TEZPUR, Oct 29 - �Unethical companies may grow very fast, but they cannot sustain for long,� observed Amitava Banerjee, Consultant with the National Foundation for Corporate Governance (NFCG), New Delhi.
He was speaking at a seminar on, �Corporate Governance and Companies Act� organised by the Department of Business Administration & Department of Commerce, Tezpur University under the aegis of NFCG, New Delhi on Saturday.
The seminar was organised with an objective to popularise and familiarise the concept of corporate governance and to discuss various aspects of the Companies Act, 2013, which has brought revolutionary changes in the field of corporate governance.
Delivering a lecture on the topic, �Corporate Governance - The Essence and Basics,� Banerjee highlighted the importance of having corporate governance as a principle for not only reducing conflict of interest in business, but also maintaining transparency and controlling risk.
�Corporate governance is required to balance the greed and the need of an organisation,� he said, adding it also helps in decision-making, increases business competitiveness and enhances public and media relations.
Speaking on the occasion, OP Bagaria, noted industrialist of Tezpur, whose family runs the T&I Global Limited (TIGL), a leading manufacturer and exporter of tea processing machinery, explained the difference between making money for self and creating wealth for the nation.
�Good corporate governance leads to ethical business system,� he said. �Our business entity earned admiration from stakeholders due to ethical business dealings,� Bagaria added.
Addressing the gathering at the inaugural session, Prof. Vinod Kumar Jain, Vice Chancellor of Tezpur University discussed the issue of conflict of interest in some of the big corporate houses and emphasised on the importance of following corporate governance to avoid insider trading, conflict of interest and bad governance.
Rohit Agarwala, Chairman of Guwahati branch of EIRC of the Institute of Chartered Accountants of India also delivered an insightful lecture on the occasion.
The seminar also featured a discussion on the role of accounts and audit by Chartered Accountant PurushottamGaggar and a deliberation on the topic, �Compliance under Companies Act 2013� by Chartered Accountant Swati Tejawat.
A quiz to popularise the concept of corporate governance was also organised amongst the students. Dhiraj Kumar Jain, Vice Chairman of Guwahati branch of EIRC of the Institute of Chartered Accountants of India and Dr Biren Das, Registrar of Tezpur University gave away the students� participatory certificates.