Corporate Social Responsibility, Governance-Frauds-Ethics & Sustainability

Abstract

Life blood of business i.e. human resource, intellectual capital, finance, material etc are all the resources in absence of which no commercial activity have an initiation, growth and survival. Corporate around the world have an onus and pious responsibility to repay the society for every resources acquired for their profitable motive. Since decades this duty has not been fulfilled by the corporate of India, hence gradual introduction of laws to bind the companies to fulfil their responsibility, their duty towards the economy they form a huge pie, through introduction of Corporate Social Responsibility a mandate in Companies Act, 2013,Competition laws, Corporate Governance and various controlling mechanisms like, Accounting standards and introduction of IFRS, Role of Company Secretaries and change of face Cost Accountants as Cost and Management Accounts, a need of time, challenged with frauds, scams, unethical competitions and malpractices. Satyam, the face of Indian sunrise sector, and now identical to classic frauds of Indian corporate is only one instance to recall, but the Indian economy has been through various frauds in corporate, banking, insurance including the regulatory and depository body of India, i.e. the NSEL scam worth crores to name a few. These instances outshine with a basic understanding that with all the external control, India needs a strong youth brigade with an astounding morale, soul and determination to be true, fair and just in their practices, a valued education and social system.