Letters to the editor : Accounting standards

Written by The Financial Express | Updated: Feb 28 2009, 05:45am hrs
Acting finance minister Pranab Mukherjee has advised Indian companies to cut pay, not jobs. In the face of the prevailing grim economic scenario in the world, this is good advice. Yet, the minister has forgotten that his own government has approved the Sixth Pay Commission report with retrospective effect from 2006. The report has not considered the per capita income of the country. The Indian corporate sector is aping the western corporate philosophy, which has proved detrimental to the world economy. In India, the Companies Act, 1956, and the corporate accounting standards are bogus and a knowledgeable, but small shareholder has no real say in the affairs of a company. Will the minister care to clarify this matter

-Navin Pandya Mumbai