Testimonial

arjan-sikri“I’ve taught in the law faculty when I was an Advocate; so I was a Lawyer also and Judge. But then what I feel is in order to have or gain this experience, Judges, like Lawyers, should remain students for life and then only we can learn. Mr Laxmikumaran was saying that when he comes to my court, he learns a lot; let me tell you very frankly that every time good lawyers like him appear before us, we learn a lot and I always feel that yes, learning can come from anywhere and one should receive it with humility.”

Justice A K Sikri

Judge, Supreme Court of India, (India)

 

P P Chaudhary“It is my honor to speak to you today at the GENNEXT Business and Law Congress 2018. This indeed is an august gathering, as I look around me; I see leaders from the legal profession in all its avatars. From distinguished Judges and former Judges to Senior Advocates to Managing Partners of leading Law Firms, Eminent Senior Counsel, General Counsel of Leading Companies, Academics and our future crop of leaders who constitute a world-class pool of talent that is posed to lead the legal profession in India in the not-too-distant future.”

P P Chaudhary

Minister of State, Corporate Affairs and Law & Justice

 

Justice Deepak VermaIn my own humble assessment, I feel that both, court proceedings and Arbitration proceedings, are equally bad because both are costly affairs, both are time consuming, but out of the two, I feel that court proceedings are still better because you have certainty; you have the previous precedents on which you can rely, on which you can work; and much depends on the judge and the lawyers also.

Justice Deepak Verma

Former Judge, Supreme Court of India

 

Justice Mohit ShahI think the best thing about court proceedings is that as soon as the counsel gets up, you can tell him “no, no case, no case”; that you can’t do in arbitration. But apart from that, now recording of evidence through court commissioners is being accepted in courts, and therefore, the courts are able to record oral evidence much faster. Unfortunately, our experience is that in arbitration, where most of the cases could be decided on the basis of documents or oral evidence would be required only for a few limited questions, recording of oral evidence goes on for months and months, and also arbitral meetings are not fixed on successive dates, they ought to be; therefore, one witness is being cross-examined over a period of 3-4 months, another witness for another 2 months and like that the recording of evidence itself goes on for 6-8 months. That is one thing where court proceedings score over arbitration.

Justice Mohit Shah

Former Chief Justice, Bombay High Court

 

Dr. T. K. ViswanathanThe challenges which the legal profession is facing are enormous. Its turf is being eroded by other professions, and recently, I had the opportunity of drafting a code, the Insolvency and Bankruptcy Code, where we have opened up the gates for all sorts of professions to come in.

The major defect in our law research and legal reforms is that our law research and legal reforms are not based on empirical research. Empirical data is essential; it is the soul of law reforms. We often say that we are repealing obsolete laws, that we have been doing periodically; but then that is the first step forward. The next step forward is to undertake the review of every legislation administered by the government, every department of the government, to see how it is functioning and that can be done only if the Law Schools are engaged in a big way to understand how every Act is being implemented.

Dr. T. K. Viswanathan

Chairman, Bankruptcy Law Reforms Committee

 

G.R. RaghavenderThe GENNEXT CONGRESS organized by Legal Era was very relevant because of the topics chosen. The law and economics debate was inextricably linked to all commercial disputes, IPR laws, business laws, etc. It was great listening to panelists the likes of Justice A.K. Sikri, Judge, Supreme Court of India; and Dr. T. K. Viswanathan, Chairman, Bankruptcy Law Reforms Committee, among others. Similarly, the session on ease of doing business in Africa spoke about how Nigeria is leading the way and what steps it is taking. Also, the litigation versus arbitration session had all the big guys. This was very topical in light of the amendment of the Arbitration and Conciliation Act. I congratulate Legal Era. I wish you all the very best in future.

G.R. Raghavender

Joint Secretary - Department Of Justice, Ministry Of Law & Justice

 

Mahaveer SinghviThe government can think of establishing some sort of advisory centers of artificial intelligence, adapting and adjusting the regulatory framework to cater to artificial intelligence wherever possible; so maybe trying to see that whether our regulatory framework which is there can cater to this because ultimately it is an extension of a human being; artificial intelligence is nothing beyond human intelligence. It is human intelligence extended to a machine and a machine is learning constantly, evolving. So whatever laws we have right now, we need to apply it to artificial intelligence.

Mahaveer Singhvi

Joint Secretary (CT), Ministry of External Affairs of India

 

Janak DwarkadasWith the advent of globalization, we find that litigation is not only just within the domestic market but also now between global players, multinationals, etc, who have entered the Indian business space. But there is a lot of litigation now due to several regulatory bodies which have been set up to regulate the in-flow of global players. So, there is a sea change in the kind of litigation that we used to see before from the current litigation.

Till we have an improvement in the quality and quantity of judges in this country, I’m afraid that what we are seeing today in dispute resolution clauses having parties preferring to have the seat of arbitration outside of India will continue. If you cannot get justice, if commercial men cannot resolve their disputes quickly, effectively and justly, you cannot have Commerce Thrive, and with the backlog that we have, the quality of justice that we are getting, it is not going to happen. The advantage of the seat of arbitration being outside of India is of course the elimination of the scope of challenge.

Janak Dwarkadas

Senior Counsel, Bombay High Court

 

Rohit KapadiaBusiness disputes have grown from mere disputes between individuals to disputes between corporations and disputes actuated by or occasioned by the globalization of manufacturing. Successively from 1990-91 onwards, we have come to a situation where we have now a Make in India movement ; we have so many companies which are multinationals starting manufacturing in India, and that leads to a lot of disputes with the local man, both in the field of intellectual property as well as purely commercial disputes. The accent now has shifted from individual disputes to disputes between corporations relating to the work output and globalization of the market.

Rohit Kapadia

Senior Counsel, Bombay High Court

 

Rafique DadaLitigation is quite different now. There is a change of character of litigation and this throws up various aspects. Because of globalization, there is a constant change of law which has to cope up with the new jurisprudence which is now coming across. I’m sure that people who have applied their mind to it would throw up new ideas on how to meet these issues and come out with some concrete solutions. The important thing is not to give the answers but to raise the questions.

Decision in a mediation or conciliation can be filed in court and can be treated as a decree. So it can get some teeth; only you need an expertise. It’s working very successfully in Delhi, Madras, and Bengaluru. We as group of lawyers should all get together and must have a commitment. It may be a small beginning to a big moment, but one must work on those lines, must look for the problems and must look for the solutions.

Rafique Dada

Senior Counsel, Bombay High Court

 

Dr. Lalit BhasinWhat is very significant about this particular conference is the theme, GENNEXT Business Congress. It is “GENNEXT” which is so crucial. We are already in a generation which is being eclipsed by the emergence of next generation lawyers. The next generation of lawyers is more innovative. Innovation cannot come from the present generation of lawyers that I represent. Innovation has to come from the next generation of lawyers. They are more technologically savvy; they have the tools of research, the tools of knowledge and they also have the benefit of studying in the top-most law schools of the country spread all over.

Dr. Lalit Bhasin

President, Bar Association of India & SILF, (India)

 

Anand DesaiI think we are still a High Risk, High Reward nation, which is great because it brings a lot of people who are risk takers and businessmen. If we all feel that as lawyers, our job is not only to find loopholes and only defend clients, which we should as that is our job, but also try and assist in some way as a community, whether it is the Bar Association, and try and move things forward.

Anand Desai

President, Tie Mumbai; Managing Partner, Dsk Legal

 

V. LakshmikumaranI think one of the good points when court litigation is concerned is that the arguments are taking place in the open court. The minute the discussions are taking place in the open court, many of the problems are taken care of. In court litigation, you don’t choose the judge, you only choose the court. When you choose the court, you go there, you file your case, argue the case, and then, get the result. When you choose a judge, while many other arbitrators are unbiased, some little amount of bias can get in and that creates its own problems.

V. Lakshmikumaran

Founder and Managing Partner, Lakshmikumaran & Sridharan (L&S)

 

Justice Hans-Joachim EckertThank you very much for the invitation to the Congress. It was a great pleasure to be there and I got a very good impression of the Indian legal system. Thank you again for all you did in organizing this really good conference

Justice Hans-Joachim Eckert

Former Judge, Regional Court Munich, Germany

 

David NordellCyber law is not all about technology and cyber crime or how people get into others’ bank accounts and so on and so forth. It is a whole set of technology- based tools and techniques. It is about offense and defense. So, sometimes you’re using cyber to attack someone while sometimes you’re using the same kind of tools to defend yourself. It’s not only about information technology but also about things that move and things that turn around and manufacture and so on. So your trains, ships, your pharmaceutical manufacturing lines, and so on and so forth are also a part of the attack surface of cyber attacks.

David Nordell

Senior Vice-President, International Strategy Policy & Law, CSCSS

 

Dr. Cornel BorbélySpeaking on “Fostering ethical standards in international sport organizations”, Dr. Cornel Borbély said, An important aspect is that depending on the type of sport, considerable sums of money come into play and national political interests are also affected; given this context, it is therefore important to ensure that conditions exist which guarantee that practices surrounding sports, sporting events, and specially sports administrations are honest and ethical. By introducing standards and good governance principles, it is also possible to eliminate certain amount of criminal conduct.”

Dr. Cornel Borbély

Criminal Lawyer, Former Prosecutor Of The Canton Of Zurich; Chairman, Investigatory Chamber, Ethics Committee, Fifa

 

Emeka OfforThe Nigerian government is committed to fixing all the loopholesin the economy…The government has been tackling seriously the issue of corruption and corruption is our perception, how you feel about the people, how you feel about the business environment. There have been institutional reforms by the organizations, industries by the recent corporate governance structure that they have put in place. I focused on this aspect of resolving this perception and clearing them. On the part of the government, by self-regulation, they are saying this is where we want to go… I like one of the sayings of the President of Nigeria that “We have to kill corruption because if we don’t kill corruption, corruption will kill us. We don’t want to die, we have to kill corruption.”

Emeka Offor

Director, Strategic Communications, Nigerian Investment Promotion Commission (NIPC)

 

Osaro Eghobamien SANI want to make three fundamental points about the ease of doing business and the impact of recent reforms in Africa. Firstly, when we talk about Africa, we talk about Africa as if we are talking about India, it’s obviously a continent, but it’s a continent with 54 countries with different laws and regulations. So it presents its own interest in diversity, and therefore, if you come in to Africa, you have to be able to adopt that diversity to be able to do business effectively. Secondly, Africa is perceived as a very high risk place to do business. That perception is of course diverse because you are talking about 54 countries. But on the back side of that is that it is recognized as one of those places where there is high return on investments. Finally, only recently, a Free Trade Agreement was signed among 44 countries in Africa. So we are moving to a real African Union and creating a common market. That presents its own interest in opportunities. Now Nigeria did not sign that agreement not because it does not believe inherently on the benefits of the agreement but because of some internal issues, lack of consultation. So it’s only a matter of time that Nigeria will sign that agreement and present itself as a common market.

Osaro Eghobamien SAN

Managing Partner, Perchstone & Graeys

 

Vikram TrivediIndia’s transition to an open economy has brought about increasing cross-border transactions largely due to participation and involvement of foreign players. Additionally, domestic markets became more accessible over time. Having said that, the advent of globalization has posed its own set of challenges, especially in the domain of Competition Law, Commercial Lawand Corporate Law, including commercial transactions.

Vikram Trivedi

Managing Partner, Manilal Kher Ambalal & Co.

 

Shardul S. ShroffWhen an account runs into non-performing assets by virtue of the RBI Regulations on Provisioning, 50% of the value of that debt has to be provided for in the books of accounts of the bank. And one of the reasons why the banks were not commencing actions under Insolvency Law was that they will have to provide 100% the moment the company went into insolvency. So there was reluctance on the part of banks to actually start the proceedings. Therefore, the RBI Act had to be amended giving a right to issue a direction to banks and financial institutions to commence the process.

Shardul S. Shroff

Executive Chairman, Shardul Amarchand Mangaldas & Co

 

Pallavi Shroff“The theme was quite exciting because it was more about society as it is evolving and the new areas of law that are emerging. I think some of the topics such as financial technologies, IBC etc. were very relevant. We all need to think a lot more than we currently do about the implications of this whole growth of technology. I don’t think we have even been paying so much attention and what it means for data protection, data privacy, Big Data et al. That’s the new frontier and the new challenge. And I think Legal Era already seems to be inching towards that. It’s a first step, and I think a very good one at that.”

Pallavi Shroff

Managing Partner, Shardul Amarchand Mangaldas & Co.

 

Dr Manoj Kumar“It is said that the industrial growth of an economy is as high as the economy goes deep on mining. So they are inversely proportional. How deep you go about exploring your mines is how much you develop. The Supreme Court initiatives to fill the gap in the policies and pass on the development cost to minors and therefore, also in parallel, directing state governments and central government to pass necessary legislations and thereafter, once the legislations are in place, still sticking to the fee imposed by them and therefore, a double jeopardy as far as financial implications are concerned on mining is something that we are still trying to figure out.

As far as quality of data collection with respect to resources is concerned, there is still much left to be desired whether it is renewable electricity or the mineral side, in general - the entire energy and natural resources sector. I think much more high-end technology and far more transparency so we possibly need repositories of data that collect data and make it available to the players. Data which is dependable, data which is not dependent on somebody being able to engage experts and therefore, collate the data for them and based on that, they go into the project and data which is universally available to all the players in a transparent manner and verified.

Dr Manoj Kumar

Energy and Mining Industry: Black & White Measures

 

Dr Sanjeev GemavatDr. Gemawat spoke about how the whole transformation in terms of the regulatory compliances had taken place and urged speakers to discuss the impact that RERA has made not only on legal compliance but also the way in which companies function today. He also gave some examples on the challenges faced in complying with RERA.

The panel answered quite a few of the doubts of the delegates. Dr Gemawat’s concluding remarks were “With fair amount of protection, we are all upbeat about RERA. Six months of experience is enough to experience what RERA is all about and we all very optimistic about it.”

Dr Sanjeev Gemavat

Executive Director & Group Company Secretary, Dalmia Bharat Group, (India)

 

Na. VijayashankarIn this important panel, eminent speakers participated and of them, Na. Vijayashankar or NaVi as he is widely known, presented a detailed presentation on the challenges, the laws and vision of a smart city in the age of AI. He said, “Smart cities, by definition, are built on the foundation of technology. Data is the lifeblood of all this. With huge amount of data, Big Data comes into the picture. Because when real time decisions have to be taken, you need artificial intelligence; ordinary computing may not be sufficient.

“He concluded by saying, “Smart cities is a big challenge but our laws have something in them if we know how to interpret them. I hope, by the time quantum computing comes, we will have new laws. Until then, I feel we can use current laws for the AI scenario.”

Na. Vijayashankar

Managing Director, Ujvala Consultants Pvt. Ltd, (India)

 

Murali NeelakantanaKicking off the very first session with the utmost enthusiasm, Mr Neelakantan spoke of price regulation and drafting of the policy and its impact on the regulatory regime. He said, “If you go back before 2013, price regulation was done on cost plus basis and that is still a challenge. 2013 policy which moved to market based pricing is currently being challenged in the Supreme Court. There was an attempt to go to a model that was cost plus. Paracetamol has 400 brands and yet we have price control.

Our challenge with pricing with all of the companies who manufacture and sell in India, which becomes reference for our foreign markets. So the challenge is not so much that we don’t want to sell at a lower price in India. Perhaps, we can sell at a lower price in India. You are then stuck with that price being the reference price in Russia, Turkey or elsewhere in the world; you are ending up subsidizing the whole world if you accept a subsidizing here.”

Murali Neelakantana

Executive Director & Global General Counsel, Glenmark Pharmaceuticals Limited, (India)

 

Avnindra MohanOne of the panels that kept everyone hooked right till the end was the Media and Entertainment panel. It was moderated by Mr Avnindra Mohan. Summing up the session, Mr Mohan says that, “We can conclude that one, there is no ease of doing business in India as far the Entertainment sector is concerned and the second takeaway is that Entertainment is no more a luxury, it is an essential commodity or service, whatever you want to term it. And finally, the third takeaway is to fight piracy; to create appropriate modification and all have to work together. People on the dais and also off the dais have to say No piracy and that we will not watch pirated content. That’s the moral and ethical step that you will have to take which will add a long way because if voluntarily if you have a belief and if you take it voluntarily, then it works better than any other external link.”

“I would like to end this session by saying that the ailment which is there in Media & Entertainment sector is because of the fact that so far, in India, we do not have what we call a media policy from the government. Like in Telecom, you have the National Telecomm Policy and the operators work under that policy. We don’t have a Media and Entertainment kind of policy by the government so therefore, the decisions which are taken by the regulator as well as the Ministry are on an ad-hoc basis. There is no well defined visionary document which can be followed. So, the policy is very important.”

Avnindra Mohan

President, Legal & Regulatory, Zee Entertainment Enterprises Limited, (India)

 

Sujeet Jain“Some of the footprints of Satellites go as far as Europe, but Indian satellites would not cover such a vast footprint. Therefore, for the Indian broadcaster, they will have to; if the Indian satellites do not cover wider footprint, operationally it becomes a question of inefficiency. These are the fundamental points which I am making which need to be rectified first. Point one- there has to be enough capacity and point two – the visibility has to be analyzed before this is imposed. And at the moment, it is unease as far as doing business is concerned.”

Sujeet Jain

Group General Counsel & Company Secretary, Viacom 18 Media Pvt. Ltd.,(India)

 

Chakradhar Varadarajan“The regulatory regime needs to be more critically looked at from the industry’s perspective and especially with reference to identified industries which give boost to the manufacturing sector. That seems to be lacking and that needs to be driven and for that we also need stability in the government,” he said while summing the session.

Chakradhar Varadarajan

Head - Corporate Legal, Godrej Industries Ltd, (India)

 

Nakul DewanLet me steer on the debate to something which Justice Mohit Shah said; he said, one of the advantages of court proceedings is a judge sitting there who reads the file, he knows pretty much which way the matter is going to go and he can actually summarily make a decision. Now, that’s a very big advantage which in his view a judge has because he is sitting there and he has got the authority to do that. Arbitration is flexible, but it still has a certain procedure to be followed and one of the grounds on the basis of which you can set aside an award is natural justice, which then basically permits recalcitrant defendants to go in and delay proceedings, that’s the reality, to goslow, to take objection such as we have not been heard, to make all sorts of noises before an arbitrator and an arbitrator who is literally powerless can do nothing.

Nakul Dewan

Independent Advocate Practicing, Maxwell Chambers, (Singapore)

 

Dr Akhil Prasad“There is always a question mark about intention v/s performance, when we look at the Indian government; the various governments in the past. We are still relying on age-old legislations. There is a question mark whether we are really serious about tackling corruption or whether it’s political play. We have also seen instances like demonetization where the govt. of India said that we want to bring back the black money and we want to take the people indulging in black money to task, and the entire currency system was changed overnight. Instances like these definitely raise some questions but there have been some legislative changes under the Companies Act where it has been mentioned that we should have a very robust risk management process but when we look at PNB, it does throw up questions whether banking system has adequate risk management processes in place.”

Dr Akhil Prasad

Country Counsel India & Company Secretary, Boeing International Corporation, (India)

 

Shilpa Mankar AlhuwaliaSpeaking on the Data Regulation from the Data Protection point of view, Shilpa said, “Currently the data regime is under the IT Act, the IT Act that essentially governs the rules and regulations. But the FinTech revolution has gone far beyond that and we’ve seen recently with Facebook, the kinds of threats on for both the consumers and the regulators that data breaches can lead to. And I think that’s looking ahead, what we can expect is a comprehensive regulation on data which governs, which is centered around consent. It governs how you access that data, I need to know who my data is being shared with, and I need to be able to stop sharing my data and I think these are the three core principles that we can see from Data Regulation which is eminent.”

Shilpa Mankar Alhuwalia

Partner, Shardul Amarchand Mangaldas & Co., (India)

 

Kavitha GuptaA Smart City is nothing but it is about you, your lives, it is about us, about how we are connected with the world, more convenient way of living and definitely to have a better quality of life. It is like leveraging technology, integration of court subsystem of city serviceslike transport etc, and deeper analysis to provide real data analysis.

Kavitha Gupta

Co-Chair, Bangalore KnowledgeNet Chapter, IAPP (India)

 

Vyapak DesaiI think that yes there are nuances and there are advantages of court proceedings, but I don’t think in an Indian scenario, we can live without an alternative dispute resolution mechanism at this stage, particularly the way the commercial world is moving, the way the business is moving and it is moving much faster in pace than what the judicial system at the moment can take. So by the sheer need,rather than a “want”, I think we need arbitration and alternate dispute resolution mechanism as a matter.

Vyapak Desai

Partner, Nishith Desai Associates, (India)

 

Sameer ChughThe fact remains that arbitration is obviously better because when you are looking at a pure commercial dispute, what better than getting it done quicklybecause if the parties are going to turn around and fight on the commercial dispute for years and years together, the whole dispute itself loses the relevance. So therefore from at least that perspective, arbitration is better. To me, clearly, arbitration is the right thing, especially when it comes to a commercial dispute.

Sameer Chugh

Director - Legal & Regulatory, BhartiAirtel Ltd

 

Pankaj PatelAny country which grows economically, it is of no use unless and until there is a judicial reform. So arbitration is the first step ofjudicial reform. Arbitrationis actually taking away so much of work from the already overburdened judiciary. It is actually resolving a commercial dispute expeditiously. So that is the reason arbitration is a must for the country.

Pankaj Patel

Head – Legal and General Counsel, Future Group

 

Dr. Rajeev UberoiGiving a detailed insight on what led to the rise of FinTech, Mr Uberoi says, “Banking has always been a forte of a running few, running aback. The last 2-3 decades, there has been a huge change in the banking industries operations which is basically a core banking solution which has come wherein you have data mining, doing things with technological solutions, that has led to a position where banking is hugely dependent on technology. Having said that, this particular change or revolution if I may say so was coming beyond the bank also, in the market place. People were wanting to use technology for their benefit and also for making their life easy. When they started doing that, there was a huge pressure on the banks which were the forte of a selected few and regulated by regulations where RBI said you have to do A B C D KYC regulations, prudential norms, this and that. So if that had to be provided on behalf of the banks to the public, that the time when the FinTech industry came up.”

Dr. Rajeev Uberoi

Chief General Counsel and Group Head Legal & Compliance, IDFC Bank Ltd, (India)

 

Priya Khanna“The main types are Physical, Verbal and Visual harassment. It turns out that sexual harassment is not really about sex, it’s about power. And what someone does to you to take that power away from you.”

Priya Khanna

Founder, Smart Souls, (India)

 

Lakshika JoshiI am happy to have been associated with Legal Era Magazine and Awards for the last couple of years. The publication brings together the best of legal minds and provides good insights on successfully running the legal business, both in-house and as an external provider. Legal Era Awards is like the Filmfare of the legal fraternity. There is fun, thrill, excitement, entertainment and knowledge sharing. It brings together the best of brains and acknowledges them for their years of hard work and toil. We, lawyers, are no longer the unsung heroes of deal-making! Kudos to Aakriti, Vishal and the whole team for such an unparalleled creation and management over the years. My best wishes to the team!

Lakshika Joshi

Global IP Head and Legal Leadership, Aricent, (India)

 

Meera Vanjari“To be good lawyers, firstly it’s very important to have good knowledge of the law, good knowledge of the industry that you function in and specialization is good when you have that strong base and that grounded base. Again on the point of specialization and centres of excellence, one of the biggest issues we face is that people get bored doing the same thing and they want to learn. So, how do you rotate the work within your team? And it’s good to have centres of excellence depending on the industry you are in but it is also very important that people get different exposure to the aspect of business and laws that play a role in your business and that keeps people motivated.”

Meera Vanjari

Sr.Vice President - General Counsel, Glenmark pharmaceuticals Ltd., (India)

 

Gowree GokhaleSumming up discussions on “Moral & Ethical Responsibilities Of Big Sporting Organisation”, Gowree Gokhale said:“1)There should be independent supervisory bodies for most of the sporting organizations because how much ever you may want to do, internal controls, you do need accountability to an external body which will probably sort of clean up the process;2)Self-regulation for these bodies that cuts across different verticals; 3)Whether India can learn from the FIFA experience and clean up the system, though there have been lots of committees that have been looking into this particular issue, the matter has been pending before the Supreme Court, but that is only one particular instance; now, on an on-going basis, how do we control this activity?;4) Whether India should legalize sports betting or not? There were certain feedbacks that were received which we should definitely consider; 5) Player rights, it’s a very niche field which is growing because the variety of rights that are getting created by the different forms of allied activities, one is you have your main sporting event, but around that like DFS or other activities that go around it, what are the new types of rights that are developing and how does an association or a federation ensure that the player is adequately compensated for those rights or gets adequately compensated by the industry.”

Gowree Gokhale

Partner, Nishith Desai Associates

 

R.K. SinhaIn world ranking so far as mineral production is concerned, we are second in the world because the top position is being held by China. The grey area for the mineral sector is the exploration which requires a big thrust, and recently, even with the right of first refusal, if it does not pick up, we have to consider for auctioning the exploration block even at the initial stage.

R.K. Sinha

Former Controller General, Indian Bureau of Mines, Government of India

 

Surath MukherjeeThere are checks and balances, the auditors and so on. The sad part is you will see from this year only that the annual report is going to be a particular thing, with so many disclosures, so many details, and at times, it is not being read properly, the relevant people are also not reading it. So when there is influx of information and red flags, the question is whether you are able to see that red flag, the authorities, whosoever it is.

Surath Mukherjee

Head - Internal Audit & Risk Assurance, Dalmia Bharat Group

 

Tushar AjinkyaThe transparency and the accountability is being thrust through various amendments either to the Companies Act, introducing regimes like the Whistleblower Policy, putting obligations on the auditor to report directly if fraud which is beyond a crore or to take it up to an audit committee for frauds which are above 50 lakhs. If you look at the Indian situation, there is one thing that I personally noticed which is different in the past 2 years as opposed to times before that, in the crimes that are coming out in the white-collar crimes so to speak, whether it is bank fraud or some of the other frauds that have happened, in the past 2 years, a lot more accountability has been cast upon officers of a company. I think there is a move in India to make sure that accountability is first created and then enforced with a hope that once you have these mechanisms in place, you should at least have that one black apple separated from the rest of the pack and therefore being able to isolate that faster than ever.

Tushar Ajinkya

Partner, DSK Legal

 

Shankar JadhavIn an electronic world or net world, the scope of white-collar crimes has increased. So I’m sure the percentage of white-collar crimes, the amount of money, the number of crimes that we have got will be very high as we grow. Yet the numbers which are detected are very miniscule. As you increase the penalties or as the risk of once you are caught you have to pay a big penalty goes on being higher, the amount of bribe giving and taking increases.

Shankar Jadhav

Head - Strategy, BSE

 

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