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Corporate Governace in India

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AGENDA FOR CORPORATE GOVENANC

Agenda for corporate governance reforms
The need for corporate governance reforms in India is call of the hour as scams have become almost as an annual feature ever since we had liberalisation from 1991. Just from last 4-5 days we had been hearing about yet another alleged fraud involving thousands of crores by Kolkata-based Saradha group which may be a case of misuse/laundering by money generated by duping of lakhs of investors & public at large by Saradha group through their chit-fund and other money-pooling activities in West Bengal
Capital market regulator SEBI has already passed an order against one group entity, Saradha Realty India, asking it to wind up all collective investment schemes and refund the money collected from investors. Besides, SEBI is also probing at least ten other Saradha entities for raising funds without the regulator’s approval.
But question arises how come SEBI ,IT deptt ,Ministry of Corporate affairs and other enforcement agencies having so many guidelines & so called checks & balances allowed it to happen . How can we enact laws like Chit Fund Act 1982 which may have so many loose ends .This is not one of its kind case in India in recent past . We had the Harshad Mehta Scam, Ketan Parikh Scam, UTI Scam, Vanishing Company Scam, Bhansali Scam ,2G scam ,Coal scam and the story goes on this front unabated. To cut a long story short there is immediate need to revitalize in-house system of vigil ,ethics & morality by empowering the Board and adding teeth to it . Independence of the Board, credibility of the auditors and observance of corporate ethics can prove to be the hallmarks of good corporate governance.
The purpose of boardroom should be value addition & giving strategic direction rather than getting involved in routine jobs. The qualification & selection

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