Business Daily from THE HINDU group of publications
Wednesday, Jan 14, 2009
ePaper | Mobile/PDA Version | Audio | Blogs
Business Daily from THE HINDU group of publications Wednesday, Jan 14, 2009 ePaper | Mobile/PDA Version | Audio | Blogs |
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Opinion
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Letters Question of ethics When the media highlighted the corporate misgovernance of Satyam, all hell broke loose. To restore the confidence of domestic and global investors, the government set up a three-member board, comprising the HDFC chairman, Mr Deepak Parekh; the former Nasscom president, Mr Kiran Karnik and the former SEBI member, Mr C. Achuthan. When ethics has become the hallmark of the Satyam saga, it has been rightly reported in Business Line that a lawyer group has questioned the appointment of Mr Karnik on the “bail-out” board of Satyam since Mr Karnik was recently a governing board member of Emergency Management Research Institute, another company of Mr Raju. Also surprising is the appointment of Mr Deepak Parekh on the three-member board of Satyam when HDFC Bank is one of Satyam’s bankers. It has not been proved whether Satyam’s bankers were party to the fraudulent activities at Satyam, especially when bank deposits were fictitious in nature, as revealed by its former CFO. In this backdrop, is the government ethically correct in appointing Mr Parekh for the job of investigating the affairs at Satyam? R. Sengupta e-mail More Stories on : Letters | Corporate Governance | Economic Offences
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