The
public limited listed companies in India are required by Clause 49 of listing
agreement to show quarterly results so as to inform the intended users about
the performance of the company. It also ensures that these listed companies are
compliant with all the relevant statutes.
Today,
India witnesses a lot of corruption. Every day, we have news on the same
cropping up. But why is this happening? This is simply because there is no
accountability for the same. The blame
game goes on. The issue is politicised and it brings the Indian Parliament to a
halt. Is this what we want? Coal scam, 2G scam, Irrigation scam, land deals,
food grains scam, CWG scam and the list just continues. Have we ever wondered
where all the money has gone? These amounts are shown as expenditure in the
yearly budget presented by GoI. But have these reached the real beneficiaries?
No, it has not. A large chunk of money is eaten away by the corrupt
bureaucrats.
What
is the solution for us? How do we mitigate or stop this? Well Government,
collects money from public in form of various types of taxes. It’s the aam admi paying taxes. We would be
very interested to know if the money collected from us is being invested for
the development of country.
Government
must come out with the quarterly figures of money spent by them on various
activities providing full disclosure in terms of money invested, benefits
derived from it and also stating that not even a single rupee has been mis-utilised.
This
must be signed by Prime Minister, Finance minister and others connected with it,
just like the way Directors, CFO sign the financial statement of the company.
This process will ensure that money collected from public is not mis-utilised.
If
these measures can be introduced in the Indian financial system, it will bring
in more transparency and awareness to the Indian Public.
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