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
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