Letters

Letters to the editor dated July 10, 2020

| Updated on July 10, 2020 Published on July 10, 2020

Diversion of funds

This refers ‘Diversion disease’ (July 10). Despite the multiple checks and balances, many business entities, irrespective of their size and scale of operations, are diverting the resources raised for stipulated objectives to other purposes detrimental to the interest of the stakeholders. Circuitous transactions through related parties to withdraw the funds are not uncommon, and these types of dubious transactions in many cases are getting exposed only when the entity defaults its payback obligations.

The auditors of business entities and institutional lenders many a times fail to detect the diversion. This kind of malpractice is normally detected by regulators, investigating agencies and/or law-enforcing agencies which indicate that the internal and external audit and inspection need to be strengthened. A revisit to the inspection and auditing procedures and systems are vital to ensure the detection of the malpractice without loss of time.

Extensive use of modern technology in book-keeping and accounting is imperative to prevent the manipulation of the books, besides to make the transactions fully transparent to all the stakeholders.

A robust preventive vigilance system and heeding to the information of the whistleblowers are paramount. The auditing fraternity must refrain from defeating the purpose of auditing. The erring promoters, management, and the auditors who are conniving to cheat the lenders and investors must be dealt with punitive action.

VSK Pillai

Kottayam

The push for vaccine

This refers ‘Vaccine nationalism’ (July 10). A new school of thought is emerging that the coronavirus could be air borne. Given this, it is befuddling how the ICMR has the prescience to set the deadline for potential vaccine?

Even in case of big ticket infrastructure projects with a definite blue print, graphic details available at one’s disposal, the time-lines are seldom met.

Any Covid vaccine has to be tried and tested till it is beyond reproach prior to administering it to any individual.

Arguably no scientific agency has the prowess to predict the deadline with utmost precision. The tearing hurry demonstrated by the ICMR goes against set scientific protocols.

The country will be delighted if the ICMR is able to achieve a breakthrough and blaze a trail, but it ought to err on the side of caution to avert any faux pas.

Deepak Singhal

Chennai

Don’t take short-cuts

There is an urgent need to create an effective, quick and proper environment for developing a vaccine for the dreaded coronavirus. The editorial has catalogued a list of important factors which deserve utmost importance in avoiding the global tendency to take ‘risks and short-cuts’, a critical issue in the current context.

The Central government should provide all the necessary assistance to the agencies involved in developing and manufacture of the vaccine.

This will ensure adequate quantities of vaccine are available for all medical institutions handling Covid cases.

TR Anandan

Coimbatore

Foreign students in US

After suspending H-1B and L1 visas, US President Donald Trump had dropped a bombshell on legions of students from foreign shores studying in US universities. The draconian notification by US ICE, (Immigration and Customs Enforcement) that foreign students must leave the country or face deportation if their institutions have moved instructions completely online has come as a rude shock to millions of foreign students.

While playing to the gallery of xenophobes, Donald Trump has conventionally forgotten the fact that the US is a land of immigrants and its technological, economic and military pre-eminence have its roots on their intellectual capital.

With premier institutions such as Harvard and MIT now filing a law suit against the order of ICE, it is hoped the judiciary will come to the rescue of foreign students and render justice to them sooner than later.

M Jeyaram

Sholavandan, TN

LETTERS TO THE EDITOR Send your letters by email to bleditor@thehindu.co.in or by post to ‘Letters to the Editor’, The Hindu Business Line, Kasturi Buildings, 859-860, Anna Salai, Chennai 600002.

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Published on July 10, 2020
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