State of Corporate Governance in publicly traded companies

So last week and this week raid has been going on at Hero Motocorp and income tax department has said that the company made bogus expenses of over Rs 1,000 cr, and investigation work in progress. This is a publicly traded company with sebi oversight, auditors involved and if these guys are doing this, i hate to imagine what smaller and mid size companies are doing.

The munjals used to do ra ra about corruption and what not in industry meetings.

Govt must get to bottom of this and if found guilty they and their auditors and accountants all must be put behind bars so no one attempts such fraudulent practices.

Please share your views friends. more  

View all 9 comments Below 9 comments
Financial Corruption is at its PEAK. People are not Scared of Law and Punishment, because they are damn slow from Law point of view and very light punishment. Further CAs are also teaching them Corrupt Practices. more  
The Tax officers have done a great job. All concerned found guilty in any corruption must get punished as example to others. That is the only way to send a strong message to all. more  
The root cause of hiding income is high rates of income tax for individuals and companies. In family controlled companies it is easier to show more expenditure with the assistance of CA and Auditors. Every member of business family uses a company owned car. All lunches and dinners in 5 star hotels are charged as business development expenses. The government should make beginning by removing personal income tax. more  
In our laws there are many “If & But” that made the Accountants to finds ways and means to justify the expenses and manipulate the tax evasion. more  
Not only corporates but every field whether government, private or co-operative societies are making quick bucks. My daughter's society in Mumbai stated that they had incurred expenses of Rs.16 lakhs during the covid lock down period. When we asked for bills they could not offer anything. I have filed the complaint with the Registrar of Societies and although they sent the society a letter asking them to supply the proof, there is nothing till now (nine months have elapsed). So our countrymen are so corrupt that it is pathetic, I am sorry to say. more  
Majority of the PSUs and Business houses are sunk in corruption with the direct support of politicians of all parties. After all, every party wants CHANDA (donation) in cash n kind. There is need to take concrete steps to minimize corruption in India but the State governments are playing spoil sport for vested interest. Instead illegal trades are being fully supported. Govt. officials have become partners in loot/corrupt practices. more  
Aadhar linkage to All, limiting cash transactions must be Implemented more  
Post a Comment

Related Posts

    • Congratulations LC members

      The biggest reform to stop private hospital loot has been ordered by supreme court. Prices for various medical procedures have to be standardised Yes, 7 years after we raised the issue i...

      By Sudesh Rai
      /
    • Airlines delaying and damaging bags often

      Excellent survey released by LocalCircles on how airlines are handling baggage. https...

      By Reeta Kumar
      /
    • Views on Unsubscribing English Newspaper

      My husband and I are tempted to unsubscribe all English newspapers as we find news to be increasingly biased in favour of businesses in ET Mint etc and in TOI HT in favour of Governments as oppose...

      By Shikha Chhabra
      /
    • Update from Income Tax Dept

      References have come to the notice of the Income Tax Department (ITD) regarding apprehensions about a recent communication sent to taxpayers pertaining to mismatch of transaction amount shown in In...

      By Aditi Jain
      /
    • Nutraceuticals and herbs

      Under the category of nutraceuticals and herbs all kinds of stuff is sold to people in India. Companies like Patanjali, Himalaya and hundreds of others are taking advantage and in the name of immun...

      By Nikita Goyal
      /
    • Fantastic pesky call report by our circles

      What a good honest fearless report the LC Manager has brought out about pesky calls in India…

      By Shailesh Deshmukh
      /
    • Ban cotton candy pan India

      Ban Pink Cotton Candy! The dye in it can cause cancer. Why only Tamil Nadu and Puducherry? The entire country, should ban pink cotton candy that contains Rhodamine-B, as it causes cancer...

      By Sujata Singh
      /
    • Buy Now Pay Later services is a Dark Pattern

      Buy Now Pay Later is a financing service available online and offline when shopping. While it is helpful to some it is a major dark pattern and LC Manager must escalate it to RBI when yo...

      By Amit Mishra
      /
    • Electoral Bond Transparency

      Was first demanded in our circle only Ruchika ji https://www.lo...

      By Amit Mishra
      /
    • Supreme Court is still alive friends

      ELECTORAL BONDS UNCONSTITUTIONAL 1. Indian Supreme Court has scrapped the entire scheme as violative of Constitution and fundamental rights. 2. All new issuing by SBI to stop...

      By Ruchika L Maheshwari
      /
    • Major fraud by competitive coaching classes

      Almost all the competitive coaching classes FITJEE, Akash-Byjus, Allen etc are engaging in a major fraudulent activity for decades and the education ministry of central or state govts have turned a...

      By Shailesh Deshmukh
      /
Share
Enter your email and mobile number and we will send you the instructions

Note - The email can sometime gets delivered to the spam folder, so the instruction will be send to your mobile as well

All My Circles
Invite to
(Maximum 500 email ids allowed.)