After Satyam and RCOM, now NTPC a leading PSU is following the foot steps of such these companies. As per media reports NTPC has overstated its profits by 938 crore in 2007-08, the Comptroller and Auditor General of India (CAG) said in a report.

Whether there is material evidence of wrongdoing, the regulator’s probe in future will enlighten but there has been clear violation of corporate governance norms, “in spirit”

Earlier Anil Ambani-led Reliance Communications Ltd (RComm), the country’s second-largest mobile operator, also inflated its 2007-08 wireless revenues by Rs 2,915 crore to shareholders to hike its valuation, while simultaneously under-reporting the figures to telecom regulator TRAI, a special audit commissioned by the department of telecom has found.

Satyam cooked its books to show profits and kept the investors in the dark to show high valuation.

Indian companies needs to set high standards in corporate governance. India can't take a backseat in corporate governance because the future belongs to India. The stakeholders of a company can no longer believe what is stated in the balance sheet. Investors are the worst hit in such circumstances.

India has a huge potential to involve retail investors in the stock markets but they are not coming out to invest because they have learnt a lesson from the Satyam Computer fraud and concerns over R-Com financial reporting transparency. Now NTPC disclosure will hurt sentiments of investors and the market. The important question to be asked – how long investors will have to go through this?

It might be just more than coincidence that NTPC notoriously shares a common thread with Reliance Communication issues of corporate governances but it has certainly raised eyes brows.