Corporate Frauds:- Consciousness & Spirituality
One of the biggest corporate frauds & scams has recently happened in India where a financial Corporate mainly in Finance, Leasing, Infrastructure & others virtually collapsed when immediately government stepped in to prevent its failure & the failure of other related corporate/banks/Finance Companies etc.
The above is the biggest fraud in India because it is a reputed organization with investments from various reputed public sector banks / FIs & also private sector companies. Many financial & other wizards were on the board of this particular company & its subsidiaries.
Not only that, the best & renowned Audit firms of the country are it auditors. Many renowned financial, legal & secretarial professionals were involved as statutory, Internal & secretarial Auditors of the above financial group.
Further the top reputed credit rating agencies owned by various public / private sector banks, Companies& FIs, have failed to give any warning signals by downgrading the rating of the above group.
Apart from above corporate group there are other financial irregularities
which came to light during last two years like in Jet Airways, DHFL, various real estate companies, Kingfisher Airlines, Nirav Modi & Reliance Capital ( as reported by its auditors),Bhushan Steel and many more.
All the above financial crisis has happened when we have in place various stringent regulations apart from various govt. regulators and various renowned professionals who were at the helm of above corporate group.
THE REMEDY
In my view the above happens when we deviate from Spirituality in our life & also when in the corporate race & the boom in economy we, promoters & professionals, become unconscious about our existence as Spiritual beings & we merely behave as physical beings with our mind in fully control of our thoughtless actions in our professional & corporate life.
To my mind the remedy lies in creating a Learning and Spiritual culture
in the organizations. We should have mandatory happiness, spiritual, ethical training sessions in the organizations on routine basis to influence the mind of promoters, professionals, Auditors (through ICAI & otherwise) & also the govt. regulating authorities & their senior officers.
The auditor professionals need to change their perception about themselves. They need to perceive themselves as conscience keepers of the corporate sector and imbibe in themselves the quality of spiritual beings who are fully conscious and aware of their important and significant role in keeping the corporate sector under check. In fact all the other related professionals and auditors like Secretarial Auditors need to build themselves likewise. India is moving towards a $5 trillion economy, we all professionals need to strengthen ourselves with good governance , spiritual practices & assertiveness.
Further the ICAI & the govt. should do something to reduce the monopoly of big four foreign audit firms. The Indian audit firms should come forward to establish themselves as another big four Indian audit firms. The govt. & ICAI may provide some support & encourage Indian audit firms. The Indian audit firms would be more interested in the India economy than foreign audit firms.
Humbleness, truth, honesty, ethics, spirituality like words should occupy our minds while working in office & also while at home & in the society.
The students (CA/CS/CMA/MBA) since beginning need to be inculcated on various above thoughts. Once I was listening to a director of Board of Studies of a reputed professional institute delivering a lecture to the students and he was comparing their profession with other finance professionals and using very derogatory term for other finance professionals. This is very detrimental for students for their development
as good human beings, psychologically and spiritually.
The Indian philosophical & spiritual system is dominated by thre scriptures or leaders like Mahatma Gandhi, Gautam Buddha & The Gita by Sri Krishna.
All the above teachings have few common guidance for human beings like Self – Realization, Humanity, Truth, Spiritual Intelligence (SQ) for human beings to flourish & attain Nirvana (Happiness). Otherwise the human beings suffer as in the case of Indrani Mukherjee ( her case although different, cruel & at the height of pure glamorous, physical & mindless race) , Ex-CEO of ICICI(to some extent) , top management of IL & FS group & many more other CEOs who are facing various fraud investigations against them.
The private/ public sector organizations & govt. regulating offices do not have a culture of promoting various above ethical & spiritual Learning and Training in their organizations.
In my view the above teachings can not only prevent various frauds &
malpractices from working culture but it will also improve our personal ,
professional life & our relationship which will together pave the way for
a great culture, a great Nation & will help India to become the third most developed economy in next 5-10 years.
Let us develop ourselves as spiritual beings either as professionals, promoters and regulators and work towards developing the India as a $5 trillion economy in next three years & a $ 10 Trillion economy in next six years.
“ALL THE BEST”
Team Vijayash Foundation- A Learning and Development Organization
