Financial Daily from THE HINDU group of publications
Thursday, Apr 29, 2004
Financial Daily from THE HINDU group of publications Thursday, Apr 29, 2004 |
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Corporate
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Awards & Honours UTI, IMC announce governance award Our Bureau
Mumbai , April 28 UNIT Trust of India and Indian Merchants' Chambers have announced a governance award with an Rs 1 crore corpus. "We will be collaborating to give out governance award. We are just tying up the last few strings now," said Mr M. Damodaran, Chairman & MD, UTI Asset Management Co Pvt Ltd. He was giving away community welfare awards at the 96th annual general meeting of Indian Merchants' Chamber (IMC) here on Wednesday. These new awards will honour both public governance as well as corporate governance. IMC will contribute Rs 25 lakh to the award corpus and UTI the remaining. Interestingly, Mr Damodaran had talked down corporate governance awards and ratings just a month ago. He had voiced his strong reservations against the practice of announcing corporate governance awards "till a large number of corporate houses adopt these norms in content than in form". Mr Damodaran who was speaking on the topic `Has India's Time Come?' said "It is easy to sit back and relax thinking that we have done a good job with significant progress in agriculture, manufacturing and the services success story. But there is a need to change the political structure in the country and the division of powers between the Central and State governments. "Most aspects that affect the average human beings' life are under the State governments but these entities are constrained in terms of funds even for legitimate investment needs. "There is a need to reduce government and increase governance. The government does need to be in areas such as providing physical and social infrastructure.'' Mr Anand Mahindra, Vice-Chairman & MD, Mahindra & Mahindra, who spoke on `India: From spectator to player' compared the tale of India to the tale of two cities or the tale of two countries. While one part of India is shining the other part is pining, he said. The gap between the two needs to be bridged. He suggested that various industry bodies together take the initiative to hold government accountable.
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