News shortcuts: From the Courts | Top Headlines | VAT (Value Added Tax) | Placements & Empanelment | Various Acts & Rules | Latest Circulars | New Forms | Forex | Auditing | Direct Tax | Customs and Excise | Professional Updates | Corporate Law | Markets | Students | General | Mergers and Acquisitions | Continuing Prof. Edu. | Budget Extravaganza | Transfer Pricing | GST - Goods and Services Tax | PPE Safety Kit SITRA Approved | PPE Safety Kit
« Top Headlines »
 FY 2018-19 Revised Income Tax Return Filing: Step by step guide on how to do it online
 ITR filing date for FY19 extended: Here's how to do it online
 5 Common Mistakes That Can Draw Income Tax Notice ITR Filing
 Income-tax (18th Amendment) Rules, 2020
 10 tax-saving fixed deposits that offer the best interest rates
 ​Amendment of rule 31​​AA, Form 27EQ
 CBDT extends FY19 income tax return filing deadline till September 30
 7 Money and tax tasks you should complete by July 31, 2020
  5 deadlines that end on July 31 ITR filing to investing for claiming deduction
 Who is eligible to file which tax return for FY 2019-20? ITR form
 How you can check your income tax refund status Income Tax Refund

Satyam con will have a huge impact on India Inc
January, 09th 2009

The Satyam controversy has come as a rude shock and is going to have a larger impact on India Inc. The roles of independent directors, the external auditing agencies and the regulatory mechanisms will undergo major upheaval.

This was the verdict that emerged at a congregation of human resource and business experts at the three-day Nirma International Conference on Management (NICOM 2009), which started here on Thursday.

Dalit Mirchandani, chairman, Ingersol Rand, India, who was the chief guest, said: The Statutory Audit Committee in every company relies solely on the audit report. It is surprising how a fraud of this magnitude escaped at least three filters.

He elaborated on such frauds being related to issues of corporate governance in India, as the majority of businesses here are family-run. Unless the Indian corporates learn to attract and retain the best of talent, my advice to them is always to exit from business, Mirchandani added.

Endorsing this, Prof Allan Cohen, former Harvard professor and co-founder of the Indian Institute of Management, Ahmedabad, said: The situation in the west is the same. Although on the face of it, the hierarchy may appear neutral, the underlining issues dont differ much.

Another issue that the delegates at the NICOM, which aims for Strategic Human Resource Management and Entrepreneurship in the Changing Business Scenario, discussed was the ailing Small and Medium Enterprises (SMEs) in Gujarat.

Suggesting a three-pronged strategy to tackle such problems, Mirchandani said: All stakeholders in the SME sector must develop a future organisational model for growth; attract and manage human talent; and must learn risk mitigation while enhancing the spirit of entrepreneurship.

Home | About Us | Terms and Conditions | Contact Us | PPE Kit SITRA Approved | PPE Safety Kit
Copyright 2020 CAinINDIA All Right Reserved.
Designed and Developed by Ritz Consulting