Corporate Governance and attitude
Posted: August 25th, 2011, 10:47 amIn India corruption and missappropriation of public fund are common and it s not exclusive right of the politicians and beauracrates. As per the analysis commented by R.Sriram in ET (25.08.11) under special feature, it is also extended to businesmen. How the famous Subhiksha organisation mis handled the funds from the Public and financial institutions.
I reproduce the conclusion of the article for ready reference and strong message to the public:
"..... Subhiksha episode exposes the Indian regurlatory and banking system's deem vulnerability. Whether it is private equity firms willing to glance the other way in return for a quick buck, accounting firms relying excessively on management speak or banks desparate for business, promoters accused of violations always mangae to stay ahead."
As on today, the Subiksha firm opened a few stores in Chennai. The banks want their money (morethan Rs.800 crores of loans were outstanding in 2008) back but so far very little has been achieved legally.
Shobana
I reproduce the conclusion of the article for ready reference and strong message to the public:
"..... Subhiksha episode exposes the Indian regurlatory and banking system's deem vulnerability. Whether it is private equity firms willing to glance the other way in return for a quick buck, accounting firms relying excessively on management speak or banks desparate for business, promoters accused of violations always mangae to stay ahead."
As on today, the Subiksha firm opened a few stores in Chennai. The banks want their money (morethan Rs.800 crores of loans were outstanding in 2008) back but so far very little has been achieved legally.
Shobana
