LET NOT OUSTED DIRECTORS OF IL & FS GO SCOT FREE
It is good that government of India has ousted the directors of IL & FS and appointed another board. It could have been done six months earlier.
Obviously, such mismanagement has happened since the erstwhile directors of the company has treated the company as a play thing and have shown extreme level of irresponsible attitude in managing the firm.
In all such happenings in the past, the companies suffer but the directors including the appointed directors and nominees of the government go scot free.
The fact that even as the company was in such severe financial crisis , IL & FS remuneration committee headed by former LIC Chairman sanctioned Rs. 20 Cr. annual salary for Chairman Ravi Parthasarathy, and Rs. 7.8 Cr. for Vice Chairman and Managing Director indicate the callous attitude. IL & FS audit committee headed by Maruti Suzuki chairman and former shipping secretary of government of India seem to have been acting as silent spectators.
Public sector undertakings like LIC, State Bank of India, Central Bank of India who have sizeable equity just remained as passive observers.
Modi government has now ordered a probe. This is not alone enough. Until the probe is completed, it should be ordered that all the erstwhile directors of IL & FS should not be allowed to function as directors in any other companies whether private or public sector and their passports must be seized. They are not only inefficient but also appear to be dishonest, un professional and irresponsible.
Modi government should ensure that the country’s corporate bodies and public sector undertakings must be protected from such persons.
N.S.Venkataraman more
Obviously, such mismanagement has happened since the erstwhile directors of the company has treated the company as a play thing and have shown extreme level of irresponsible attitude in managing the firm.
In all such happenings in the past, the companies suffer but the directors including the appointed directors and nominees of the government go scot free.
The fact that even as the company was in such severe financial crisis , IL & FS remuneration committee headed by former LIC Chairman sanctioned Rs. 20 Cr. annual salary for Chairman Ravi Parthasarathy, and Rs. 7.8 Cr. for Vice Chairman and Managing Director indicate the callous attitude. IL & FS audit committee headed by Maruti Suzuki chairman and former shipping secretary of government of India seem to have been acting as silent spectators.
Public sector undertakings like LIC, State Bank of India, Central Bank of India who have sizeable equity just remained as passive observers.
Modi government has now ordered a probe. This is not alone enough. Until the probe is completed, it should be ordered that all the erstwhile directors of IL & FS should not be allowed to function as directors in any other companies whether private or public sector and their passports must be seized. They are not only inefficient but also appear to be dishonest, un professional and irresponsible.
Modi government should ensure that the country’s corporate bodies and public sector undertakings must be protected from such persons.
N.S.Venkataraman more
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Judiciary need to interfere on Fiscal Frauds, Financial Crimes, Misuse, Misappropriation of National Income, National Produce/resources. more
Dec 08
Financial irregulatories should be under zero tolerance.Convicts should be punished severely and timely.I think during last 50+ years financial irregulatories has increased to alarming level and politicians are more than equally to be blamed. more
Oct 07
Apart from acting against all the directors, past and present more needs to be done. For example can the rating agencies be spared. They award ratings at will without any accountability. They should be made accountable. Moreover the rating agencies involved with this company should be delisted. more
Oct 05
Agree with observations by others . Directors post in any company is meant for seriously forward looking direction providers to the company not merely for enjoying fat remuneration and benefits . If their companies fail to perform consistently or run unethical practice , they should be held fully responsible .Not only that they should be summarily removed from the post but must be made to pay back two third of what they have minted during this period . Every time we simple taxpayer are made to pay for what they have squandered and enjoyed for doing nothing worth while for the company or playing silent spectators shamelessly for wrongs going on in the company . Immediate need of the hour is to put in place stringent measures for such individuals .. more
Oct 05
