Governance failures

The chairman’s message on the website of Hindustan Powerprojects (earlier Moser Baer Projects) reads as follows: “Our strategy of risk-mitigated approach along with the pursuit to comply with all applicable corporate governance regulations has allowed us to ramp up our operations.” This may however, sound like a joke now, as the chairman, 42-year-old Ratul Puri, has been arrested by the enforcement directorate because of a Rs 354 crore bank fraud case filed by one of his lenders. Though the charges are yet to be proved, they are serious enough. While declaring the Moser.....

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