From a Rs 7,000-crore Satyam scam in 2009 to a Rs 13,000-crore PNB scam in 2018, corporate frauds in India are getting bigger and far more complex. But common to both is the question of the quality of auditing in India.
In OECD’s definition, corporate governance is a system by which business corporations are directed and controlled based on the fundamental principles of accountability, responsibility and transparency.
In the past few earnings season, there has hardly been a board meeting of listed companies which did not pause in their deliberations to discuss the ramifications of the recent disputes in one of India’s most trusted business groups on the corporate…
In India, it is still hostage to the dominant powers, even in evolved and trusted groups
In December 2015, in another branch of another bank, CBI began investigating fake foreign exchange remittances aggregating R6,000 crore from non-existent imports through various accounts of 60 companies, all of them operating from a single branch of the bank and controlled by a group of individuals masterminding the fraud.
A good law is being held hostage by its makers
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