is greatly appreciated. Value Investing: The Use of Historical Financial Statement Information to Separate Winners from Losers Abstract: This paper examines whether a simple accounting-based fundamental analysis strategy, when applied to a broad portfolio of high book-to-market firms, can shift the distribution of returns earned by an investor. I show that the mean return earned by a high bookto-market investor can be increased by at least 7½ percent annually through the selection of financially strong high BM firms while the entire distribution of realized returns is shifted to the right. In addition, an investment strategy that buys expected winners and shorts expected losers generates a 23 percent annual return between 1976 and 1996 and the strategy appears to be robust across time and to controls for alternative investment strategies. Within the portfolio of high BM firms, the benefits...
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...Rev Account Stud (2009) 14:534–558 DOI 10.1007/s11142-008-9080-5 Bankruptcy prediction: the case of Japanese listed companies Ming Xu Æ Chu Zhang Published online: 26 July 2008 Ó Springer Science+Business Media, LLC 2008 Abstract This paper investigates if bankruptcy of Japanese listed companies can be predicted using data from 1992 to 2005. We find that the traditional measures, such as Altman’s (J Finance 23:589–609, 1968) Z-score, Ohlson’s (J Accounting Res 18:109–131, 1980) O-score and the option pricing theory-based distance-todefault, previously developed for the U.S. market, are also individually useful for the Japanese market. Moreover, the predictive power is substantially enhanced when these measures are combined. Based on the unique Japanese institutional features of main banks and business groups (known as Keiretsu), we construct a new measure that incorporates bank dependence and Keiretsu dependence. The new measure further improves the ability to predict bankruptcy of Japanese listed companies. Keywords Bankruptcy risk measure Á Accounting information Á Option pricing theory Á Japanese listed companies Á Bank dependence Á Keiretsu JEL Classifications G15 Á G33 1 Introduction When a company falls into bankruptcy, its stakeholders lose some or all the value they invested in the company. From an investor’s point of view, it is important to M. Xu (&) School of Accounting and Finance, The Hong Kong Polytechnic University, Kowloon, Hong Kong, China e-mail:...
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...วันที่ 20 ธันวาคม 2554 โดย : กรุงเทพธุรกิจออนไลน์ แกะรอยแผนซุกขาดทุน20ปี “โอลิมปัส” สร้างความตื่นตะลึงให้กับแวดวงธุรกิจโลกไม่น้อย เมื่อปรากฏข่าวฉาวของ “โอลิมปัส” บริษัทญี่ปุ่นยักษ์ใหญ่ที่ถูกแฉพฤติกรรมฉ้อโกง เพื่อปกปิดตัวเลขขาดทุนที่ดำเนินมายาวนานร่วม 20 ปี ว่ากันว่า มูลค่าการฉ้อโกงทางบัญชีที่สร้างขึ้นมาตบตาภาวะขาดทุนจากการลงทุนหลักทรัพย์ของบริษัทแห่งนี้อยู่ที่ราว 1.7 พันล้านดอลลาร์ พฤติกรรมฉาวของโอลิมปัสแดงขึ้นมา เพราะนายไมเคิล วู้ดฟอร์ด หัวหน้าคณะเจ้าหน้าที่บริหาร (ซีอีโอ )ชาวอังกฤษของโอลิมปัส ออกมาแฉถึงความไม่ชอบมาพากลของการทำข้อตกลงซื้อกิจการ ที่มีราคาแพงเกินไป และเรียกร้องให้มีการตรวจสอบหาข้อเท็จจริง จนเป็นเหตุให้บริษัทปลดเขาออกจากตำแหน่ง แรงกดดันเรื่องนี้ ทำให้โอลิมปัส ตั้งคณะกรรมการอิสระ เพื่อตรวจสอบเรื่องนี้ ซึ่งแม้จะไม่มีใครค้นพบว่า ความเสียหายแท้จริงอยู่ที่เท่าไร แต่เม็ดเงินดังกล่าวถูกนำไปใช้เพื่อปิดบังการขาดทุนจากการลงทุนที่เกิดขึ้นมานานแล้ว สิ่งที่เกิดขึ้นเป็นส่วนหนึ่งของการล่มสลายของฟองสบู่เศรษฐกิจญี่ปุ่นในยุค 1980 ซึ่งวัฒนธรรมองค์กรที่เก็บงำความลับยิ่งทำให้มีการปกปิดข้อมูลมานานหลายปี แกนกลางของเรื่องนี้ อยู่ที่บรรดาผู้บริหารวงใน ที่ต้องการยื้อความผิดพลาดที่ทำไว้ เช่นเดียวกับบริษัทญี่ปุ่นอีกหลายแห่ง โดยบริษัทเหล่านี้ ได้รับความช่วยเหลือจากกลุ่มนายธนาคารที่สัญญาจะช่วยซื้อเวลาออกไปก่อน ซึ่งหนึ่งในนั้น รวมถึงนายอากิโอะ นาคากาวา ผู้เล่นรายสำคัญของเรื่องนี้ ที่รับบทวาณิชธนกร ตามที่ตัวเองเชี่ยวชาญเกี่ยวกับวิศวกรรมทางการเงินใหม่ๆ หรือที่เรียกว่า zaitech ซึ่งเป็นแนวทางในยุคฟองสบู่ ที่ชวนให้บริษัทผู้ผลิตลงมาเล่นในตลาดทุน เมื่อฟองสบู่แตก นายนาคากาวา และหุ้นส่วนที่มีชื่อว่า...
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...Private Equity 4/12/15, 7:31 PM Private Equity By root | November 25, 2003 DEFINITION Equity capital that is not quoted on a public exchange. Private equity consists of investors and funds that make investments directly into private companies or conduct buyouts of public companies that result in a delisting of public equity. Capital for private equity is raised from retail and institutional investors, and can be used to fund new technologies, expand working capital within an owned company, make acquisitions, or to strengthen a balance sheet. The majority of private equity consists of institutional investors and accredited investors who can commit large sums of money for long periods of time. Private equity investments often demand long holding periods to allow for a turnaround of a distressed company or a liquidity event such as an IPO or sale to a public company. INVESTOPEDIA EXPLAINS The size of the private equity market has grown steadily since the 1970s. Private equity firms will sometimes pool funds together to take very large public companies private. Many private equity firms conduct what are known as leveraged buyouts (LBOs), where large amounts of debt are issued to fund a large purchase. Private equity firms will then try to improve the financial results and prospects of the company in the hope of reselling the company to another firm or cashing out via an IPO. © 2015, Investopedia, LLC. http://www.investopedia.com/terms/p/privateequity...
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...regional head offices in The America's, EMEA and Asia Pacific. Reducing the R&D facilities from 19 to 3 globally - Process Modeling based in Burlington, Massachusetts; Manufacturing and Supply Chain Center of Excellence in Houston, Texas; Quality Assurance Center in Shanghai, China Reorganizing the professional services business unit - new organization structure and management, and streamlining operations. [edit] References ^ Aspentech Corporate Overview http://www.aspentech.com/corporate/press/media_kit.cfm ^ Facts at a Glance http://www.aspentech.com/corporate/press/media_kit.cfm ^ FTC ruling on Hyprotech acquistion antitrust case http://www.ftc.gov/opa/2004/07/aspen.shtm ^ Aspen Technology Notice of Delisting http://sec.gov/Archives/edgar/data/929940/000110465908026947/a08-12371_18k.htm ^ AMR Research (2008-01-04). "Aspentech's Revamp and the Petroleum and Chemical Industries" (PDF). Retrieved 2008-04-14. [edit] External...
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