No Satyam-like event possible in PSUs: IOC CMD January 27, 2009
Posted by dhirendra1972 in Corporate Governance, Fudging Accounts, Highest Level, Private Sector, Profit Making, Public Sector, Securities and Exchane Board.Tags: Cash, Enterprises, Level, Stock Market, Vigilance
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Good morning friends. However, more PSEs should be listed in the stock market to ensure further tightening of corporate governance. “The Government should make efforts to list as many as possible the stock market to make sure the additional contraction of corporate authority. so that they can have more self-governing directors.
The Satyam episode of fudging accounts and siphoning off cash is not possible in public sector enterprises, which have strong internal checks and balances, Indian Oil CMD and head of a PSU body Sarthak Behuria said in New Delhi.
“No way near it. We have very strong internal audit, then we have statutory auditors… We have the highest level of corporate governance,” Behuria said when asked about the possibility of a Satyam-like event in public sector enterprises (PSEs).
Behuria, who heads the Standing Conference of Public Enterprises (SCOPE) said, the PSEs are subject to strong internal and external vigilance besides following rules of the Securities and Exchange Board of India.
But then, Satyam Computer Services had world-known auditors? “What was the selection process,” he asked.
On the role of independent directors, the SCOPE chairman said their selection process needs to be improved. “Better selection criteria should be there. We should go deeper” for choosing independent directors from a larger pool of talent among consultants and educational institutions like IIMs.
However, more PSEs should be listed in the stock market to ensure further tightening of corporate governance. “The Government should make efforts to list as many PSUs as possible so that they can have more independent directors. Profit making, performing companies should get listed,” Behuria said.
He said there were good examples of good corporate governance not only in PSUs but in the private sector. “There are examples where India can boast of very good governance in companies, both in the private and public sectors,” he said.
Ref: Indian Express
GLOBAL MARKETS – World stocks hit 2-week highs, bonds ease – 1 November 27, 2008
Posted by dhirendra1972 in Demands, Financial Capital, Global Stocks, Highest Level, Sharp Gains.Tags: Assets, Capital, European Equities, Stocks
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Global stocks rose to their highest level in nearly two weeks on Thursday with European equities buoyed by sharp gains in Asia and the United States, dampening demand for safer assets such as government debt.
Renewed expectations that Washington will bail out the U.S. motor industry and China’s aggressive interest rate cut on Wednesday helped to lift some of the gloom surrounding the global economy.
But a string of dismal U.S. economic reports this week left the dollar on a shaky footing while political risk emerged after attacks in India’s financial capital.
At least 101 people have been killed with hundreds more trapped by Islamist gunmen in Mumbai after attacks on luxury hotels, hospitals and a tourist cafe.
Still, with U.S. financial markets closed on Thursday for the Thanksgiving holiday, analysts expect trading in Europe to be lacklustre. While stocks were eking out gains, analysts said the outlook was still bleak.
“It’s going to be a bit of a nothing day, as we wait for Black Friday in the United States — the day where all retailers go from red to black,” said Justin Urquhart Stewart, investment director at Seven Investment Management. “If it goes like the UK, it could be a black Friday in the wrong sense.”
The day after Thanksgiving, known as black Friday, is traditionally the busiest time for U.S. retailers and investors would undoubtedly be on the lookout for retail sales figures.
