The Confederation of Indian Industry (CII) today made a appeal to the industry members to sign the Model Code of Conduct for Ethical Business Practices.
"The Code contains the basic principles of doing business ethically. CII strongly believes ethical business practices is a journey in which voluntary adoption of this simplified code is an initial step," said Moloy Banerjee, Chairman, CII ER Governance Task Force and MD of Linde India at a seminar here.
He said "It's a matter of choice, either we regulate ourselves, or we get regulated. Intent, strong leadership and self-motivation are critical to building an ethical and profitable corporation."
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Jyoti Jindgar, Adviser, Competition Commission of India, explained why and how non-compliance of completion law may pose serious risks to businesses, boards of directors and those held guilty.
Heavy penalties, high costs of litigation, damages payable to aggrieved parties are some of the prices an enterprise will end up paying by not complying, she said.
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