NDTV and WSJ reported that MD of Everonn, P Kishore has been arrested by CBI in an alleged case of bribery and tax evasion. This brings into sharp focus the corporate governance practices(or lack of it) at Indian companies at a time when corruption is a hot topic around the country and Investors are likely to jump ship at slightest hint of any malpractice.
Everonn has been consistently performing well in the recent past in terms of its financial performance and had improved its image with induction of J J Irani as non-executive chairman of the Board. If true, these reports are a huge blow to that effort by the company.
3 comments:
Time for shady education companies like Educomp and Everonn to step back
GREAT WORK BY CBI. Basically, I am an ex-Everonn employee. Everonn is a fraudulent organization that thrives in the market by cheating investors and Students. Everonns business model is copy cat of erstwhile Satyam. It cooks up the account book and shows profit to the market. Thereby fooling the investors, investors in turn invest in Everonn, hoping for a good return. Part of the investors money is shown as profit. Kishore is a real estate dealer and Everonn is a mask outside to get money. Finally, Justice was done.
I do agree the same. EVERONN is another satyam. it is not everonn but the MD is a person who pretends to gentleman but very crucked business man. he as this cheating trends in his previous ventures of real estate and other business in ooty.
at last the truth is revealed and I hope investors will realize this and act accordingly
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