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Letter of the Week

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  • — Tarsem Singh New Delhi

    The editorial, ‘Lesson for Guruji’ about the electoral defeat of the incumbent chief minister of Jharkhand, Shibu Soren, hits the nail on the head. Soren’s political career is a roller-coaster ride littered with controversies. The architect of Jharkhand state and a tribal leader of eminence losing election to a lesser known opponent Gopal Krishna Patar is a victory for democracy in our country. One is reminded of George Fernandes winning the election against the political bigwig S.K. Patil in a Mumbai constituency decades ago. One hopes that this chastens Soren suitably to introspect on where he stands in today’s electoral democracy.

    — John Alexander Nagpur

    Auditor’s hand

    A fraud of this kind and order was never expected of an esteemed company like Satyam Computers. What is appalling is that Price Waterhouse approved of the entry of Rs 5000 crore as “cash and bank balances” in the balance sheet when the money was “missing”. Evidently, the audit firm connived with the Satyam chief in fudging the accounts and abetted in the act of fraud. This audit firm must be investigated and punished f guilty.

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    — S. Krishna Kumar Dombivli

    Bring him to book

    The SEBI is a toothless wonder and the government a silent spectator, as B.R. Raju is yet to be arrested in spite of admitting to the fraud. The government should also trace the money which Raju stole and repay the shareholders.

    — S.N. Kabra Mumbai

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    Corporate GovernaceBy: H Chukerbuti | 10-Jan-2009 Reply | Forward For effective Corporate Governance boards, management and shareholders should encourage chief executives to focus on the long term rather than the next quarter, to give shareholders a "say on pay" and to make it easier for them to field their own candidates for directorships. In view of Indian corporates proclivity for closely held family entities and political patronage, without such measures effective corporate governance will remain a charade with regular 26/11s exploding even in the apparent "best" of companies.
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