Column : Truth after Satyam

Mahesh Vyas
Posted: Thursday, Jan 08, 2009 at 2231 hrs IST
Updated: Thursday, Jan 08, 2009 at 2231 hrs IST

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: rotate auditors every few years. In India, they have even failed to consolidate into larger firms to gain the size that is necessary to deal with the pressures of business. What the independent directors and auditors could not find, the markets have helped find. It was the objection of institutional investors to the merger of the two companies that led to the ultimate revelation of the accounting frauds. A possible solution is to increase the representation of large institutional investors on the boards of companies, do away with the concept of independent directors and tighten the accountability of the auditors.

The author heads the Centre for Monitoring Indian Economy...

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