REEBOK SCAM by https://padlet.com/rushijain96/reebokscam BUSINESS ETHICS en-us 2017-09-06 12:11:41 UTC 2023-04-03 13:49:32 UTC hello@padlet.com https://padlet-assets.s3.amazonaws.com/icons/Basketball.png WHAT HAPPENED? rushijain96 https://padlet.com/rushijain96/reebokscam/wish/185075230  Shockwaves ran through corporate India in May 2012, when Reebok India filed a complaint alleging criminal conduct on part of its former Managing Director, SUBHINDER SINGH PREM, and former Chief Operating Officer (C00), MR.VISHNU BHAGAT.
The criminal complaint, which was filed by Reebok India’s Financial Director, Shahin Padath, on behalf of the company, alleged a fraud to the tune of a whopping ₹87 billion . Although the sum was later whittled down to ₹8.7 billion, the fraud nonetheless attracted the attention of various investigation agencies . ]]> 2017-09-06 12:17:11 UTC https://padlet.com/rushijain96/reebokscam/wish/185075230 triple bottom line rushijain96 https://padlet.com/rushijain96/reebokscam/wish/185085147
]]> 2017-09-06 12:45:37 UTC https://padlet.com/rushijain96/reebokscam/wish/185085147 SOCIAL PRESPECTIVE rushijain96 https://padlet.com/rushijain96/reebokscam/wish/185089098 Unethical decisions were taken due to which the scam took place. A major social impact of this scam was that many of the employees working at reebok lost their jobs as the sales of the company drastically declined and adidas took over reebok.]]> 2017-09-06 12:54:27 UTC https://padlet.com/rushijain96/reebokscam/wish/185089098 ENVIRONMENTAL PERSPECTIVE rushijain96 https://padlet.com/rushijain96/reebokscam/wish/185090537 There are no such environmental effects due to the reebok scam as it involved mainly fake sales and secret warehousing of goods.]]> 2017-09-06 12:58:08 UTC https://padlet.com/rushijain96/reebokscam/wish/185090537 ECONOMIC PERSPECTIVE rushijain96 https://padlet.com/rushijain96/reebokscam/wish/185092890 http://economictimes.indiatimes.com/et-now/corporate/reebok-scam-hurts-adidas-sales-hit-by-euro-153-mn/videoshow/18853427.cms]]> 2017-09-06 13:04:08 UTC https://padlet.com/rushijain96/reebokscam/wish/185092890 HOW IT ALL BEGAN? himishabhansali10 https://padlet.com/rushijain96/reebokscam/wish/185194844 Founded in England in 1895 named J.W.FOSTER AND SONS.
MANUFACTURER OF TRACK SHOES.
Renamed REEBOK in 1958.
Started it operations in India in 1996.

  •  Adidas of Germany took over Reebok an US brand.

  • Reebok India under Shubinder Singh was very aggresive and pioneered 'guaranteed dealer margins' to push sales.

  • This practice was not favoured by Adidas in view of its German conservative  roots.

  • There was a stand off between new management  and Shubinder right from the beginning.

  •  This led to an all out war.
]]> 2017-09-06 16:14:25 UTC https://padlet.com/rushijain96/reebokscam/wish/185194844 himishabhansali10 https://padlet.com/rushijain96/reebokscam/wish/185209993 2017-09-06 16:38:20 UTC https://padlet.com/rushijain96/reebokscam/wish/185209993 FIR FILED IN GURGAON POLICE STATION himishabhansali10 https://padlet.com/rushijain96/reebokscam/wish/185215301
  • Over-invoicing to the tune of Rs 147 crore .

    • Running a false franchisee referral programme, receipts from which were about Rs 114 crore.

    • Maintaining four secret warehouses where company goods were diverted, all of which have been sealed and goods confiscated.

    • Raising fake invoices of about Rs 98 crore to show higher sales and claim promotions, bonus and incentives.

    • Raised finance from Banks by using fake invoices. 
    ]]>     2017-09-06 16:48:15 UTC https://padlet.com/rushijain96/reebokscam/wish/185215301     REASONS OF SCAM himishabhansali10 https://padlet.com/rushijain96/reebokscam/wish/185229202
  • Conflict of interest.

    • Lack of accountabiity.

    • Fraud with government authority.

    • Mismanagement.
    ]]>     2017-09-06 17:14:19 UTC https://padlet.com/rushijain96/reebokscam/wish/185229202     himishabhansali10 https://padlet.com/rushijain96/reebokscam/wish/185247836 2017-09-06 17:50:24 UTC https://padlet.com/rushijain96/reebokscam/wish/185247836 Done by: rushijain96 https://padlet.com/rushijain96/reebokscam/wish/185637410 Rushi Jain
    Himisha Bhansali 
    Juhi Raghuwanshi 
    Ayushi Gala]]>     2017-09-07 17:55:06 UTC https://padlet.com/rushijain96/reebokscam/wish/185637410