Financial Daily from THE HINDU group of publications
Friday, Sep 26, 2003
Financial Daily from THE HINDU group of publications Friday, Sep 26, 2003 |
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Corporate
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Corporate Governance Stand firm on ethics, values: J.J. Irani Our Bureau
New Delhi , Sept. 25 IT is possible for a private company to stand firm on its ethics and values and yet do business if the management has the conviction, says the Tata Sons Director, Dr Jamshed J. Irani. Claiming that the Tata group has always stood for its values and refused to pass "anything under the table", Dr Irani said that the group companies had been successful business entities even in an environment where private sector companies were supposed to grease palms to get things going. Narrating an incident about Bihar, a State that is infamous for corruption, Dr Irani said that Tata Steel had never paid a penny as bribe to any State Government functionary. Dr Irani was speaking at a ceremony to give away the first Wartsila-Mantosh Sondhi memorial award that was given to the noted power sector expert, Dr Narla Tata Rao. "We had heard a lot of rumours about Bihar. When Mr Laloo Prasad Yadav took over as the Chief Minister, I went to meet him, and was promptly ushered in. I told him upfront that the Tatas would not be able to pay anything underhand to anybody in the State. But if we were approached for any worthy social cause, the group would not be found lacking. At that time, he had simply said, theek hai (fine), and in the past decade that his Government has been in power, nobody has bothered us," Dr Irani said. Ethics and reputation were of utmost importance for the Tata Group, he said. "We have also had cases when our code was violated. Such cases are dealt with, and the house of Tatas moves on, with its reputation intact. So it is really possible for a company to stand firm on its ethics and yet be a successful business enterprise," he said.
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