An Overview of the Corporate Scams That Have Actuated Changes in the Company Law in India

Abstract

In India’s economic and regulatory history, corporate scandals have been turning points. They led to major legal changes that fixed systemic flaws, raised governance standards, and restored investor trust.

This paper examines some of India’s most famous business scandals, like the Satyam scandal, the Nirav Modi-PNB scam, the Haridas Mundhra, and the Yes Bank debacle, and how they led to changes in the law.

This paper shows how important corporate scandals are for changing regulations by looking at each one’s causes, effects, regulatory reaction, and the legal changes that followed. These scandals have changed India’s legal system for corporate governance and financial regulation. They have done this by strengthening corporate governance standards, improving regulatory oversight, and making enforcement better.

The paper also talks about the long-lasting lessons that can be learned from these events and how they can be used to make India’s business sector more open, accountable, and honest. Overall, it shows how important it is for regulators, industry stakeholders, and civil society to stay vigilant, take proactive steps, and work together to stop future scandals and protect the rule of law in India’s corporate governance system.

Corporate fraud refers to illegal activities carried out by an individual or company in a dishonest or unethical manner. This specific kind of business fraud is frequently intended to benefit the person or business committing it. Corporate fraud schemes extend beyond an employee’s stated position and are distinguished by their complexity and economic impact on the business, other employees, and outside parties.[1]

The Companies Act 2013 deals with provisions relating to corporate fraud. According to section 447 of the Companies Act, 2013 any person who is found guilty of fraud shall be punishable with imprisonment of a term which shall not be less than six months, but which may extend to ten years and shall also be liable to fine which shall not be less than the amount involved in the fraud, but which may extend to the three times the amount involved in the fraud.

Corporate fraud means illegal practices undertaken by a corporate or an individual person to make a tremendous profit and to have an edge over another. Corporate Fraud results in huge losses of public funds which they have entrusted to the company for better functioning.

Importance of Company Law in India

There is one law in India that covers all business laws: the Companies Act, 2013[2]. Company law is very important in India because it is the main way that businesses are regulated and makes sure that they are open, accountable, and protect investors. Giving more details about how important it is involving a few main points:

1. Legal Framework for Business Entities

In India, company law sets the rules for starting, running, and ending different types of businesses. These include private and public companies, partnerships, and limited liability partnerships (LLPs). It explains how to incorporate, how the company is run, and what the rules are for following the law.

2. Investor Protection

There are parts of Indian company law that are meant to protect the interests of owners and shareholders. It requires financial documents like yearly financial statements and auditor reports to be made public. This promotes openness and helps people make smart choices. It also controls insider trading, related-party deals, and corporate governance practices to protect minority shareholders and stop power abuse.

3. Corporate Governance

Promoting company integrity, accountability, and long-term business practices depends on having good corporate governance. India’s company law sets rules for how boards should be made up, what directors should do, and how companies should run. These rules are meant to be clear, reduce conflicts of interest, and make boards more effective. Following the rules for corporate governance not only builds trust among investors but also helps a business do well and last for a long time.

4. Regulation of Corporate Conduct

Company law controls many parts of how businesses act to stop fraud, bad management, and market abuse. It makes directors, officers, and other key employees legally obligated to do what’s best for the company and its clients. Financial reporting, auditing, compliance, and corporate governance rules all work together to stop dishonest and fraudulent behavior. This builds trust in the business world and promotes corporate ethics.

5. Facilitation of Business Transactions

Company law has clear and well-defined rules that make business deals, mergers, acquisitions, and restructuring easier. It gives ways to get money by using debt or stock instruments, giving out shares, or reorganizing the business. It also makes sure that rules are followed, and everyone’s interests are protected. Company law provides legal certainty, which boosts investor confidence, encourages people to start their own businesses, and helps the economy grow and improve.

Adaptation to Global Standards: As India becomes more connected to the world economy, company law is very important for making sure that Indian rules and laws are in line with foreign standards and best practices. Harmonizing corporate governance rules, accounting standards, and disclosure requirements makes India a more appealing place to spend, encourages investments across borders, and makes it easier for people to take part in global capital markets.

Enforcement and Remedies: Company law gives governmental bodies like the Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs (MCA) the power to make sure people follow the rules and punish those who don’t. Company law provides remedies such as fines, penalties, returning profits, and disqualifying bad shareholders. These actions make people responsible and discourage them from not following the rules.

In India, company law is very important because it affects how businesses act, how they are governed, and how well they do their jobs. This helps the economy grow, builds trust among investors, and improves the general business environment. Its continued development and enforcement are necessary to build a strong and moral business culture that supports long-term growth and success.[3]

Overview of Corporate Scandals in India

India’s corporate scandals have changed the country’s business world forever. They have shaken investor confidence, led to regulatory changes, and changed the way corporations are run. Here is a detailed list of some well-known business scandals:

Haridas Mundhra Scam 1957

The story starts near about 1930s when a person is born in the small businessman house named Haridas Mundhra[4]. The beginning of his profession started very well as he used to sell bulbs. Afterwards, he was addicted to money and his passion to earn money was always high which kept him attractive, he reached Mumbai around the 1950s. He reached Dalal Street where he sees how people with some thousands/lakhs make crores and therefore he started working himself as a jobber & rigger.

While doing his work so well he started shares rigging. Haridas Mundhra was not only manipulating shares but also floating false shares. In 1957 Haridas earned 4 crore rupees. Later on, he got six hot shares, some of the are- Angelo brothers and British India Corporation. After that he realised that if he wants to progress in India and he requires a political support. He knew that to maintain sentiments he has to bring huge investments and there is no one better than institutional investors other than LIC to do so. He took the help of politics and pressurised LIC to buy these five to six shares.

The question was raised in the Rai Bareilly seat sitting in Parliament that why would someone invest in sinking company? There was lot of ruckuses that time. But on 16th December 1957 Firoz Gandhi, as per his investigative journalism proved by confidential documents that T.T krishnamachari (Finance Minister) was involved in this. Haridas Mundhra was sentenced to 22 years of imprisonment and the finance minister was told to resign. The result of this scam was Around 55 lakhs investors who invested in LIC lost their money.

Satyam scam

The Satyam scandal, which is also known as “India’s Enron,” is still one of the most well-known corporate frauds in the country’s history. It showed how badly corporate governance, financial reporting, and governmental oversight were lacking.[5]

Overview of Satyam Computer Services: Ramalinga Raju started Satyam Computer Services in 1987. It was one of the best IT service providers in India, specializing in software creation, business process outsourcing, and consulting. Satyam quickly became well-known and is now one of the biggest and most prestigious IT companies in India. It has a big presence around the world and works with some of the most important companies.

Buildup of Financial Irregularities: In January 2009, Ramalinga Raju, the founder, and head of Satyam at the time, admitted to committing massive accounting fraud. This started the Satyam scandal. Raju stated that he lied about the company’s finances for a number of years by changing revenue, profits, cash balances, and other important financial metrics. The amount of scam was about $1.47 billion.

Modus Operandi and Revelations: Several types of fraud were done at Satyam, such as making up fake invoices to fake customers to fake income, changing cash balances through bank transfers, and making up fake client contracts and customer data. When the fraud was revealed, it shocked investors, regulators, and the business community as a whole. It made people question the honesty of corporate governance in India and caused a huge drop in investor trust.

Impact on Stakeholders and Repercussions: The Satyam scandal had a huge impact, as the company’s stock price dropped and its market capitalization disappeared. Investors, creditors, and workers all lost a lot of money. The scandal hurt India’s image as a centre for outsourcing work around the world and made people worry about the accuracy of the country’s financial reports, corporate governance standards, and regulatory oversight.

Regulatory Response and Legal Proceedings: The Securities and Exchange Board of India (SEBI) and the Ministry of Corporate Affairs (MCA) both started investigations into the Satyam fraud. These investigations found major problems with internal controls, audits, and regulatory oversight. Ramalinga Raju and a number of other top execs were arrested, charged with fraud, forgery, and criminal conspiracy, and found guilty. Because he was involved in the crime, Raju got jail time and had to pay fines.

Corporate Governance Reforms and Oversight Enhancements: The Satyam scandal led to major changes in India that were meant to improve governmental oversight, raise the standards for good corporate governance, and make it easier for companies to share their financial information. The Companies Act of 2013 and the creation of the National Financial Reporting Authority (NFRA) were both actions taken by regulatory authorities to improve the honesty, openness, and responsibility of company governance and reporting.

Lessons Learned and Legacy: India Inc. woke up to the Satyam scandal, which showed how important strong corporate governance, independent board oversight, and strong regulatory enforcement tools are. The scandal showed how important it is for businesses to have responsible leaders, be honest, and be open about what they are doing. It also showed how important it is for directors, auditors, and regulators to protect investors’ interests and keep the market honest.

Nirav Modi-PNB Scandal (2018)

The Nirav Modi-Punjab National Bank (PNB) scam is one of the most well-known cases of corporate fraud in India. It destroyed trust in the banking industry and made a lot of people angry.[6]

Background of Nirav Modi and PNB: Nirav Modi was a well-known businessman and designer who was best known for his high-end diamond jewellery line. He ran a worldwide business empire with stores in major towns all over the world. The Punjab National Bank (PNB) is one of India’s biggest public sector banks. It helps businesses and people support trade and provides banking services.

Overview of the Scandal: The scandal became public in early 2018 when PNB said they had seen fraudulent trades worth almost $2 billion. Nirav Modi and his friends got fake letters of undertaking (LoUs) from PNB employees in order to do these deals. These LoUs were used to get loans from other banks in other countries, with PNB backing them up without any proper security or due diligence. The scam went on for a few years before it was found out.

Modus Operandi and Impact: The theft was done by Nirav Modi and his friends taking advantage of weak spots in PNB’s systems and procedures. These people got money from other banks by making fake Letters of Undertaking. The money was then used for personal gain and to run their businesses. The scandal had a lot of effects. It caused PNB to have a liquidity problem, investors to lose faith in banks, and the market value of the bank’s shares to drop by a large amount.

Regulatory Response and Investigations: Regulators, such as the Reserve Bank of India (RBI) and the Central Bureau of Investigation (CBI), started looking into the fraud after the incident. A task force of people from different government agencies was also set up to look into the problem. There were major problems with PNB’s risk management, internal controls, and monitoring systems that were found during investigations. Several PNB employees were linked to the theft, which led to their arrest and punishment.

Legal Proceedings and Recovery Efforts: Nirav Modi and his business partners were sued in India and other countries to get back the money that was stolen and hold the thieves responsible. There were steps taken to extradite Nirav Modi back to India so that he can be tried there. To pay PNB and other people who were affected, efforts were made to recover assets, freeze bank accounts, and seize properties owned by Nirav Modi and his friends.

Impact on Banking Sector and Reforms: The Nirav Modi-PNB scandal had a big effect on India’s banking industry. It led to calls for changes that would strengthen oversight by regulators, improve risk management, and raise governance standards. The scandal showed that trade finance operations need to be more open, responsible, and accountable. It also showed how important strong internal rules and ways for people to report fraud are to find and stop it.

Lessons Learned and Trust Restoration: The Nirav Modi-PNB scandal woke up the banking industry and showed how important trust, honesty, and doing the right thing are for keeping the economy stable and investors’ faith. The scandal made it clear that people need to be extra careful, rules need to be changed, and businesses need to work together to stop fraud, protect everyone, and rebuild trust in the banking system.

Yes Bank Crisis (2020)

The Yes Bank crisis was one of the worst banking failures in recent Indian history. It was marked by the bank’s finances getting worse quickly, problems with its management, and actions by the government to stop it from collapsing.[7] This is more about the Yes Bank crisis:

Background of Yes Bank: As a new kind of private sector bank, Yes Bank was started in 2004 to meet the needs of India’s rising number of retail and business customers. As it grew quickly, it became one of the banks in the country with the fastest growth.

Buildup of Non-Performing Assets (NPAs) and Governance Issues: Yes Bank was having more and more problems with the quality of its assets; a big chunk of its loan book was becoming non-performing assets (NPAs). As concerns about governance arose, people asked about the bank’s lending methods, how it handles risks, and its compliance with corporate governance standards. The bank’s exposure to troubled industries like real estate, infrastructure, and stressed-out corporations made its asset quality problems worse and raised worries about its ability to stay financially stable.

Liquidity Crunch and Erosion of Confidence: In early 2020, worries about the bank’s health got worse, which caused its stock price to drop sharply and investors to lose faith in the bank. This was the peak of the Yes Bank disaster. People who had money in the bank started taking it out, which made liquidity problems worse and raised fears of a possible crash. Rating agencies lowered Yes Bank’s credit ratings, which made the situation even worse.

Regulatory Intervention and Management Change: The Reserve Bank of India (RBI) and other regulatory bodies stepped in to stop a systemic disaster and keep depositors’ trust. The RBI replaced Yes Bank’s board of directors, stopped all withdrawals, and revealed a plan to rebuild the bank to save it. The Reserve Bank of India (RBI) helped set up a rebuilding plan through which the State Bank of India (SBI) and other banks put money into Yes Bank and took control of the bank. The new management was hired to run the bank and put in place a plan to turn things around.

Recovery Efforts and Recapitalization: After the government stepped in, work was done to fix Yes Bank’s operations, win back depositors’ trust, and improve the bank’s finances. To clean up its balance sheet, get back bad loans, and raise the bar for good governance, the bank took steps. Yes Bank went through a process called “capital infusion,” in which SBI and other partners put money into the bank to make it more capital-rich and meet regulatory needs. In order to improve its financial situation even more, the bank also raised more money through a follow-on public sale.

Impact on Stakeholders and Lessons Learned: The Yes Bank crisis had big effects on many people, such as depositors, investors, borrowers, and workers. Depositors were worried and could not take out as much money as they wanted, while investors lost money because the bank’s stock price went down. The crisis showed how important strong risk management, smart lending, and good regulatory oversight are for keeping the economy stable and market trust high. It also showed that the banking sector needs better governance norms and more openness.

Path to Recovery and Future Prospects: Under the new management, Yes Bank started to get better by working to boost its balance sheet, improve its risk management, and win back the trust of its stakeholders. In the years after the crisis, the bank wants to restore market trust, get more customers, and fuel long-term growth. To stop similar banking crises from happening again, regulations have been changed and oversight has been stepped up. The focus is now on finding risks early, stepping in quickly, and setting up ways to solve problems so that the economy stays stable, and depositors’ interests are protected.

Future Prospects and Preventive Measures

It is important to think about how to deal with recent problems, make things more stable, and promote long-term growth for the sake of the business sector’s future and safety.[8] These are some steps that can be taken:

1. Adoption of Advanced Technologies

Using innovative technologies like artificial intelligence (AI), machine learning, data analytics, and blockchain to improve risk management, fraud detection, and legal compliance is what the future holds. Real-time tracking, predictive analytics, and pattern recognition are all made possible by these technologies. This lets companies find problems, lower risks, and improve controls more effectively.

2. Enhanced Regulatory Frameworks

Future regulatory systems should focus on making the business world more open, accountable, and strong. This means that laws, rules, and ways of enforcing them need to be looked at and updated on a regular basis to deal with new risks, protect investors, and make sure they are in line with international best practices. Regulatory convergence and unity between global regulators can make it easier for standards to be harmonized and for people to follow the rules in other countries.

3. Strengthening Corporate Governance Practices

To stop wrongdoing, conflicts of interest, and holes in internal controls, preventative steps include making corporate governance, board review, and risk management stronger. This means encouraging board diversity, independence, and expertise, making it easier for people to give information, and making sure that everyone in the organization has a strong sense of ethics, integrity, and responsibility.

4. Investor Education and Awareness

To keep the market honest and build investor trust, it is important to teach investors and other stakeholders about their rights, duties, and options for getting help. More openness, access to information, and power for investors can help even out information gaps, make people less likely to fall for scams, and build trust in the financial system.

5. Collaborative Industry Initiatives

Partnerships and collaborations between businesses can be extremely helpful for sharing the best ways to do things, setting standards, and working together to solve problems that affect many businesses. Forums, associations, and industry bodies can make it easier for people to share information, build their skills, and work together on projects that encourage responsible business behaviour, reducing risk, and following the rules in all areas.

6. Embedding Sustainability and ESG Principles

For long-term value development and resilience, it is important for businesses to include sustainability and environmental, social, and governance (ESG) factors in their plans, operations, and risk management. To successfully deal with new social and environmental problems, businesses should use sustainable business practices, encourage stakeholder engagement, and share non-financial performance metrics.

7. Crisis Preparedness and Response

To lessen the effects of unplanned events like financial crises, cyberattacks, or natural disasters, it is important to have proactive crisis preparation and response systems in place. Companies should make strong backup plans, do scenario analysis, and stress tests to find weak spots, make themselves more resilient, and make sure they can keep doing business even when things go wrong.

8. Ethical Leadership and Corporate Culture

To stop wrongdoing and build trust among stakeholders, it is important for companies to have ethical leadership, integrity, and a culture of compliance. Leaders should set a good example, follow ethical rules, and make everyone in the company feel accountable, responsible, and open.

The corporate world’s future depends on how open it is to new ideas, how strong its rules and regulations are, how good its governing is, and how it promotes a culture of honesty and duty. To deal with uncertainty, lower risks, and take advantage of growth and development opportunities that will last, preventative measures should focus on proactive risk management, stakeholder involvement, and sustainability.

Fostering Regulatory-Industry Collaboration: Enhancing Partnership for Effective Governance

Regulators and industry partners working together is key to creating a good regulatory environment, encouraging compliance, and dealing with new problems in the business world.[9] Here’s more on why and how this kind of teamwork is important:

1. Shared Understanding of Regulatory Objectives

When regulators and industry partners work together, they can better understand the goals, challenges, and priorities of regulation. Both sides can work together to reach shared goals, like protecting investors, keeping the market honest, and keeping the economy stable, by talking and consulting with each other.

2. Effective Policy Formulation and Implementation

Stakeholders in the industry are very important for giving advice, information, and thoughts on regulatory proposals and efforts. By working together, regulators can use what they know about the industry to figure out how regulations might affect things and make sure that policy measures are tailored to meet the needs and concerns of each area. This makes regulatory systems more useful and effective and encourages people to follow them.

3. Proactive Risk Management and Mitigation

By letting regulators and industry partners share information, best practices, and new risk trends, collaboration makes proactive risk management and mitigation easier. They can find systemic risks, predict how the market will change, and take steps to stop market abuse, fraud, and financial problems if they work together.

4. Promotion of Innovation and Market Development

Collaboration encourages new ideas, business growth, and market expansion by making it easier to try new things, make investments, and expand. Regulators can talk to people in the industry to learn about new business models, technological advances, and market trends. This can help them set up regulatory sandboxes, test programs, and regulatory exemptions to encourage innovation while still protecting consumers and keeping the market honest.

5. Enhanced Compliance and Enforcement

By encouraging a mindset of cooperation, transparency, and self-regulation, working together with industry stakeholders and regulators makes compliance and enforcement efforts stronger. Self-regulatory organizations, industry bodies, and industry associations can work with regulators to create industry standards, codes of behaviour, and compliance frameworks. This lets companies follow best practices and regulatory requirements without being forced to.

6. Capacity Building and Knowledge Sharing

Collaboration helps regulators and industry stakeholders build their skills and share what they know, which leads to career growth, skill development, and the sharing of information. Regulators can help people in the industry better understand regulatory requirements, manage risks, and create a culture of compliance by giving them advice, training, and tools.

7. Responsive Regulatory Frameworks

When officials work together, they can change the rules to keep up with changing market conditions, new technologies, and new business models. By talking to people in the business, regulators can get feedback on proposed regulations, figure out how those regulations will affect things, and amend regulations as needed to make sure they work well, are efficient, and are still relevant.

8. Building Trust and Confidence

Working together makes people trust the regulatory process more by encouraging openness, responsibility, and involvement of all stakeholders. Regulators can build legitimacy, credibility, and public trust in regulatory organizations by involving industry stakeholders in the decision-making process. This will help regulators and the industry work together in a positive way.

To sum up, it is important for regulators and industry stakeholders to work together to make sure that regulations are effective, that new ideas are encouraged, and that the business sector is honest and stable. Regulators and people in the business can solve regulatory problems, improve compliance, and support long-term economic growth and development if they work together.

Advocating for Continued Regulatory Reforms: A Call to Sustain Momentum

To fix systemic flaws, raise governance standards, and encourage a mindset of honesty and compliance in the business world, there needs to be a call to action for long-term regulatory reforms.[10] Here is more information about why regulatory changes must continue:

1. Strengthening Regulatory Oversight

Regulatory officials need to improve oversight systems so they can keep an eye on businesses, spot early signs of wrongdoing, and make sure they follow the rules set by regulators. This means improving the ability to supervise, using data analytics, and doing regular risk reviews to find new threats and weak spots.

2. Enhancing Transparency and Disclosure

Regulatory changes should focus on making business reporting more open, honest, and responsible. This includes pushing for high-quality financial reporting standards, making related-party transactions clearer, and making it more important for companies to talk about environmental, social, and governance (ESG) issues.

3. Promoting Investor Protection

To strengthen investor protection measures and improve market integrity, regulatory changes must be kept up. This means giving investors access to up-to-date and correct information, improving programs that teach and raise knowledge about investors, and making sure that people can get help when there is fraud, bad management, or other wrongdoing.

4. Fostering Ethical Leadership and Governance

Regulatory reforms should focus on supporting ethical leadership, protecting the independence of boards, and making sure that organizations have stronger governance practices. This includes making directors more responsible, encouraging diversity and inclusion on the board, and putting in place ways to deal with conflicts of interest and make the board work better.

5. Addressing Systemic Risks and Vulnerabilities

Regulatory authorities need to take coordinated regulatory measures, stress tests, and scenario analysis to fix the financial system’s systemic risks and weaknesses. To lessen the effects of financial crises and keep the system stable, this means making prudential regulations stricter, risk management better, and resolution methods stronger.

6. Promoting Regulatory Convergence and Cooperation

Regulatory convergence, cooperation, and coordination between national and foreign regulatory authorities should be boosted by long-term regulatory reforms. To deal with cross-border regulatory issues and make the playing field more level, this includes coordinating regulatory standards, sharing best practices, and making it easier for people to share information.

7. Encouraging Innovation and Adaptation

Regulatory changes should push businesses to be more creative, start their own businesses, and adapt to new technologies. This includes creating regulations that are good for companies, encouraging the shift to digital, and making it easier for new businesses to get money.

8. Engaging Stakeholders and Civil Society

Regulatory authorities should talk to stakeholders, civil society groups, and industry groups to get comments, get ideas, and come to an agreement on changes to regulations. This way of working together makes the regulatory process more open, honest, and trustworthy for the people.

To sum up, we need a call to action for long-term changes to regulations in order to deal with systemic risks, improve control standards, and encourage honesty and responsibility in the business world. Regulatory authorities can help build a strong, open, and long-lasting business environment that benefits both the economy and society by putting investor safety first, encouraging moral leadership, and dealing with new problems as they come up.

Conclusion

India’s history of business scandals shows how important it is to stay alert, take action, and change the rules so that investors’ interests are protected, the market stays honest, and long-term growth is encouraged. As the country’s economy changes and becomes more connected to the world market, strong company governance, openness, and responsibility become even more important.

Corporate wrongdoings in the past, like the Satyam scandal, the Nirav Modi-PNB scam, the Haridas Mundhra Scam, and the Yes Bank debacle, have served as wake-up calls that have led to regulatory actions, law changes, and an in-depth look at the whole industry. The corporate ecosystem is weak in places like oversight gaps, bad risk management, and bad governance practices that have been brought to light by these scams.

But in the middle of these problems lie chances to get better and become stronger. India’s business world needs to adopt new technologies, improve rules and regulations, make government stronger, and encourage a culture of ethics and responsibility if it wants to have a bright future. Companies can improve their ability to find and reduce risks, stop wrongdoing, and support sustainable development by using cutting-edge technologies, following best practices, and encouraging partners to work together.

Promoting openness, responsibility, and trust in the business world also requires effective interaction with investors, regulators, and members of civil society. Educating investors, having conversations with stakeholders, and launching industry-wide projects can help make the system more resilient, boost market trust, and lower systemic risks.

Corporation crises can teach us a lesson or two, but they can also give us a chance to think, change, and start over. The Indian corporate sector can deal with problems, grab opportunities, and help create long-term value for stakeholders and society as a whole by embracing new ideas, learning from past mistakes, and upholding the highest standards of honesty and good governance. By doing this, it can become stronger, more adaptable, and better able to handle the complicated business world around the world.

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[1] Corporate fraud, India, investopedia.com/t, Last modified( July 11, 2022)

[2] Silvasahu, ‘Importance of company law’,  legalserviceindia.com/le. , Legal Service India

[3] Importance of company law, India, /blog.ipleaders.in/e/ , last modified(June 7, 2016)

[4]The logical Indian, Independent India’s first financial scam: Mundhra Scandal, India,  /thelogicalindian.com/n/ , last modified(March 19, 2016)

[5] Aron Almeida, Satyam Scam, /tradebrains.in/s/. , last modified(November 11, 2023)

[6] Shristi Jain, The Nirav Modi Scam, insider.finology.in/i/. , last modified(October 26, 2020)

[7] Yes Bank Crisis, India, /blog.ipleaders.in/. , last modified(March 31, 2021)

[8]Richa Rajpal, FRAUDS IN BANKING SECTOR IN INDIA: ANALYSIS AND PREVENTIVE MEASURES, Volume II Issue II, IJIRL, /ijirl.com/wp-content/

[9]Faozi A. Almaqtari, Fostering Regulatory-Industry Collaboration, Volume 7, 2020, tandfonline.com/dl/

[10]Lalita Som and Faisal Narui, Advocating for Continued Regulatory Reforms, OECD iLibrary, oecd-ilibrary.org/ , last modified( May 4, 2017)

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