Knowledges in Law

Choose your interests from a vast range of topics

Working Hours in India and How It Works

Are there any Laws for the number of hours your employer can make you work?

WorldCom (USA mobile operator) Fraud

CASE SUMMARY   WorldCom was a provider of long distance phone services to businesses and residents. It started as a small company known as Long Distance Discount Services (‘LDDS’). What happened Due to acts of CEO Bernie Ebbers, there were inflated assets by $11 billion, leading to 30,000 lost jobs and $180 billion in losses for investors. Methodology Underreported line costs by capitalizing rather than expensing, and inflated revenues with fake accounting entries. WorldCom’s internal auditing department then discovered what a loss of $3.8 billion Result Ousting of CEO and filing for Chapter 11(Bankruptcy).     FLOW OF EVENTS Early 2001 WorldCom shows signs of financial troubles: rates and revenues decline and debt rises. July 2001 WorldCom receives $2.65 billion in loans from 26 banks to be repaid by the end of 2001. Apr. 30, 2002 Bernard Ebbers resigns as CEO of WorldCom and is replaced by vice chairman John Sidgmore. Jun. 25, 2002 CFO Scott Sullivan is fired after improper accounting of $3.8 billion in expenses covering up a net loss for 2001 and the first quarter of 2002 is discovered. Jun. 28, 2002 WorldCom fires 17,000 employees to cut costs. Jul. 21, 2002 WorldCom files for reorganization under Chapter 11 Bankruptcy, an action that affects only the firm’s U.S. operations, not its overseas subsidiaries. Aug. 9, 2002 Continued internal investigations uncover an additional $3.8 billion in improperly reported earnings for 1999, 2000, 2001, and the first quarter of 2002, bringing the total amount of accounting errors to more than $7.6 billion. Nov. 8, 2002 WorldCom files additional bankruptcy petitions for 43 of its subsidiaries. Nov. 15, 2002 Michael D. Capellas, former president of Hewlett-Packard Company, is named chairman and CEO. Mar. 14, 2003 WorldCom announces that it will take one-time $79.8 billion write-off. May 19, 2003 WorldCom agrees to pay investors $500 million to settle civil fraud charges. Jul. 7, 2003 A federal judge approves a $750 million settlement between WorldCom and federal regulators. Jul. 31, 2003 The General Services Administration notifies WorldCom that it is ineligible to win new federal contracts until it improves accounting controls. Aug. 6, 2003 A bankruptcy judge approves a $750 million settlement of civil fraud charges made by the Securities and Exchange Commission on WorldCom investors' behalf. Aug. 12, 2003 WorldCom appoints former AT&T Corp. executive Richard R. Roscitt as its new president and chief operating officer. Dec. 22, 2003 Federal prosecutors say they intend to show that former CFO Scott Sullivan was involved in 13 kinds of accounting fraud in addition to financial wrongdoing Jan. 7, 2004 The government lifts the suspension that prevented WorldCom from receiving new federal contracts. Apr. 20, 2004 MCI officially emerges from bankruptcy, 21 months after filing the largest Chapter 11 case in history. May 10, 2004 MCI says it will eliminate 7,500 jobs (15 percent of its workforce). Feb. 14, 2005 Verizon Communications Inc. announces a $6.75 billion deal to buy MCI Inc. Mar. 15, 2005 Former WorldCom CEO Bernard J. Ebbers is found guilty of conspiracy, securities fraud, and making false filings with regulators. He is sentenced to 25 years in prison. Aug. 11, 2005 Former CFO Scott Sullivan is sentenced to five years in prison.

Competition law

A brief of the competition laws

Intellectual property laws

A brief of the intellectual property laws

FUNCTIONS OF SEBI

Refer to the slides to get an overall insight into the role , responsibilities and fuctions of SEBI.

ANTI TRAFFICKING BILL NECCESSARY

With the alarming rate of modern slavery, there is a heated debate on whether it is required to introduce a new bill or the one that is in existence is sufficient. Whatever be the matter, the govt has to take stringent measures in this regard in order to free our country that is plagued by human trafficking.

Case- Solomon Girma

Case- Solomon Girma The involvement of national courts is essential to the overall effectiveness of arbitration, both in domestic and international level. However, anti-suit injunction as an instrument of terminating or staying arbitral proceeding, the relationship of national courts and arbitral tribunals are vary between forced cohabitation and true partnership. Moreover, a marked increase of anti-suit injunctions issued by both Arbitral Tribunals and National Courts has been seen recently. This thesis, therefore, identifies the power of both national courts and arbitral tribunals towards issuing anti-suit injunction in international arbitration. In addition, compatibility of anti-suit injunction with the general purposes and principles of international arbitration have been critically scrutinized. Furthermore, the legal effect of anti-suit injunction in international arbitration is addressed in detail. Finally, after a profound analysis on the above three areas of controversies in international commercial arbitration, the thesis argues that since anti-suit injunction is a new trend in international arbitration, both National Courts and Arbitral Tribunals should always exercise this power with due care because their effects may be more harmful than the problem they are seeking to resolve it.   Key Words: Anti-suit Injunction, Judicial Intervention, International Arbitration.

An introduction to PARLIAMENT OF INDIA

An introduction to PARLIAMENT OF INDIA by Dr. Yogendra Narain (Secretary-General Rajya Sabha)

Indian HR labour laws

This document contains the basic indian hr labor laws followed in the corporates.

Conditions and Warranties

Meaning of Conditions & Warranties 1.Condition: According to Section 12(2), a condition is a stipulation essential to the main purpose of the contract, the breach of which gives a right to repudiate the contract. 2. Warranty: According to Section 12(3), a warranty is a stipulation collateral to the main purpose of the contract, the breach of which gives a right to a claim for damages but not a right to reject goods and to treat the contract as repudiated. Whether a stipulation in a contract of sale is a condition or a warranty depends, in each case, on the construction of the contract. A stipulation may be a condition, though called a warranty in the contract

911 Attacks

911 Attacks