ISSN (Print) - 0012-9976 | ISSN (Online) - 2349-8846

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CORPORATE SECTOR-No Check on Managements

CORPORATE SECTOR-No Check on Managements

No Check on Managements Charvaka THE Reserve Bank of India has just published, in the September 1977 issue of its monthly Bulletin, the fuller version of its latest annual study of the finances of 1,650 medium and large public limited companies in the private sector, covering the year 1975-76. The performance of the private corporate sector in 1975-76, as it emerges from the study, has to he assessed in the light of certain by now well-established tendencies which characterise the working of the private corporate sector. First, those in control of companies deliberately inflate costs to evade tax liabilities and to decieve both workers and the general class of shareholders. Secondly, in these efforts of the company managements liberal finance provided at low cost by the public sector financial institutions, including banks, plays a major role. Finally, despite the enormous amounts of investible funds provided by the public sector financial institutions and the growth of capital assets, expansion of employment in the private sector has been niggardly.

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