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Financial Frauds and Corporate Governance

23rd January, 2023

Resource Person: CMA Harshad Deshpande, Ex-Chairman – WIRC of ICAI, Insolvency Professional

Mr. Deshpande explained the concept of corporate governance and its importance to companies. The case of ICICI Bank – Videocon was discussed wherein he emphasized on misuse of position by the directors. It was also discussed that this being a Related Party Transactions [RPT] it should have been dealt with utmost care and caution. In such situations the role played by independent directors in discharging their duties with due diligence plays an important role. They can demand requisite information from the company to arrive at correct decisions and if they are not satisfied, they can record their dissent. This is crucial as in the unfortunate event of foul play in such RPTs, independent directors can be held accountable

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