11-Nov-2011

Deloitte Does A PwC On Jagan's Media Empire

That is the correct headline for this story: Deloitte does a Satyam with Jagan's media empire.  
Deloitte manipulated the valuation of Jagati Publications up to Rs 3,500 crore instead of an actual valuation of Rs 2,500 crore and even predated the valuation to enable Jagan’s company sell equity stakes at high premiums of over Rs 350 per scrip. P N Sudarshan, senior director of Deloitte Touche Tohmatsu India Private Limited, on Wednesday made a startling confession to the Central Bureau of Investigation (CBI) that Jagan’s clout and political pressure drove the company to compromise on credibility and concede to their demands.
"Startling confession" indeed.

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