BUSINESS ETHICS

UTILITARIAN THEORIES INDIAN ETHICAL TRADITIONS MAJOR INDIAN SCAMS

UTILITARIAN THEORIES

STOCKHOLDER THEORY STAKEHOLDER THEORY SOCIAL CONTRACT THEORY

INDIAN ETHICAL TRADITIONS

Indian ethical traditions have been one of the great repositories of moral thought in world philosophy whose insights have influenced early Greece, Europe, Asia, and the New World.

 Cambridge Advanced Learners Dictionary defines Ethos as the set of beliefs, ideas, etc. about social behaviour and relationship of a person or group while Oxford Advanced Learners Dictionary defines it as the moral ideas and attitudes that belong to a particular group or society. Indian Ethos is all about what can be termed as national ethos. Formally, the body of knowledge which derives its solutions from the rich and huge Indian system of ethics (moral philosophy) is known as Indian Ethos in Management (IEM).

 Is IEM some kind of Hindu concept of management? Certainly not. Management is behavioral science and it has to be culture specific. IEM has as its basis, the culture base of India and as a country whose culture has its roots in religion - it does draw its lessons from the religions of the land - be it Hinduism, Buddhism, or any other. The salient ideas and thoughts of Indian Ethos in Management revealed by our ancient scriptures are:

 1. Atmano Mokshartham, Jagat hitaya cha: All work is an opportunity for doing good to the world and thus gaining materially and spiritually in our lives 2. Archet dana manabhyam: Worship people not only with material things but also by showing respect to their enterprising divinity within. 3. Atmana Vindyate Viryam: Strength and inspiration for excelling in work comes from the Divine, God within, through prayer, spiritual readings and unselfish work. 4. Yogah karmashu Kaushalam, Samatvam yoga uchyate: He who works with calm and even mind achieves the most. 5. Yadishi bhavana yasya siddhi bhavati tadrishi: As we think, so we succeed, so we become. Attention to means ensures the end.

 6. Parasparam bhavayantah shreyah param bhavapsyathah: By mutual cooperation, respect and fellow feeling, all of us enjoy the highest good both material and spiritual. 7. Tesham sukhm tesham shanti shaswati: Infinite happiness and infinite peace come to them who see the Divine in all beings. 8. Paraspar Devo Bhav: Regard the other person as a divine being. All of us have the same consciousness though our packages and containers are different.

 Basic principles of Indian Ethos for Management (IEM): 1. Immense potential, energy and talents for perfection as human being has the spirit within his heart. 2. Holistic approach indicating unity between the Divine (The Divine means perfection in knowledge, wisdom and power), individual self and the universe. 3. Subtle, intangible subject and gross tangible objects are equally important. One must develop ones Third Eye, Jnana Chaksu, the Eye of Wisdom, Vision, Insight and Foresight. Inner resources are much more powerful than outer resources. Divine virtues are inner resources. Capital, materials and plant & machinery are outer resources. 4. Karma Yoga (selfless work) offers double benefits, private benefit in the form of self purification and public benefit. 5. Yogah Karmasu Kaushalam - Excellence at work through selfmotivation and self-development with devotion and without attachment. 6. Co-operation is a powerful instrument for team work and success in any enterprise involving collective work.

 Principles of IEM are universally applicable. IEM can help develop an effective and holistic management pattern which will assure all round growth in productivity, marketing and profitability. This will help in synchronizing private and public benefits and encourage individuals to lead an enriched quality of life together with worldly achievements. The best form of management has to be holistic and value driven which is the objective of IEM

MAJOR INDIAN SCAMS

2012 Coal Mining Scam (Government has lost Rs 10.7 lakh crore by not Auctioning Coal Blocks says the 110 page CAG Report). Ministry of External Affairs gift scam Himachal Pradesh pulse sca Jammu and Kashmir PHE scam Jammu and Kashmir recruitment scam Jammu and Kashmir examgate Flying Club fraud ( 190 crore)

2011 Uttar Pradesh NRHM scam ( 10,000 crore) ISRO's S-band scam (also known as ISRO-Devas deal) KG Basin Oil scam Goa mining scam Bellary mining scam Bruhat Bengaluru Mahanagara Palike scam ( 3,207 crore) HIMUDA housing scam - Himachal Pradesh Pune housing scam Pune land scam Orissa pulse scam ( 700 crore) [ Kerala investment scam ( 1000 Crore) Maharashtra education scam ( 1000 Crore) Uttar Pradesh TET scam[ Uttar Pradesh MGNREGA scam Orissa MGNREGA scam Indian Air Force land scam BL Kashyap - EPFO scam ( 169 crore) Mumbai Sales Tax fraud ( 1,000 crore)]

2010 2G spectrum scam and Radia tapes controversy Adarsh Housing Society scam Commonwealth Games scam Uttar Pradesh food grain scam LIC housing loan scam Belekeri port scam Andhra Pradesh Emmar scam ( 2,500 crore)[55] [56][57] [58] Madhya Pradesh MGNREGA scam ( 9 crore)[59] Jharkhand MGNREGA scam[60] [61] [62] Indian Premier League scandal[63][64] Karnataka housing board scam[65] [66] [67]

2009 Madhu Koda mining scam Rice export scam ( 2500 crore)[68] Orissa mining scam ( 7000 crore)[69] Sukhna land scam - Darjeeling [70] [71] [72] [73] Vasundhara Raje land scam[74] Austral Coke scam (1000 Crore)[75][76]

2008 Cash for Vote Scandal Hasan Ali black money controversy[77][78][79] The Satyam scam [80] State Bank of Saurashtra scam (95 Crore)[81][82] Army ration pilferage scam ( 5000 crore)[83] Jharkhand medical equipment scam ( 130 crore)[84] [85] 2006 Stamp paper scam Kerala ice cream parlour sex scandal Scorpene Deal scam[86][87][88] Navy War Room Spy Scandal (related to Scorpene Deal Scam) Punjab city centre project scam ( 1500 crore)[89] 2005 IPO scam [90][91] Oil for food scam (Natwar Singh) Bihar flood relief scam ( 17 Crore)[92]

2004 Gegong Apang PDS scam 2003 Taj corridor scandal HUDCO scam[93] 2002 Provident Fund (PF) scam [94][95] Kargil coffin scam[96] 2001 Ketan Parekh securities scam Barak Missile scandal Calcutta Stock Exchange scam[97] 2000 India-South Africa match fixing scandal[98] UTI scam ( 32 crore)[

TOP 10 SCAMS ALL TIME

With so much capital in hand, one cant help but wonder would India still have been a developing country had this money been used on what it was actually meant to be spent on.

 #1 2G SPECTRUM SCAM

TOP 10 Biggest Indian Scams Of All Times

What can be said that hasnt been said before, this is THE mother of all scams. The Supreme Court recently said the spectrum scam has put all other scams to shame. The incident saw former telecom minister A Raja being forced to resign after the CAG indicted him in the 2G spectrum scam that resulted in a loss of about 176,000 core to the national exchequer. The scandal revolves around the alleged irregularities in allotting wireless radio spectrum and licenses by the telecom ministry to private operators some of whom were ineligible. Licenses were given and spectrum allocation was done at an extremely low price (2001 prices in the year 2008) leading to a gargantuan loss to the national coffers.

#2 COMMONWEALTH GAMES SCAM

Yes, of course, how could the scamsters miss the much publicized and anticipated Common Wealth Games hosted by India in 2010. Even before the long awaited sporting bonanza could see the light of the day, the grand event was soaked in the allegations of corruption. Estimated to be involving money worth close to 35,000 crore, the scam included discrepancies like payment to nonexistent parties, will-ful delays in execution of contracts, over-inflated price and bungling in purchase of equipment through tendering and misappropriation of funds. The accused, former chairman of the Commonwealth Games Organising Committee, Suresh Kalmadi, was charged and jailed later by CBI in april 2011

#3 - TELGI SCAM
Abdul Karim Telgi, the name is still etched boldly in the memory of the whole of India. The con artist, who shook the entire nation with his mastered art of forgery in printing duplicate stamp papers. The scam spanned across 12 states and estimated to the amount of 20,000 crore plus. With support from numerous Government Departments this scam one of the first few which brought to light the shameful corrupt practices of the politicians and the beaurocrats alike.

#4 SATYAM SCAM
Satyam scam is the biggest fraud in the Indian corporate industry till date, amounting to 14,000 crore. The disgraced former chairman, Ramalinga Raju is accused of fudging the books of accounts for several years and inflating revenues and profit figures of Satyam. His efforts to fill the fictitious assets with real ones through Maytas acquisition failed, after which he decided to confess the crime. Indias fourth largest IT company lost a staggering Rs 10,000 crore (Rs 100 billion) in market capitalisation as investors reacted sharply and dumped shares, pushing down the scrip by 78 per cent to Rs 39.95 on the Bombay Stock Exchange in a single day.

#5 IPL SCAM
Never before has a scam been enjoyed and celebrated by such a massive proportion of Indian people. A lot of the IPL activity has been alleged to be unethical, unlawful and sometimes illegal. Politicians and others are said to be laundering black money via Mauritius and other tax havens which hide investors identities through shell companies and false names. There are suggestions that matches and bids for team franchises have been fixed, and that there have been bribes, tax evasion, illegal betting, and breaches of foreign investment rules. At the centre of the growth, and the controversy, was Lalit Modi, creator and chairman of the IPL and former vice president of the highly politicised Board of Control for Cricket in India (BCCI).

#6 BOFORCE SCAM
The Bofors scandal is known as the hallmark of Indian corruption. In the 1980s,the then PM Rajiv Gandhi and several others including a powerful NRI family named the Hindujas, were accused of receiving kickbacks from Bofors AB for winning a bid to supply Indias 155 mm field howitzer. The Swedish State Radio had broadcast a startling report about an undercover operation carried out by Bofors, Swedens biggest arms manufacturer, whereby $16 million were allegedly paid to members of PM Rajiv Gandhis Congress.

#7 - HARSHAD MEHTA SCAM

Popularly known as the Big Bull, Harshad Mehta took advantages of the loopholes in the banking system and triggered a rise in the Bombay Stock Exchange in the year 1992 by trading in shares at a premium across many segments. He and his associates diverted funds to the tune of about Rs 5,000 crore (Rs 50 billion) from the banks to stockbrokers between April 1991 to May 1992. He was later charged with 72 criminal offences.

#8 COBBLER SCAM
In1995 another Scam of magnanimous proportions was exposed. Sohin Daya of Dawood Shoes, Rafique Tejani of Metro Shoes, and Kishore Signapurkar of Milano Shoes were arrested in this multi-crore shoes scam on the charges of availing loans of crores of rupees on behalf of fictitious leather co-operative societies and taking advantage of these through various schemes. Officials of various state banks were also charge sheeted.

#9 FODDER SCAM
More commonly known as the Chara Ghotala, this scam was worth a whooping 900 core and involved the infamous and forever popular Bihar politician Lalu Prasad Yadav. The scam involved fabrication of vast herds of fictitious livestock for which fodder, medicine and animal husbandry equipment was supposedly procured.

#10 - Hawala Scandal

Yet another widely publicized bribery scandal which came out in 1996. It involved payments to the tune of $18 milion received by Countrys leading politicians through hawala brokers. The list of accused included the then leader of the opposition Lal Krishna Advani. The masses were left shocked as all the major political players were being accused of having accepted bribes and also alleged connections about payments being channelled to Hizbul Mujahideen militants in Kashmir.

 So this concludes the list of TOP 10 biggest Indian scams of all times. According to the compilation, the total amount of money involved in various scams over the last 12 years alone, since 1992, is estimated to be over Rs 80 lakh crore (Rs 80 trillion) or $1.80 trillion! To many people abroad, India is seen sentimentally as Mahatma Gandhis country of khadi cloth, good ethics, and care for the poor. To some it is an economic miracle and a future super power, while to others it is an unkind cruel place of caste, ethnic and rich-poor divisions and violence. Above all however, and not far below the surface, India is a maze of unethical, unlawful and illegal swindles that link most politicians, many bureaucrats, and a large number of businessmen and others.