Awards and Scams
Moneylife Digital Team 08 March 2018
In 2008, Satyam Computers had not only bagged the coveted Golden Peacock Award of the Institute of Directors for Corporate Governance but from the World Council for Corporate Governance as well. It had also bagged the top honour from the Investor Relations Global Rankings (IRGR) for its governance practices. Literally a few months later, Satyam’s founder chairman Ramalinga Raju confessed to a humongous fraud that shook up corporate India.  
 
And 10 years later, Punjab National Bank, which disclosed a massive Rs11,000 crore+ fraud in February 2018, had received the Vigilance Excellence Award of the Central Vigilance Commission (CVC) in March 2017. Ironically, it bagged the award for “initiating various preventive, participative vigilance and anti-corruption measures and adherence to Reserve Bank and CVC guidelines...” 
 
Satyam was stripped off the award by the embarrassed Institute. Will CVC also get away with merely stripping PNB of the award, or will we, the people, demand a clean-up of the crooked processes that lead to dubious decisions? 
Comments
Meenal Mamdani
8 years ago
Don't you think we should know who had nominated PNB for this award? This worthy needs to have his head examined and permanently barred from recommending any one for anything, including a local prize.
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