Archive for August 18th, 2017

Infosys saga further dents image of corporate governance in India’s top firms….

August 18, 2017

Unbelievable scenes in the op echelons of India’s corporate sector. There is a simmering corporate governance crisis in firms that were once seen as Synonyms for ethical governance.

After the Tata Saga, comes the Infosys saga and this one is even more strange, The promoters of Infosys made big noises on how the firm will not be run by family members and will be run Professionally. However, in just a few years one of the promoters keeps looking for ways to come back to the firm.

Today morning Narayan Murthy’e leaked email to the Infosys Board said the current head is not fit to be a CEO but a Chief Technological Officer. There were accusations made by NRN earlier as well on governance issues in the Board.

Just a few hours ago the CEO Vishal Sikka resigned with a letter. To add to the fire, the Infosys Board lashed out at Mr Murthy and accused him as the reason for Sikka’s resignation:

It has come to the attention of the Board that a letter authored by Mr. Murthy, the Founder of Infosys has been released to various media houses attacking the integrity of the Board and Management of the Company alleging falling corporate governance standards in the Company. The Board takes great umbrage to the contents of the letter and places on record the following:

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What are the moral limits of markets? Michael Sandel edition..

August 18, 2017

An alternate perspective from Prof Sandel. Persuasive stuff…

Why have a Museum of Finance? (Lessons for Museums of Finance in India..)

August 18, 2017

A nice piece (old piece in 2012) by Prof Richard Sylla of NYU in the Financial History publication released by Museum of American Finance.

He narrates several examples from financial history to show why a Museum of Finance is really important. These several examples show the importance and power of finance. Apart from this, these museums also shows importance of financial education which is poor amidst most people. A museum with right kind of communication technologies helps in many ways where dozens of government programs just fail.

In India, have seen three Finance Museums. The RBI Museum in Mumbai, the RBI Archives Museum in Pune and Corporation Bank Museum in Udupi. With RBI it is expected but to see Corporation bank having such a useful museum is quite surprising. It has amazing anecdotes which even likes RBI does not have in its resources. The unseen ones there is SBI Museum in Calcutta and former State Bank of Travancore which opened one just before it got merged with SBI.

So five museums of finance are there in India as per my limited knowledge and there could be few more. Five alone is an impressive number.

The problem with these Museums is that they do not communicate much with the outside world. They take their sole purpose as one of display and nothing else.

However, in museums like Museum of American Finance under whose publication Prof Sylla writes the idea is to reach across people:

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One-way ticket: Gujarat crematorium offers smooth flights to heaven

August 18, 2017

The enterprising spirit of Gujarat knows no limitations.

In South Gujarat’s Bardoli (Sardar Patel fame), a crematorium has been designed like an airport. The idea is to convince the family/friends of deceased one that the life has not ended but the person has left for heavenly abode:

One is called the Moksha (salvation) Airlines and the other Swarg (heaven) Airlines, and both are promising turbulence-free travel topped with a smooth takeoff and perfect landing on arrival.

But the offers come with riders: The supposed plane rides are meant only for departed souls and the destination is wherever afterlife takes the dead.

Modelled on an airport, complete with departure and arrival lounges with two replica aircraft in attendance, the Antim Yatra (final journey) crematorium in south Gujarat’s Bardoli, some 300 km from the state capital Ahmedabad, is like no other in the country.

To be inaugurated by the end of October, the crematorium resembling an airport terminal is aimed at lessening the pain of bereavement, powered also by belief that the passage to salvation for the departed souls will be smoother.

“People are more than happy in accompanying you to the airport than to crematoriums. I want to ease the pain of people who lose their dear ones by making them believe that the soul has just begun a new journey,” said Somabhai Patel, chairman of the Rupaben Sitaram Trust that operates the crematorium.

Interesting..


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