The Reebok fraud has now been referred to the Serious Fraud Investigation Office following a non-invasive scrutiny of the books of accounts of the Adidas unit in India
New Delhi: Corporate Affairs Minister Veerappa Moily on Tuesday said "something wrong" has been found in the books of Reebok India, which has accused two of its former top executives of a Rs870-crore fraud, reports PTI.
The minister also said the matter has now been referred to the Serious Fraud Investigation Office (SFIO) following a non-invasive scrutiny of the books of accounts of the sportswear maker.
"Prima facie, we have found something wrong in their (Reebok) books. The matter has now been referred to the SFIO for further investigation," Moily told reporters on the sidelines of an ASSOCHAM event.
He said the report of the non-invasive scrutiny, carried out by the Registrar of Companies (RoC), Delhi, was submitted yesterday to the ministry.
Last week, the ministry had ordered an enquiry into the books of accounts of Reebok's Indian arm over complaints of an alleged Rs 870-crore fraud. The enquiry was ordered on the basis of a complaint from an investor.
Reebok India had filed an FIR with the Gurgaon police last week alleging its former MD Subhinder Singh Prem and COO Vishnu Bhagat of Rs870 crore fraud by indulging in "criminal conspiracy" and "fraudulent" practices over a period of time.
While both Prem and Bhagat had denied the allegations, a local court on Saturday had rejected their anticipatory bail.
Security experts discovered the new data-stealing virus dubbed 'Flame' which they say has lurked inside thousands of computers across the Middle East for as long as five years
Jerusalem: An unprecedented "cyber espionage worm" considered the most sophisticated spyware virus yet unleashed, attributed to a "state player", has hit Iran and other Middle Eastern (ME) countries with the possible goal of foiling Tehran's nuclear ambitions, reports PTI.
Security experts discovered the new data-stealing virus dubbed 'Flame' which they say has lurked inside thousands of computers across the Middle East for as long as five years as part of a sophisticated cyber warfare campaign.
Russia-based Internet security company Kaspersky Lab that uncovered the virus 'Flame' said it is designed to collect and delete sensitive information.
Kaspersky, one of the world's biggest producers of anti- virus softwares, said the bug had infected computers in Iran, the West Bank, Sudan, Syria, Lebanon, Saudi Arabia and Egypt.
Flame is "actively being used as a cyber weapon attacking entities in several countries," Kaspersky said in a statement, describing its purpose as "cyber espionage".
"The complexity and functionality of the newly discovered malicious programme exceed those of all other cyber menaces known to date," the statement said.
The Internet security company also said that Flame contained a specific element that was used in the Stuxnet worm and which had not been seen in any other malware since.
On its blog, Kaspersky called Flame a "sophisticated attack toolkit," adding that it was much more complex than Duqu, the vehicle used to deliver Stuxnet.
The Stuxnet bug, discovered in June 2010, targeted primarily Iranian computers.
Iran admitted that the worm had damaged centrifuges operating at an uranium enrichment facility at Nantaz.
Kaspersky's chief malware expert Vitaly Kamluk told the BBC that more than 600 specific targets had been hit by Flame, including computers owned by individuals, businesses, academic institutions and government systems.
Kamluk said he believed the malware had been operating at least since August 2010, and probably earlier, adding that there was "no doubt" that it was developed by a "state actor".
Israel has described Iran's nuclear programme an "existential threat", vowing to use all "options on the table" to foil it.
Symantec, another Internet security firm, was quoted by daily Ha'aretz as saying on its blog that the bug's code was on par with that of Stuxnet and Duqu, which it described as "arguably the two most complex pieces of malware we have analysed to date."
It also said that certain file names in Flame were identical to those described in a hacking incident in April involving the Iranian oil ministry.
The worm had been operating discreetly for at least two years and was likely written by "an organized, well-funded group of people working to a clear set of directives," the firm stressed.
Symantec said the virus had also been found in computers in Hungary, Austria, Russia, Hong Kong and the United Arab Emirates.
The Forum held that the MSEDCL had provided deficient services to the consumer and not bothered to replace the faulty meter and hence was liable to compensate
Thane: The Thane District Consumers Grievances Redressal Forum has held that the Maharashtra State Electricity Distribution Co Ltd (MSEDCL) has provided deficient services to a domestic consumer and ordered the public entiry to pay Rs10,000 as compensation to him, reports PTI.
The forum headed by RB Somani along with member Jyoti Iyer ruled that the MSEDCL had billed exhorbitantly the complainant and also demanded interest on the outstanding from the complainant.
The forum gave the ruling recently after MSEDCL provided a faulty meter to the consumer from Thane who challenged the bill itself.
"It was the primary responsibility of MSEDCL to replace the faulty meter and give proper services to the consumer," it said.
Issuing exhorbitant bills and demanding interest in itself is a harassment, the forum ruled.
The Forum ordered a compensation payment of Rs8000 towards mental torture ofo the complainant and Rs2000 towards legal expenses.
The complainant Anand G Rao from Kalwa, had claimed a sum of Rs1 lakh towards damages and torture, while demanding Rs15,000 towards legal expenses.
Rao in his complaint told the forum that he was a consumer of MSEDCL from 1997 and till May 2001 he received a bill of Rs310 per month, which he paid.
However, in June 2001 the MSEDCL claimed that the meter was faulty and changed the same and started issuing an average bill.
He said payments wer made as per the bills issued by the MSEDCL. On several occasions the MSEDCL issued exhorbitant bills which were got corrected by the complainant but it never bothered to replace the faulty meter even till 2005, it was pointed out.
The meter was replaced in August 2005. The Corporation calculated the power bill on average and issued a bill for Rs76,990 in January 2007, which according to MSEDCL included an outstanding amount of Rs75,751.
The complainant challenged the very basis of demand from the MSEDCL which stated that he had consumed a total of 10753 units between March 2002 and May 2005 and the average for the 40 months came to 268 units and the value of the consumption was Rs33,303. With the interest, the total sum came to Rs49,417.
The Forum held that the MSEDCL had provided deficient services to the consumer and not bothered to replace the faulty meter and hence was liable to compensate for its follies.
The Forum also directed the Corporation to work out the actual bill due and take action accordingly and if need be adjust the excess payment in the future bills.