Comments on: Clause 49 http://www.somethingaboutthelaw.com/2009/01/10/clause-49/ Musings on India, the law, and policy Fri, 27 Jan 2012 21:26:23 +0000 hourly 1 http://wordpress.org/?v=3.2.1 By: Dalvathibia http://www.somethingaboutthelaw.com/2009/01/10/clause-49/comment-page-1/#comment-216 Dalvathibia Fri, 06 Feb 2009 00:21:06 +0000 http://thesocialblog.wordpress.com/2009/01/10/clause-49/#comment-216 Hi. Your site displays incorrectly in Opera, but content excellent! Thanks for your wise words:) Hi. Your site displays incorrectly in Opera, but content excellent! Thanks for your wise words:)

]]> By: arunaditya http://www.somethingaboutthelaw.com/2009/01/10/clause-49/comment-page-1/#comment-205 arunaditya Wed, 28 Jan 2009 05:00:57 +0000 http://thesocialblog.wordpress.com/2009/01/10/clause-49/#comment-205 surely you can. thanks surely you can.
thanks

]]> By: Your Reader http://www.somethingaboutthelaw.com/2009/01/10/clause-49/comment-page-1/#comment-204 Your Reader Wed, 28 Jan 2009 01:07:46 +0000 http://thesocialblog.wordpress.com/2009/01/10/clause-49/#comment-204 Wow! Thank you very much! I always wanted to write in my blog something like that. Can I take part of your post to my blog? Of course, I will add backlink? Regards, Reader Wow! Thank you very much!
I always wanted to write in my blog something like that. Can I take part of your post to my blog?
Of course, I will add backlink?

Regards, Reader

]]> By: Deepayan http://www.somethingaboutthelaw.com/2009/01/10/clause-49/comment-page-1/#comment-200 Deepayan Tue, 13 Jan 2009 08:51:33 +0000 http://thesocialblog.wordpress.com/2009/01/10/clause-49/#comment-200 The Clause 49 pertaining to the corporate governance in India if we see in its true spirits is quite enough to cover the recent Satyam fiasco, the appointment of an audit committee with independent directors is something that should have been critically analysed by media instead of running after the MD and the Chairman who we, the government and SEBI know are guilty as charged. What led to the failure was the role of the Audit Committee(who are mandatorily required to have financial knowledge and have great power to investigate but asking for documents and appointing outsiders) who are incharge of reviewing the financials of the Company. In India independent directors role seems to be just a titular role i.e appointment being made just for the sake of compliance with Clause 49. It is weird that Central government as well as SEBI seem to be just investigating as to whatever Rajus' seem to be throwing at them instead of digging the truth out of their own from different angle. Those who had waived from their fiduciary duty and have been negligent could be easily tried under the SEBI Act which has given wide powers to the SEBI to try guilty persons. The Clause 49 pertaining to the corporate governance in India if we see in its true spirits is quite enough to cover the recent Satyam fiasco, the appointment of an audit committee with independent directors is something that should have been critically analysed by media instead of running after the MD and the Chairman who we, the government and SEBI know are guilty as charged.

What led to the failure was the role of the Audit Committee(who are mandatorily required to have financial knowledge and have great power to investigate but asking for documents and appointing outsiders) who are incharge of reviewing the financials of the Company.

In India independent directors role seems to be just a titular role i.e appointment being made just for the sake of compliance with Clause 49. It is weird that Central government as well as SEBI seem to be just investigating as to whatever Rajus’ seem to be throwing at them instead of digging the truth out of their own from different angle. Those who had waived from their fiduciary duty and have been negligent could be easily tried under the SEBI Act which has given wide powers to the SEBI to try guilty persons.

]]> By: Aditya Swarup http://www.somethingaboutthelaw.com/2009/01/10/clause-49/comment-page-1/#comment-197 Aditya Swarup Sun, 11 Jan 2009 15:25:22 +0000 http://thesocialblog.wordpress.com/2009/01/10/clause-49/#comment-197 very true Patrice. The present state of the US economy is very evident of it. very true Patrice. The present state of the US economy is very evident of it.

]]> By: Patrice http://www.somethingaboutthelaw.com/2009/01/10/clause-49/comment-page-1/#comment-196 Patrice Sat, 10 Jan 2009 11:41:06 +0000 http://thesocialblog.wordpress.com/2009/01/10/clause-49/#comment-196 It's a funny thing to draw an example from SOX, since Satyam is listed on the NYSE ;-) It just shows once again that the US markets are a complete mess, SOX or not. It’s a funny thing to draw an example from SOX, since Satyam is listed on the NYSE ;-) It just shows once again that the US markets are a complete mess, SOX or not.

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