Case studies

The case study aims to achieve the following learning objectives, structured according to the Revised Bloom’s Taxonomy: First, explore the corporate governance framework: recall the roles and responsibilities of key stakeholders at UCICI Bank and AUDIOCON Group and their coordination in governance structures; interpret the principles of stakeholder theory and their application in governance decision-making processes; apply ethical frameworks like the Markkula Center for Applied Ethics Framework and the Josephson Institute Ethical Decision-Making Model to evaluate governance effectiveness; analyse governance lapses and identify gaps in oversight and stakeholder coordination; and propose reforms in governance frameworks to prevent future fraud; evaluate how effectively the governance structure addresses corporate fraud. Second, examine the concept of conflict of interest: understand the ethical and legal implications of conflicts of interest presented in the case; apply knowledge to assess corporate governance failures related to conflict of interest; analyse oversight lapses and identify causes for governance failure; evaluate SEBI regulations on conflict of interest and recommend strategies to mitigate such conflicts in corporate settings; explore the concept of related party transactions (RPTs); understand how RPTs influence governance and stakeholder interests; apply governance principles to assess the legality of RPTs in the case; analyse risks and ethical concerns associated with RPTs and governance failures linked to these transactions; and evaluate proposed regulatory reforms to enhance oversight and transparency. Third, derive key lessons from the case: understand areas for improvement in corporate governance practices, internal reporting mechanisms and whistleblower protections; apply lessons to create strategies for improving governance practices and protecting stakeholders; analyse systemic governance flaws that contributed to the fraud; evaluate the effectiveness of governance practices in preventing similar frauds in the future; and create recommendations for improving governance, ethics and whistleblower policies. Fourth, examine basic issues and remedial measures: understand the root causes of governance failures in the case; apply knowledge of corporate governance principles to recommend reforms in regulatory and accountability frameworks; analyse weaknesses in the existing governance system that enabled fraudulent activities; evaluate the feasibility of proposed remedial measures for transparency and ethical practices; and create new governance policies to enhance accountability and prevent future frauds.

By studying the UCICI AUDIOCON Loan Fraud Case, the above objectives are aimed to shed light on the complex dynamics of corporate governance, conflicts of interest, regulatory compliance, wrongdoing reporting mechanism, whistle-blower policy and reputation risks within the banking industry. The findings and insights from the case study can contribute to improving governance practices and strengthening the integrity of financial institutions.

The UCICI – AUDIOCON loan fraud case epitomises a crisis in corporate governance, spotlighting ethical breaches at the highest echelons of leadership. This case study delves into the dilemma faced by UCICI Bank’s Board of Directors regarding the prosecution of its former CEO, Mhanda Mochhar. Accusations of impropriety stem from a suspicious loan of US$391.57m to AUDIOCON Group, allegedly facilitated by Mochhar in exchange for personal benefits. The ensuing investigation unearthed violations of banking regulations, including non-disclosure, conflict of interest and RPTs. The pivotal board meeting, dissected in this study, underscores the delicate balance between accountability and reputational damage. Through analysis and debate, stakeholders grapple with the repercussions of their decisions on the bank’s integrity and stakeholder trust. The case encapsulates broader lessons on corporate governance, conflict of interest and regulatory oversight, serving as a springboard for critical inquiry and strategic reform in the financial sector. As the saga unfolds in the courtroom, this study provides a lens into the complexities of corporate morality and the imperative for robust governance frameworks.

This case study can be used in classes/subjects such as Finance, Strategic Management, Corporate Governance, Business Ethics and Law for (Vidgen, Hindle, & Randolph, 2020).▪ Graduate students and officials.

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CSS1: Accounting and Finance.

This case study enables participants to:▪ To understand the fintech landscape in India and assess how market dynamics can impact Paytm’s valuation.▪ To evaluate the drivers affecting the value of Paytm and arrive at Paytm’s valuation.▪ To critically appraise the investment decision made.

Rajani Chandran, a seasoned financial analyst, relooks her recommendation of Paytm in light of the recent revocation of its Payment Bank License. Paytm, the flagship service of One97 Communications Ltd., a financial technology company, is a pioneer in the Indian digital payments and financial services market. However, the developments post going public in 2021 were not always favorable. The frequent fallout with Reserve Bank of India brought restrictions on onboarding new customers and ultimately the revocation of the license. This drastic move is of huge concern to those who have invested in the company. Thus, given this backdrop, Rajani initially explored the dynamic landscape of the Indian digital payments and fintech industry, considering macroeconomic factors, competition and regulatory dynamics. She delved into Paytm’s financial performance to gauge its position in the market. The next phase of the careful scrutiny involved arriving at the equity value of the venture using the discounted cash flow model. Finally, Rajani critically appraised the drivers of valuation, incorporating both quantitative and the story she has crafted around Paytm. Consequently, participants in this case study are prompted to evaluate Paytm and arrive at a valuation and furnish a comprehensive recommendation based on their analyses, thus understanding the intricacies of evaluating a fintech company with immense potential. This case study serves as a valuable resource for students seeking to comprehend the complexities of financial analysis and valuation within the context of a dynamic and evolving industry landscape.

The case is best suited for a course on Financial Statement Analysis while discussing how the financial statements of new-age tech companies can be analyzed and Business Valuation while introducing DCF valuation. The case serves as a comprehensive example of the multifaceted challenges and considerations that a buy-side analyst should have while valuing a company and pitching an investment within the fintech industry. Designed for second-year MBA students, the case assumes familiarity with financial reporting and strategic management concepts such as Political, Economic, Social, Technological, Legal and Environmental (PESTLE) and strength, weakness, opportunity and threat (SWOT) analyses and Business Canvas Model.

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CSS 1: Accounting and Finance.

1. Understand the impact of macroeconomic factors on investment portfolios:Students will learn how macroeconomic conditions, such as changes in policy rates by central banks, influence investment decisions and portfolio performance. They will analyze how these factors can lead to significant financial challenges for managed funds.2. Develop strategic financial decision-making skills:Through examining the case, students will practice making strategic financial decisions under uncertain and volatile market conditions. They will explore various options for managing an underperforming investment fund and the potential outcomes of these choices.3. Evaluate risk management techniques:The case provides a platform for students to understand different risk management strategies, including the trade-offs between holding long-term bonds versus reinvesting in short-term securities. They will assess the risks and benefits of these strategies and how they impact fund stability and performance.4. Enhance skills in portfolio management:Students will gain practical experience in portfolio management by examining the fund’s investment decisions, performance metrics and the process of presenting and defending investment proposals. This will involve analyzing the financial and strategic implications of different asset allocations.5. Apply theoretical concepts to real-world scenarios:The case encourages students to apply theoretical concepts such as yield to maturity (YTM) calculation, discounted cash flow analysis, capital asset pricing models and benchmarking against indices to real-world scenarios. This helps bridge the gap between academic principles and practical application in finance.

The case study centered on the Sukkur IBA University in Pakistan, highlighting the challenges faced by its student-managed fund (SMF). From November 2015 to January 2023, the case study offers a comprehensive examination of the fund’s activities in the financial services and higher education domains. Mr Shankar Talreja, the fund manager, contemplating with significant investment losses because of macroeconomic fluctuations, specifically the rising policy rates by the State Bank of Pakistan. These losses challenge the sustainability of the SMF, which serves as a practical learning platform for students. The primary dilemma revolves around whether to continue operating the fund amid consistent losses or to dissolve it, redirecting resources to other educational programs. This case focuses on financial decision-making, risk management and investment strategies, tailored for academic settings.

This case study is intended for use in graduate- and undergraduate-level courses on corporate strategy, investment management and finance. It is appropriate for graduate students who are looking to apply these concepts more deeply as well as undergraduate students who have a strong foundation in finance due to the complexity of the financial concepts involved, such as risk management, portfolio strategy and macroeconomic impacts.

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CSS1: Accounting and Finance.

This case study introduces some elements of strategic management process that instils competitive advantage on an entity such as a higher educational institute (HEI). It endeavours to achieve the following goals: comprehend strategy implementation through the sustainability paradigm; demonstrate the concept of cost-benefit analysis in strategy; analyse the challenges to new product adoption; and deliberate on extension of the project to include newer areas for greening. Thus, students would be taught about strategy implementation through the sustainability paradigm: they would be introduced to the concept of cost-benefit analysis through an application of the concept in strategic decision-making; students would be taught the about the challenges in new product (such as greening equipment) adoption; and they would be guided to deliberate on the extension of the project in newer areas of greening.

Prof Atmanand, as the Director of MDI Murshidabad (MDIM), was combating the challenge of leading the campus of the fledgling institute in its initial years. It was May 2023. MDIM was a business school in West Bengal, India. Atmanand had formulated a strategy of “greening” of the campus using a solar lighting system and organic waste converter to start off. The first steps were initiated in early 2021. The possible gains from this move needed to be weighed against the possible costs. Possible benefits included reductions in electricity expenditure, easier conformation to contemporary waste disposal norms, better scores in HEI-ranking exercises and increase in brand value of MDIM. The principal costs were: capital expenditure, possible higher payback period and challenge in adoption of sustainability products such as organic waste converter. The case study engages the student to learn about competitive strategy design and implementation in an HEI, and the resulting challenges. The case study can consequently be used in a Master’s level course in strategic management (competitive strategy) in the context of sustainability management, or as a case in the elective sustainability management offered to the senior batch in the MBA curriculum. The case study weighs out the benefits of the “greening” programme at MDIM against its possible costs. The possible benefits were manifold: reduction in electricity bills, easier conformance to contemporary waste disposal norms and higher scores at HEI-ranking exercises, both at the national and the international levels. Some benefits were not so quantifiable, such as better “press”, and consequent increase in brand value of MDIM. Weighted against these were the costs, capital expenditure, possible higher payback period and lack of in-house operational expertise (such as mechanics). The decision is not easy; although there are numerical tools (indicated in the case), they must be supplemented with a holistic understanding of the context, and any decision to be taken would require a combination of qualitative understanding along with numerical indicators. The case also exhorts the reader to understand problems in adoption of sustainability products and attempts to look to the future in terms of managerial initiatives.

This case study is suitable for postgraduate level (MBA) and executive programmes.

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CSS4: Environmental Management.

Learning Objective 1: Develop students’ ability to critically assess and probe the challenges of aligning business objectives with compliance to local and international environmental regulations. Students will learn to identify how tensions between regulatory compliance and business goals influence decision-making processes in resource-intensive industries.

Learning Objective 2: Increase problem-solving skills of students by exploring the trade-offs between economic growth and environmental stewardship. They will be able to examine real-world dilemmas, such as community displacement, biodiversity loss, and pollution in mining contexts, and understand how to navigate these complex challenges using insights from Dr Nick’s experiences.

Learning Objective 3: Advance integrative learning, inquiry and interpretive capabilities of students by demonstrating the significance of ESG principles in mining operations focusing on environmental management, community engagement, and ethical governance. Students will learn how to integrate these principles into corporate strategies to achieve a balance between profitability and sustainability.

Learning Objective 4: Equip students with hands-on experience through real business scenarios by addressing dilemmas companies face in the era of climate change and appreciate the role of leadership in driving and implementing sustainable practices. Students will understand how leaders like Dr Nick balance stakeholder interests, ethical standards, and operational efficiency, and how this balance impacts the company’s growth and sustainability objectives.

This case introduces students to the difficulty an environmental manager faces in balancing the interests of the community at large with the company’s goals. Dr Nick Okello, an environmental manager at Base Titanium, is the protagonist of the case. For several years, Dr Nick has overseen the business’s environmental programs at the high-grade mineral sand mine called Kwale Operation, which is situated along Kenya’s coast. The case allows students to explore how Environmental, Social, and Governance (ESG) principles are applied in a mining company setting by using this case study. Simple assessments can be applied by students to evaluate ESG and discuss their analysis of it. The mining industry’s intricate relationship between corporate governance, business strategy, and environmental stewardship is exemplified by the Dr Nick case at Base Titanium. It provides a critical analysis of the difficulties businesses confront in attempting to strike a balance between sustainable ethical business practices and economic growth, especially in areas where governance issues are common.

This case is suitable for use in executive education, MBA, senior undergraduate, and other graduate-level business programs in courses such business management, organizational behaviour, environmental sciences, project management, strategic management, operations, finance, corporate governance, leadership, and sustainable development.

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CSS 4: Environmental Management.

After completion of the case study, the students will be able to analyze the overall competitive environment for telecom sector in India with the use of Herfindahl–Hirschman index tool, execute the fundamental analysis of Jio Platforms Limited (JPL) company, understand the concept of net neutrality and its implications for India market, understand the concept of “Zero debt company” and its implication for companies and understand data privacy concerns.

In early September of 2020, Ashish Aggarwal, a businessman in the northern state of Punjab, India with his usual habit of turning the pages of newspaper on hand and sipping morning chai got excited while reading newspaper with recent investment of Meta Platforms via Facebook buying 9.99% stake in reliance JPL. He explored and saw the potential for small businesses to invest in this and earn money, as a finance-inclined individual Aggarwal thought why not invest and earn from this opportunity. So he started googling and saw all the reviews of analysts on investment site and investors predicted that the deal could be a game changer that would further transform the existing telecom and social media platforms in India. The deal would further open doors for a new market “JioMart” which could be a futuristic design for a “one-stop-shop for e-commerce, social media consumption, instant messaging, and also digital payments”. Mukesh Ambani’s intentions to make the company zero net debt company within next 18 months fascinated him too. All this made Aggarwal interested in investing in JPL on behalf of his company as this investment option was only for business investors. So he called his financial manager, Mr Anish Mahajan for discussing the issue and both started discussing what could be the future of investment, then he told Mahajan to do the complete analysis. Also, Aggarwal was perplexed about the impact that Meta’s investment in Jio would have on consumers, especially in India. How would the telecom regulatory authority in India view it? Aggarwal felt that how the telecommunication industry would plunge into disruption mode in future. What would be the competitors’ stance in India? Would it trigger other players for strategic alliances? Aggarwal was in a dilemma whether he should invest his money in JPL company or not with controversial discussion on net neutrality and data privacy concern?

This case study is suited to master degree programs.

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CSS 1: Accounting and Finance.

After completion of the case study, the students will be able to assess Paytm’s share buyback in the context of conventional practices, especially for loss-making firms, analyze the influence of initial public offering (IPO) performance on market sentiments and the role of subsequent events in shaping investor confidence, explore the regulatory framework for share buybacks in India and its impact on Paytm’s decision, scrutinize Paytm’s post-IPO financials and evaluate the board’s rationale for the share buyback and examine the factors influencing Paytm shareholders’ decisions amid the buyback, considering market conditions and the company’s outlook.

This case study discusses the unorthodox choice made by Paytm, a leading Indian digital payments and financial services provider, to begin a share repurchase program just one year after its substantial IPO. Paytm encountered difficulties as its stock price experienced a sharp decline of 74% following the IPO, which raised concerns among shareholders and elicited mistrust from analysts. This case study explores the reasoning for the buyback, the legislative framework of share buybacks in India and the diverse viewpoints of analysts regarding the company’s financial strategy. This case study provides not only ample opportunity to discuss ethical issues around managers’ corporate actions but also brings investors a dilemma.

This case study is suited to Master of Business Administration/Master of Science/Bachelor of Business Administration/Bachelor of Science.

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CSS 1: Accounting and Finance.

The authors have discussed the importance of creating socially transformative health-care ecosystems in emerging economies like India. After completion of this case study and assignment questions, the students will be able to apply the case experience to comprehend the underlying factors influencing the decision of the implementation and replication of the Sanjeevani health-care service delivery model, understand the impact of free and subsidized health-care service delivery models on social transformation, evaluate the operational performance of health-care institutions using the balanced scorecard model and create practical relevance when implementing novel health-care solutions like Sanjeevani, which has been successful due to its singular pin-pointed focus on solving the issue of congenital heart diseases (CHDs).

Forty thousand surgeries against 0.3 million new CHD patients every year was the unbalanced equation of pediatric cardiac care in India. It also contributed to almost 46% of total CHD prevalence in the world. This case study explores the evolution of the affordable health-care ecosystem provided by Sri Sathya Sai Sanjeevani Hospital (Sanjeevani), Raipur, Chhattisgarh, which included services ranging from OPD to postoperative surgical care, including accommodation and food, completely free of cost. Over the past eight years, it had managed over 80,000 pediatric cardiac outpatients and performed over 9,000 surgeries. This case study also outlines the execution of Sanjeevani, as an affordable health venture aimed at producing social transformation. The pertinent question to be explored is, “Can the Sanjeevani healthcare ecosystem be replicated, both operationally and financially?”

This case study is suited to undergraduate Bachelor of Business Administration, Master of Business Administration (MBA) and executive MBA.

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CSS 2: Built Environment.

This case study aims to equip students with the skills to evaluate the rationale behind a demerger decision, derive the enterprise value and equity value of the conglomerate using the discounted cash flow valuation modelling and assess the company’s value based on qualitative parameters using economy industry company analysis and strengths, weaknesses, opportunities and threats analysis.

This case study delves into the demerger of the financial services arm of Reliance Industries Limited into a separate unit named Jio Financial Services Limited. The independence of this unit is anticipated to enhance shareholder value and unlock the conglomerate discount. In light of these factors, a fundamental analysis of the firm is conducted to determine whether it presents a viable investment opportunity.

This case study is suitable for -graduate and postgraduate courses in financial management.

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CSS 1: Accounting and finance.

The learning outcomes are as follows: to analyse the issue(s) presented within specific case study context (C4); to formulate solutions to identified issue(s) within specific case study context (C5); and to synthesise a group plan to solve issue(s) within specific case study context (A4).

In 2017, China proclaimed that it would no longer accept plastic waste for recycling, this was in-line with China’s Operation “National Sword” to review the quality of these plastic imports to ensure their recyclability. This sent shock waves through a now globalised recycling network, with China previously having imported 95% of the EUs and 70% of US plastics that had been collected for recycling. This plastic backlog was then diverted to South-East Asian nations, particularly Malaysia, which this case focuses the discussion upon. While the potential for significant economic benefits drew the attention of illegitimate and unscrupulous businessmen alike, the environmental degradation from the often, low technological recycling processes and even burning of low-grade plastics brought profound negative impacts. This case focuses upon, then Minister, Yeo Bee Yin who led the Ministry of Energy, Science, Technology, Environment and Climate Change, in which she took an active and aggressive stance in attempt to stop Malaysia becoming the dumping ground for the global plastic crisis.

This case is appropriate for final year undergraduate and any postgraduate degrees in Business.

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CSS 4: Environmental Management.