Fraud of the nation
Another point going into the prove that the India story is being built on a very very weak base - a base without values, checks and balances - is the Satyam fraud story.
In my opinion, 'corporate governance' can now probably be seen as a cover for acts that companies would commit which didn't need to be in public attention and hide under this cover and still get away.
I have very grave doubts on why the Independent directors of such a company not have any moral or ethical accountability to be the whistle blowers and highlight such a fraud right upfront?
Resigning on moral grounds, leaving investors in the lurch is not an act of bravery but that of cowardice and utter contempt of trust and faith.
That such people who under the political and monetary influence agree to be on boards of companies is an utmost immoral activity but unfortunately, on the legal front, India will not have any law to prosecute such people for ages to come... simply because the laws are brought in by politicians and they eventually need to protect their self interests.
The fraud by Satyam has put a blot on the whole concept of CG in India. People will go about tom-tom-ing that probably Satyam is a one off company to have done such malpractice, but just imagine the situation - a company that received an award for CG itself has admitted to fraud.
Frankly, I might sound pessimistic like a few others but today, India's inflated position as an IT Major or whatever industry major destination has not been reached without such malpractices.
You see even the US has achieved the dubious distinction of being on top of the world as a major power, but it has not got there without committing fraud at one level or another.
The India story is hopefully not as big a sham but I think a lot of skeletons are being piled into the closet of lots of companies which have only taken advantage of the Indian political mess, lack of national governance and corruption and have duped the public which thought India is going places...
Only those who have power, money and the influence of high level connections will survive in this nation.
The rest of us, who might admit to being pessimists are probably right being so, because we are the ones who have a high regard for the Indian value system which is getting corroded and eroded due to this manic money making binge that industries are going on post the liberalization-political-game that has been unleashed on the citizens of this nation.
But we do not have the power to change the situation as we see it and hence we end up being on the pessimistic side of the coin.
We all as citizens of this nation - hard working and honest - have to be very careful of our future.
We are in really bad times and will before a long time to come unless someone at the national governance level does not take a deep hard look at where they want to take this nation.
We as honest hardworking citizens need to take a deep hard look and decide if this nation is taking us in the right direction or not.
I totally concur with M. R. Venkatesh's article on CG written some time back.
All these negative events make me conclude that the hard working honest people of this nation will have nothing to our credit till this nation has its house in order - which unfortunately is not possible for the next 100 years - even IF we survive another foreign invasion.
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Some other reactions to this fiasco in India -
When will India really "learn to" grow up?
It is high time we as honest hard working Indian citizens who have been put through mess by the politicians need to take up more such pains. Unfortunately, if one could dig deeper and really bring out the root cause, there might be a possible nexus of political influence and money power that really might have been running Satyam than anything else.
unfortunately, the board of directors have quit leaving the ship in between which is tantamount to deserting their captain and running from the battle field of a battle which they all have been witness to building up through the years.
this my friends, shows that Indian legal system, Indian National governance, Indian liberalization policies and Indian open market is full of loop holes which people are taking utmost advantage of and duping the common people - who for lack of any better option are stuck between the devil and the deep sea.
We are all in dire straits both internally and from outside...
-----
In response to the reaction of the leaders of IT who have commented on this fiasco... my reaction has been that -
These probably will all be Knee Jerk reactions and there will be knee jerk systems put in place which will reveal more loopholes as times go by.
If Satyam has been given awards, all of them have been purchased by money power or political influence. If WB banned Satyam, it surely means something big. Why did people ignore it?
We Indians have become so entwined in making money that we want to kill others and make their money also ours.
India and Indian corporates - barring a few - are incapable of doing any work that is morally ethically and spiritually right.
India has become a corrupt market where everything and anything goes if you show the money.
We have lost our value systems and hence we even deserve to lose our place in this world as any power. No wonder, our illustrious neighbors are exploring each of our weakness and exploiting it to their best advantage.
We hard working honest Indians are sitting on a pile of explosives... literally and figuratively.
------------
In my opinion, 'corporate governance' can now probably be seen as a cover for acts that companies would commit which didn't need to be in public attention and hide under this cover and still get away.
I have very grave doubts on why the Independent directors of such a company not have any moral or ethical accountability to be the whistle blowers and highlight such a fraud right upfront?
Resigning on moral grounds, leaving investors in the lurch is not an act of bravery but that of cowardice and utter contempt of trust and faith.
That such people who under the political and monetary influence agree to be on boards of companies is an utmost immoral activity but unfortunately, on the legal front, India will not have any law to prosecute such people for ages to come... simply because the laws are brought in by politicians and they eventually need to protect their self interests.
The fraud by Satyam has put a blot on the whole concept of CG in India. People will go about tom-tom-ing that probably Satyam is a one off company to have done such malpractice, but just imagine the situation - a company that received an award for CG itself has admitted to fraud.
Frankly, I might sound pessimistic like a few others but today, India's inflated position as an IT Major or whatever industry major destination has not been reached without such malpractices.
You see even the US has achieved the dubious distinction of being on top of the world as a major power, but it has not got there without committing fraud at one level or another.
The India story is hopefully not as big a sham but I think a lot of skeletons are being piled into the closet of lots of companies which have only taken advantage of the Indian political mess, lack of national governance and corruption and have duped the public which thought India is going places...
Only those who have power, money and the influence of high level connections will survive in this nation.
The rest of us, who might admit to being pessimists are probably right being so, because we are the ones who have a high regard for the Indian value system which is getting corroded and eroded due to this manic money making binge that industries are going on post the liberalization-political-game that has been unleashed on the citizens of this nation.
But we do not have the power to change the situation as we see it and hence we end up being on the pessimistic side of the coin.
We all as citizens of this nation - hard working and honest - have to be very careful of our future.
We are in really bad times and will before a long time to come unless someone at the national governance level does not take a deep hard look at where they want to take this nation.
We as honest hardworking citizens need to take a deep hard look and decide if this nation is taking us in the right direction or not.
I totally concur with M. R. Venkatesh's article on CG written some time back.
All these negative events make me conclude that the hard working honest people of this nation will have nothing to our credit till this nation has its house in order - which unfortunately is not possible for the next 100 years - even IF we survive another foreign invasion.
-----
Some other reactions to this fiasco in India -
When will India really "learn to" grow up?
It is high time we as honest hard working Indian citizens who have been put through mess by the politicians need to take up more such pains. Unfortunately, if one could dig deeper and really bring out the root cause, there might be a possible nexus of political influence and money power that really might have been running Satyam than anything else.
unfortunately, the board of directors have quit leaving the ship in between which is tantamount to deserting their captain and running from the battle field of a battle which they all have been witness to building up through the years.
this my friends, shows that Indian legal system, Indian National governance, Indian liberalization policies and Indian open market is full of loop holes which people are taking utmost advantage of and duping the common people - who for lack of any better option are stuck between the devil and the deep sea.
We are all in dire straits both internally and from outside...
-----
In response to the reaction of the leaders of IT who have commented on this fiasco... my reaction has been that -
These probably will all be Knee Jerk reactions and there will be knee jerk systems put in place which will reveal more loopholes as times go by.
If Satyam has been given awards, all of them have been purchased by money power or political influence. If WB banned Satyam, it surely means something big. Why did people ignore it?
We Indians have become so entwined in making money that we want to kill others and make their money also ours.
India and Indian corporates - barring a few - are incapable of doing any work that is morally ethically and spiritually right.
India has become a corrupt market where everything and anything goes if you show the money.
We have lost our value systems and hence we even deserve to lose our place in this world as any power. No wonder, our illustrious neighbors are exploring each of our weakness and exploiting it to their best advantage.
We hard working honest Indians are sitting on a pile of explosives... literally and figuratively.
------------
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