Part 8 of our 'Word on the Street' column, which gets you the unreported chatter from the world of business and markets, put together by our fly-on-the-wall reporters.
These are dark days indeed for India Inc's auditors, especially the Big 4 firms. More than thirty auditors of listed entities have resigned in the past five months. Meanwhile, the government is no mood for IL&FS 2.0 and a little birdie tells us the rules for auditors as well as independent directors may be tightened further.
"An internal committee of the ministry is working on stricter norms in terms of liabilities, disclosures & disclaimers for auditors and independent directors. The Companies Act may undergo significant changes in this regard," he told Moneycontrol.
These gatekeepers of corporate governance were expected to keep an eye out for anything amiss. Ironically, all eyes are on them today.
BIZARRE BRAND STRATEGY
Out of sight is out of mind and one of the European carmakers seems to have taken this mantra little too seriously. The struggling car brand released a press release about a senior director opening his Twiiter account.
This drew bemused reactions on the microblogging site.
Someone tweeted "Maybe they will issue a release when the first tweet is put out too". With a negligible share, this European carmaker has a long way to go in the India car market.
A Mumbai-based financial services firm is facing a tough time finding a corporate communications head. Whoever joins, leaves in less than one year. Well, they cannot be blamed either. The company, incorporated through a maze of complex shareholder arrangements, has JV partners whose records are nowhere to be found. With investigation agencies on the tail of the promoters, members of the corporate communication team are in no mood to stick around.(Contributed by Ashwin Mohan, Swaraj Baggonkar and M Saraswathy)The Great Diwali Discount!
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