A senior government nominee director appointed to the boards of Ramalinga Raju companies in the aftermath of the Satyam-Maytas scam in 2009 recalled how he had suggested the idea of recording the proceedings of the board on tape. “I had seen an inbuilt tape recording system in one of the public sector companies and suggested to the other nominee directors that even our proceedings should be recorded. But the government directors shot it down.” “Duniya bhar ke baat karni hogi. Tape recorder nahi rahega (We have a lot to talk about. A tape recorder won’t work),” they said by way of an excuse.
The government may have mandated that corporations above a certain size spend two per cent of their profits on corporate social responsibility (CSR) ...
Sale of business to unlock value and help lower company's debt
The bank's shares rise 10% in three sessions, contributing to a fourth of the Nifty's 180-point rise