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If you think <keyword id="10387" type="CITY" weightage="60" keywordseo="Microsoft">Microsoft</keyword>’s prolonged search for the next <keyword id="5645" type="POSITION" weightage="100" keywordseo="CEO">CEO</keyword> is getting a bit nutty, especially with a disgruntled <keyword id="62333" type="PERSON" weightage="60" keywordseo="Steve-Ballmer">Steve Ballmer</keyword> waiting on the sidelines to hand over the mantle, you are not far from the truth. But then, that is the actual state of the coveted C-Suite nowadays – volatile is the right word if you want to sum it up. There is no job security at the top and even the best performer for years can get redundant within the span of a few weeks. The issues could be many – right from <keyword id="646347" type="UNKNOWN" weightage="100" keywordseo="poor-performance">poor performance</keyword> to <keyword id="610960" type="UNKNOWN" weightage="100" keywordseo="business-restructuring">business restructuring</keyword> to alleged <keyword id="6375736" type="UNKNOWN" weightage="100" keywordseo="corruption-charges">corruption charges</keyword>. But the biggest factor is relevance, a perfect future-fit that can take companies ahead, according to <keyword id="67736" type="UNKNOWN" weightage="100" keywordseo="Industry-experts">industry experts</keyword>. In a difficult <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword>, companies are compelled to twist and turn to keep track of profitability and their requirements change accordingly. Hence, their leaders have to adapt, shape up or ship out, as the case might be. 
 India is no exception and business leaders across the country have been frequently ‘released’ by industry giants. Many of them leave with ‘immediate effect’ while others are on garden leave or worse still, waiting for their predecessors to turn up (just like Ballmer). Yet, most of the C-Suite executives are tight-lipped about their departures, at least here in India. We are yet to come across an announcement like the one made by <keyword id="384914" type="PERSON" weightage="60" keywordseo="Groupon">Groupon</keyword>’s founder and former CEO <keyword id="488139" type="PERSON" weightage="60" keywordseo="Andrew-Mason">Andrew Mason</keyword>. But exit happens all the same – be it discreet or blatant. Here’s a quick look at some of the top-notch C-Suite executives from India who parted ways with their respective companies in 2013, their official exit lines and what happened behind the scene.

Strife At The Top: These
11 C-Suite Execs From India
Were ‘Let Go’ In 2013

For the third consecutive year, Texas Executive Education at The McCombs School of Business hosted 50 students from the Indian Institute of Management in Indore. 
 <keyword id="150302" type="COMPANY" weightage="20" keywordseo="IIM-Indore">IIM Indore</keyword>, a top-five business school located in Madhya Pradesh, sent their best and brightest for a five-week Custom Program focused on analytics for business excellence. The students from the <keyword id="1161218" type="ORGANIZATION" weightage="20" keywordseo="Executive-Post-Graduate-Programme">Executive Post Graduate Programme</keyword> in Management of IIM Indore also brought laurels to their institute by winning various competitions which were organized in Red McCombs School of Business. 
 EPGP participant <keyword id="3821817" type="UNKNOWN" weightage="20" keywordseo="ayush-khaitan">Ayush Khaitan</keyword> participated in a <keyword id="1604076" type="UNKNOWN" weightage="20" keywordseo="hackathon">Hackathon</keyword> and his team won the 2nd prize. Hackathon is a competition which requires coming up with a working solution to some existing problem using an existing technology, in a limited time. This Hackathon was organised by Moovel, a subsidiary of well-known Diamler Group. Ayush participated in the 48 hour non-stop session which required the use of technology to solve a problem in the mobility domain. 
 
Participants also took part in an IIM Indore/UT Austin Social Media Analytics Challenge 2016. Social Media Analytics is an exciting new field which can help a marketer in many ways such as planning a marketing campaign, predicting an election’s result, forecasting sales using the data from social media sites such as Facebook, Twitter, etc. Akhil Jhingan, Anjani Kumar Sinha, Anupam Singh, Himanshu Makkar, Gaurav Tyagi and Eshana G won the first prize in the challenge. They presented their work on giving suggestions to HR for an enhanced employee satisfaction, IIM Indore officials said. 
 Ankur Jain, Gourav Arora, Samir Singh, Shantanu Roy, Vaibhav Agarwal and <keyword id="2089006" type="UNKNOWN" weightage="20" keywordseo="Vaibhav-Singhal">Vaibhav Singhal</keyword> won the second prize in the event. They worked on designing a social media campaign for a hypothetical political party for upcoming assembly elections in Uttar Pradesh. 
 
Another team comprising of Himanshu Bhatia, Rupak Laskar, Kirthirani, Prashant Mishra and Sandeep Reddy bagged ‘honourable mention award’ in the event and they analysed the dynamics of start-up culture in India. 
 
Notably. IIM-Indore has a tie-up with McCombs School of Business, wherein the EPGP participants complete one semester while staying at the University campus and are taught by the some of the most imminent professors.

Here's why it was raining awards on IIM Indore students at the Texas University competitions

A complex web of 393 shell companies used for allegedly diverting funds unscrupulously to the tune of Rs 2900 crore has been unearthed by the CBI during its probe into such cases over the last three years, according to PTI. CBI sources said the shell companies were allegedly being used by the accused to divert loan funds meant for specified purposes, creating fake invoices, and "round-tripping" of funds to evade taxes and generate black money. Round-tripping is sending money abroad to tax havens in the guise of payments for fake imports through shell companies and bringing back that money showing it as foreign investment. The findings of the CBI are just a tip of the iceberg as these are only those cases where the agency has been able to find legally-tenable evidence of money trail, cheating and diversion of funds to cheat the banks, said the sources not willing to the named. The murky activities have been exposed during the CBI probe into various loan fraud cases involving 28 public sector banks and one private bank, the sources said. Besides this, the agency is probing about 200 cases involving funds of at least Rs 30,000 crore, the sources said. The CBI is prosecuting these companies for corruption and scheduled offences associated with it. In addition, it will also refer these cases to other investigating agencies for action under other laws like Companies Act, Prevention of <keyword id="6355008" type="UNKNOWN" weightage="20" keywordseo="money-laundering">Money Laundering</keyword> Act, Benami Transactions (Prohibition) Act and the <keyword id="6354751" type="COMPANY" weightage="20" keywordseo="Income-Tax">Income Tax</keyword> Act etc, the sources added. The agency has not only "exposed" these shell companies but also gathered enough material which would "plug" the possibility of them being used for any further operation, the sources claimed. The sources said it is likely that these shell companies have been used to abfinancial crimes by other offenders too which will be probed by other agencies. The companies are spread across the country as also the 'tax-haven' countries facilitating transfer of black money which makes the investigation even more difficult, they said. Some important cases which have been probed by the CBI include the one against <keyword id="4504226" type="UNKNOWN" weightage="20" keywordseo="century-communication-group">Century Communication Group</keyword> which used to run Mahua Channel. According to the figures mentioned in the agency's charge sheets and FIRs, the group allegedly committed fraud to the tune of Rs 3000 crore. It used over 98 shell companies to allegedly divert bank loans for setting up digital studios in Noida, Mumbai, <keyword id="6354925" type="COMPANY" weightage="100" keywordseo="Kolkata">Kolkata</keyword> and other locations, the CBI has said. These companies were allegedly used to divert funds showing fake equity infusion to the tune of Rs 802 crore. The Kolkata-based shell companies named in the case were allegedly controlled by one Muralidhar <keyword id="108547" type="PERSON" weightage="20" keywordseo="Lahoti">Lahoti</keyword>. Three chartered accountants have also been charge sheeted. Zoom Developers faces 14 cases for allegedly swindling bank funds worth Rs 2600 crore involving a consortium of 26 banks. It allegedly collateralised foreign bank guarantees issued by Indian banks in favour of foreign aggregators. The CBI had registered two cases against Jignesh Shah and Anjani Sinha of National Spot Exchange Limited, also known as "NSEL scam", in which funds of Rs 342 crore were allegedly swindled. Nine shell companies surfaced during the probe which were trading on the exchange platform allegedly without having actual possession of the commodities, they said. The company is accused of increasing its paid-up capital to Rs 500 crore by round-tripping and routing bank funds to the extent of Rs 460 crore through six shell companies. In a recent case, the agency has found that a dental college existed only on paper while a bank was told that the construction was completed and loan funds were diverted for purposes other than for which these were issued. In many cases, the CBI found that companies have peons, drivers, sanitation workers, personal staff, cooks etc as the directors of the shell companies created by the masterminds who divert funds using them, the sources said. Recently, the government expressed concern over the working of shell companies in the country. Revenue Secretary Hasmukh Adhia had said that out of 15 lakh companies registered in India, nine lakh are not filing any returns and some among them may be acting as shell companies.

Here’s how Rs 2900 crore was diverted through shell companies of Noida, Mumbai and Kolkata

The distressed investors of <keyword id="6405757" type="COMPANY" weightage="20" keywordseo="NSEL">NSEL</keyword> have alleged foul play and have sought clarification from the Mumbai police regarding the investigation into the scam. The investors believe that the evidence against key accused <keyword id="154840" type="PERSON" weightage="20" keywordseo="Jignesh-Shah">Jignesh Shah</keyword> and other <keyword id="6405755" type="ORGANIZATION" weightage="20" keywordseo="FTIL">FTIL</keyword> (Financial Technologies India Ltd) directors have been tampered with by people privy to the investigation. 
	 “The investigation in NSEL scam by Mumbai police is slowly turning into a farce and a sick joke on 13,000 helpless families, who expected justice and timely-fair investigation from Mumbai Police,” said <keyword id="6558736" type="PERSON" weightage="20" keywordseo="Ketan-Shah">Ketan Shah</keyword> of NSEL Investors Action Group, an association of 13,000 investors affected by the scam. 
	 
	The association wrote the letter following a report that stated that the Mumbai Police was recovering crucial data regarding the scam and FTIL’s role in it. However, on interacting with the investigating officers, the investors were informed that NSEL servers had never crashed. “This is shocking as this is in direct contravention of what had appeared in the reports and what all investors were continuously led to believe. This crash of server and them being sent to Bangalore was also confirmed by Anjani Sinha in his statement dated October 21, 2013…”, said Shah in the letter. (Also read <a href="file:///C:\Users\purba.das\Desktop\Work\NSEL%20Investors%20Allege%20Foul%20Play.docx">http://www.businessinsider.in/NSELInvestors-Allege-EOW-Soft-On-Borrowers-In-Rs-5600-Crore-Scam/articleshow/45021197.cms</a>) 
	 
	He further alleged that the server that contained crucial data regarding the operations of the NSEL scam has been tampered by FTIL employees stationed in the premises of the Economic Office Wing (EOW) office. 
	 
	“You may be aware that mirror servers of NSEL are installed at EOW 5 premises and FTIL employees are handling it. This violates any sense of propriety- common sense and basic principles of investigation as FTIL and NSEL directors are accused and their employees should not even be in the vicinity of investigation office. In spite of our several reminders to remove all NSEL and FTIL employees from EOW 5… they are continuously allowed to sit there making them privy to all investigation plans and progress,” noted Shah. 
	 
	Besides, Babloo Tarwale, the person assigned for handling NSEL servers at EOW 5 from FTIL, recently revealed that NSEL servers had ‘never crashed’ and has called the reports false. The investors have urged the police to thoroughly investigate Tarwale for his role in management of NSEL servers as well as ensure that EOW data has not been tampered with. 
	 
	The investors have also sent the letter to the Prime Minister’s Office, Finance Minister Arun Jaitley, ED Delhi, Central Bureau of Investigation (CBI), Home Minister of Maharashtra, ED Mumbai and joint commissioner of Mumbai Police (crime).

NSEL Investors Allege Foul Play, Seek Clarification

NSEL investors are unhappy with the way investigators have conducted the investigation. They have alleged that Rs850 crore were siphoned off to Mauritius to an <keyword id="6405755" type="ORGANIZATION" weightage="20" keywordseo="FTIL">FTIL</keyword> subsidiary- FT Group Investments Pvt Ltd’ from FTIL even as the investors warned and tipped off the investigating agencies. 
	 
	“About Rs850 crore were siphoned off to Mauritius to an FTIL subsidiary- FT Group Investments Pvt Ltd’ from FTIL right under the nose of Economic Offense Wing and Enforcement Directorate and other agencies as loans and advances after the NSE scam. These loans have been converted into equity. This was clearly with a view to take these huge sums out of the ambit if Indian courts and agencies,” the investors alleged in a letter to the new joint commissioner of Mumbai Police (Crime). 
	 The investors believe that the evidence against key accused <keyword id="154840" type="PERSON" weightage="20" keywordseo="Jignesh-Shah">Jignesh Shah</keyword> and other FTIL (Financial Technologies India Ltd) directors have been tampered with by people privy to the investigation. 
	 
	Besides, the investors have also accused the investigating authorities of tampering with the servers of FTIL. “The location and detection of original mail server and data of NSEL and FTIL still remains a mystery where we suspect a big foul play. In the past, Mumbai police has informed the press that the crashed server is being collected from Bangalore for analysis but now the people handling servers at FTIL claim there never was any crash. This proves there is a major cover-up in investigating mail server data in collusion with Mumbai police,” added Ketan Shah, an NSEL investor in the letter dated March 25, 2015. 
	 
	The investors have also accused the agencies of being soft on both Jignesh Shah and other FTIL directors as they did not challenge Shah’s bail in the Supreme Court. Also, the investigation into insider trading by Jignesh Shah on NSEL by companies controlled by Mukesh P Shah and where La Fin Financial Services P Ltd had a stake which was mentioned in the chargesheet has been stalled for unexplained reasons. 
	 “The Police have not called Manjay Shah to take his statement in spite of knowledge that he was number two in the FTIL group and managed all shady affairs including his involvement in the <keyword id="1888912" type="UNKNOWN" weightage="20" keywordseo="NSEL-scam">NSEL scam</keyword> brought out in the Anjani Sinha’s affidavit,” said the investors. 
	 
	Apart from this, the investors are also upset as the investigating agencies have not taken any action against the auditors, Mukesh Shah along with others. 
	 
	“In spite of our giving a list pf the web of bogus companies used by Mukesh Shah and his associates to play on exchanges, there was no action taken. Even after our repeated complaints and clear role of Indian Bullion Markets Association (IBMA) as money laundering vehicle and bogus trades to the tune of Rs 500 crore per day on NSEL E-series, no action has been taken. Money from NSEL defaulting borrowers like LOIL, Mohan India, PD Agro, has been fraudulently diverted into IBMA to make up for Rs 65 crore losses it suffered on account of Jignesh Shah’s speculative trading losses on MCX. These losses were falsely parked in SNP Designs P Ltd,” the investors pointed out. 
	 
	The investors also want investigation against the brokers such as Motilal Oswal, Philip Capital, who they alleged, were privy to the scam. The distressed investors have sent the four-page letter to the Home Minister of Maharashtra, Joint Commisioner of Mumbai Police, Additional and Deputy Commisioner of Police of the Economic Offense Wings respectively.

You Searched For "Anjani Sinha" and got 5 results

Strife At The Top: These 11 C-Suite Execs From India Were ‘Let Go’ In 2013

Sanghamitra Mandal

Here's why it was raining awards on IIM Indore students at the Texas University competitions

Anushree Singh

Here’s how Rs 2900 crore was diverted through shell companies of Noida, Mumbai and Kolkata

BI India Bureau

NSEL Investors Allege Foul Play, Seek Clarification

Purba Das

NSEL Scam: Rs 850 crore was siphoned off from India to Mauritius, and investigative agencies don’t have a clue about it!

Purba Das

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