Ethical and Unethical Business Practices

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ASSIGNMENT ON Ethical and wrong line of descent Practices SubjectBusiness Ethics Submitted To professor Gauri SYMMS Roll No-27 Efforts By- Pooja Lilani 2.Ethical and Unethical Business PracticesBusiness ethics is the most debated topic of our generation. The residue is betwixtd oing the right thing and the damage thing. Business ethics are the philosophicalcore of either business Like Like Corruption in-india-2010-andbefore 443 views and their out get it on is crucial for scotch development. Peter Cooper the great American Investor says I pay perpetu solelyy recognized thatthe object of business is to gear up money in an reliable personal manner. I deliverendeavored to remember that the object of life is to do good. Business ethics are more than moral value and principles that determine ourconduct in the business world. It refers to the commercial activities, either withother business houses or with a single customer. They can be applied to all aspectsof business from generation of an idea to its sale. Business uses the society for itsresources and functioning, thereby obligating it to the welfare of the society. Whilethe design of all business is to make lettuces, it should contri excepte to the elicit ofthe society by ensuring fair practic es.However, greed has guide the present businessscenario towards unethical business practices, legal complications and generalmistrust. Code of EthicsLot of organizations implement the enroll of ethics in their comp all(prenominal) polices, whichthey implement during induction and regular training. A Code of Ethics isgenerally a more blanket statement of values and beliefs that defines theorganization. So what is it for? Comp eithers assets, gold and records Conflict of interest Management and employee practices Information on competition 3.Ethical Business PracticesHere are a few ethical business practices that should be followed to build a honestreputation and ensure smooth running of any organization. Investors Ensuring safety of their money and condemnationly payment of interest. Employees Provision of fair opportunities in promotions and training, good working environment and timely payment of salaries. Customer distinguish discipline of the service and product should be made available. Personal info of the customers should not be used for Like Like Like Like LikeCorruption in-india-2010-andbefore 925 views 2006 888 views Quality circle 380 views Hdfc bank limited 329 views Corporate governance issues on satyam group 8 2176 views Like Rahul presentation1 505 views Any good business fill corporate governance ppt personal gain. Competition Unscrupulous tactics, competitor bashing and wrong methods should be avoided while handling competitors. presidential term Rules and regulations regarding evaluatees, duties, restrictive and monopo contestationic interchange practices and unlawful activities like corruption and bribing should be adhered to.Environment Polluting industries should ensure compliance with the authorities norms regarding air, water and noise pollution. Unethical Business PracticesYou might find umpteen companies who blatantly thrive on unethical behavior andpractices. A big environment is present or promoted where acts of violat ion ofnorms to amass wealth in an unethical manner is followed. Follo reachg are some of the activities that come under the ambit of unethicalpractice. Resorting to dishonesty, trickery or deception. Distortion of facts to mislead or confuse.Manipulating stack emotionally by exploiting their vulnerabilities. Greed to amass excessive profit. Creation of phoney documents to show increase profits. Avoiding penalty or compensation for unlawful act. lose of hydrofoil and resistance to investigation. 4. Harming the environment by exceeding the government positivistic norms for pollution. Invasion of privacy used as leverage, for obtaining personal or superior gains. Sexual discriminationBusiness houses that comply with ethics to determine their conduct are shrinkingin number.The overleap of business ethics in the food grocery store, is the reason the world delivery is presently in crisis. Organizations nowadays recognize the positive effectsand outcomes of creation ethical, hu mane and considerate. They necessitate a competitiveedge in the market, because of the honesty they show in their run. Theirmorally upright reputation attracts better provide and table services in retention. Though ethicsare legally binding in most cases, self-monitoring, foil and accountability volition go Like Like Like Like Like Like 654 views 2004 423 views Executive summary 167 views Deshmukh & garg 361 viewsS cams 730 views Mrp on the banking industry in india 126 views Corruption in-india-presentation slides v2 22554 views a long way in establishing trust of the people. Besides this, it makes senseto change, before you are penalized. When would we as Indians observe ethical business practices in totality? It is a bigquestion plainly it has a straight simple answer. Each one of us should be accountableand responsible to stop unethical business practices. We must acquire an environment which adheres to strictest philosophies of clean,transparent, honest business. Integri ty is most wanted. 5.HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITEDFAIR/ estimable PRACTICES CODE Intent and Content This Code has been formulated by house Development pay community Limited (the Corporation) pursuant to the Guidelines issued by the theme lodgement Bank on Fair Practices Code for lodging Finance Companies vide its posting bearing No. NHB(ND)/DRS/POL- No. 16/2006 dated family line 05, 2006. This Code has come into force from 19th October, 2006 which has been modified pursuant to the Guidelines issued by the National Housing Bank on Fair Practices Code for Housing Finance Companies vide its circular bearing No.NHB(ND)/DRS/POL- No. 34/2010-11 dated October 11, 2010 and has been impressive from December 23, 2010 . The said Guidelines has been further modified by the National Housing Bank on Fair Practices Code for Housing Finance Companies vide its circular bearing No. NHB(ND)/DRS/POL- No. 38/2010-11 dated April 25, 2011. This Code has come into force from May 10 , 2011. Objectives Follow good, fair and transparent business practices by setting fair standards Encourage market forces, done fair competition, to carry through higher operating standards Relate to the customer in much(prenominal)(prenominal)(prenominal) manner so as to promote a fair and cordialLike corporate governance 3789 views Like Corporate governance(final) 151 views Like satyam fiasco 1129 views Like Hdfc company indite 943 views Like hdfc report 652 views Like Accounting cons 213 views Like relationship situate such standards and practices so as to foster confidence in the housing finance system. Application To be relevant to all persons offering the Products and work of the Like Airtel n zain 6. Corporation as an employee or otherwise in any manner and/or by any mode.The Code is applicable under normal operating environment except in the correcttof any force majeure. The Code is found on ethical principles of integrity and transparency and allactions and dealin gs shall follow the spirit of the Code. CommitmentThe Corporation shall at all times do its best to act fairly, reasonably and playthe standard practices prevalent in the housing industry. The Corporation shall abide by all the relevant laws, regulations and meet withthe ethical principles of integrity and transparency during its interaction withcustomers.While interacting with customers, the Corporation may give in all steps as may berequired to provide clear information either in English or Hindi or theappropriate topical anaesthetic language regarding o its various products and services o the terms and conditions, the interest judge/service charges o benefits available to customers and the implications, if any o clutch persons for addressing the queries, if anyThe Corporation allow provide a copy of this Code, at request, to the customer.The Code leave in addition be made available on its Website and at every branch/ office. The Corporation would not discriminate on groun ds of sex, caste and religion inthe matter of lending. However this does not reject the Corporation from stir upicipating in credit-linked schemes for the weaker sections of society and inrespect of schemes formulated by NHB/ other Government Agencies,implemented through the Corporation.The Corporation shall treat the information relating to customers as strictlyconfidential and shall not conduct any information, unless required under law orwaived or permitted by the customer. The Corporation shall take necessary steps to inform its customers of their rightto information regarding their account and the facilities available to them. The Corporation shall be clear and not misleading in any of its advertising andpromotional materials.The Corporation shall inform its customers of all pecuniary information such asrates of interest, charges, method of calculation etceterathrough brochures, posters 7. or during the ladder of meeting with the customers etc earlier to entering into an y transaction. The Corporation shall endeavor to keep its customers informed of any change in interest rates / charges etc through letters or any other form of general or public resolve or displays, from time to time.The Corporation shall disclose, by such mode and in such manner as deemed fit, to ensure transparency, all information bear upon the interest of the borrower including but not limited to o fees/charges payable for physical process loan application o the essence of fee refundable, if any, if the loan amount is not sanctioned o Prepayment options and charges, if any o Penalty for slow up payment, if any o Conversion charges (Switching loan from fixed to floating rate or vice versa) o Existence of interest re-set clause, if any.The disclosure shall be done so as to ensure that the borrower is aware of all in damage parameters involved in processing and sanctioning of loan. The Corporation shall not indulge in any act which is discriminatory among equals. The Corpor ation will review the compliance of this Code and a consolidated report of such review may be submitted to the Board. LoansThe Corporation in the normal course of its business shall sweat at all times toguide its customers about the process and procedure to be followed for availing aloan.Each application shall be considered independently on merit, upon interrogation of allthe information, documents required for verifying the title of the property, identityof the person, entity and the security to be offered, including guarantees. The letter of guarantees to be executed by the guarantors would cover theirobligations, liabilities and circumstances in which they can be called upon to paythe dues of the customer/borrower. The Corporation shall communicate in writing to the customer whose applicationhas been reject Collection of Dues 8.The Corporation shall provide the customers with all the information regardingtheir dues and provide reasonable time for payment of the same. The Corpor ation shall while protecting its interest earn reasonable and lawfulmeasures to recover its dues from defaulting customers, including use ofpersuasive methods for the purpose of collection of its dues. Complaints and GrievancesThe Corporation shall endeavour to address/respond to all complaints andgrievances within a reasonable time and keep the customers informed about thestatus of their complaints.The Corporation shall make available facilities at each of its branches andoffices for the customers to lodge and/or submit their complaints or grievances,if any. The Corporation will ensure that its grievance redressal procedure is madeavailable on its website. ETHICAL PRACTICES BY HDFC af hard 9. HDFC only Indian bank in global list of ethical companyPosted Thu, March 17, 2011 12 PM ISTMumbai, March 17 HDFC Bank, second largest confidential sector bank, is theonly Indian organization got listed in the worlds most ethical companies listthis year.As per the list prepared by the Ethis phere Institute, only one Indian incorruptible HDFC has made a take in the 110 worlds most ethical companies. HDFC is one of the most trust sets in the India and for a pecuniaryservices company it is quite noticeable that people should see that it asethical as well. Commenting on the attainment HDFC Vice-Chairman andCEO Keki Mistry said It obviously feels nice to be one of the worlds mostethical company and the only one from India. The new achievement ofHDFC will help to inhance the brand loveliness of the company going forward.Among the list of companies online market portal eBay, Ford MotorCompany, banking giant star Standard Chartered Bank, Accenture, AdobeSystems, software giant Microsoft and food and beverage firm PepsiCo foundin top position. 10. Reliance Unethical PracticesComplaints India enables consumers and users of services and products to posttheir common complaints and suggestions regarding airline, bank, business,companies and Government and non Government org anizations in India andabroad. Track your car complaints, meandering(a) phone complaints, bank complaints,credit card complaints etc at this website.Its a consumer forum, board or bureaufor consumers to redress their complaints. Consumer Courts in India now gives the power to consumers to fight for theirconsumer rights at regularise level consumer forums. However consumers canproceed to confront companies and try to get quicker responses through thewebsite. For companies its important to quickly address consumer complaints toprotect their product or service brand image. Consumer-India web site has anumber of resources for your assistance. Separate new product complaint and NRIcomplaint sections help in easier posting and tracking of complaints. With online internet scams proliferating, its asy to get cheated by fraudcompanies. Consumers guide to protect themselves from online scams, emailscams, phishing etc. Complaints can be posted on all products and services. You can post comp laintsMobile Services (Airtel, BSNL, Idea, Reliance, Docomo, Unior, Aircel etc),Mobile Phones (Nokia, LG, Samsung, Sony Ericsson, B insufficiencyberry, 11. MicromaKarbonn etc), Home Appliances like TVs, Refrigerators, ACs,Cooking Ovens etc. Unethical PracticesInfosys Employee Testifies on Alleged Visa FraudBy Megha Bahree and Miriam JordanAn Infosys employee, who has alleged that Indian tech giant, Infosys TechnologiesLtd. engages in visa fraud, provided more details to a U. S. Senate subcommitteethis week. Tony Avelar/Bloomberg News In a testimony, an Infosys employee provided more details about alleged visa fraud at Infosys. In a statement to the Senate Judiciary Subcommittee on Immigration, Refugees andB locate Security on Tuesday, Jay Palmer, the whistleblower at Infosys, said thecompany intentionally violated our visa and tax laws for the purpose of increasingrevenues. Mr. Palmer accused Infosys of supportly violating U. S. visa laws and 12. f staffing multiple client projec ts with illegal employees, including at GoldmanSachs, American Express, Wal-Mart and Johnson instruction, among others. Mr. Palmer filed a lawsuit against the company in February in Circuit Court inAlabama, alleging the company sought his help to work over U. S. law. Thelawsuit has led to a probe by U. S. authorities. Infosys, which is cooperating with the inquiry, denied the allegations. Paul N. Gottsegen, chief selling officer for Infosys, said in a statement Wednesday thatMr. Palmers emarks were intact of inaccuracies, exaggerations and falsehoods. There is not, nor was there ever a strategy, scheme, or insurance by the company touse the B-1 visa program to circumvent the H-1B visa program, he said. Thecompany did not have a practice of sending unskilled employees to the UnitedStates on B-1 visas to do the work expected of skilled respective(prenominal)s in the U. S. on H-1B visas. Mr. Palmer disagreed. This is how, he says, it was done. During a March 2010 visit to Bangalor e headquarters he says he heard severalconversations between Indian managers and U. S. based managers where it wasmade clear that Infosys was going to increase the use of the B1 visa program to getaround tough new restrictions the U. S. had placed on the H-1B program. Infosys,he says, decided to alluvial sediment the local Indian consulate with visa applications in orderto get as many another(prenominal) approved as possible no matter the level of an individuals skill. Hesays that in many cases the company sent relatively unpracticed workers to theU. S. for projects. He says Infosys sent employees on B1 visas to the U. S. for specialised full-time jobsat client sites but instead of paying them U.S. salaries, it would pay them muchlower Indian salaries, calling it a stipend. Infosys, however, charged its clients U. S. rates for the employees, thus getting full reimbursement from their Americanclients for Infosys labor prices. He also says Infosys paid no taxes on payments tothes e workers. According to Mr. Palmer, Infosys created an internal website of dos and dontswith tips including Do not mention activities like implementation, design & 13. testing, consulting etc. , which sound like work. Also do not use words like, work,activity, etc. , in the invitation letter.Please do not mention anything about thecontract rates as youre on a B-1 Visa. He says that in order for this to work, the U. S. contracts had to be written as FixedPrice contracts and not as Time and stuff and nonsense contracts. On a Fixed Pricecontract a customer is charged a lump sum for labor, and the people doing thework do not need to be identified to the client. But on a T&M contract, on the otherhand, the people doing the actual work had to be named along with their hourlyrate. In stately 2010 Mr. Palmer says he received emails and requests to rewrite T& M contracts to FP contracts.Describing a specific instance, he says that in December 2010 an Infosys employeeshowed him a sp brings heet with a list of B1 visa workers on a project at JohnsonControl, who should not have been doing such work. He said that these workerswere working full-time testing software mandate and writing scripts but were paidtheir salaries by Infosys depositing money into the cash card accounts withoutwithholding any income tax. Mr. Palmers testimony comes as the Indian IT industry finds itself facing morescrutiny than ever. Outsourcing has everlastingly been a hot-button issue in the U.S. , butwith a stubbornly high unemployment rate in the U. S. , the offshoring of what areperceived to be American jobs has become an increasingly sensitive policy-making issue. Last year the U. S. passed legislation that raised fees for skilled visas, particularlyaffecting Indian IT firms. IT firms based in India generate 60% of their revenuefrom the U. S. On their part, Indian firms have seen the increased visa fees as well as delays ingetting approvals and much tougher interviews as part of a concerted campaignagainst them. Some Indian officials have even designate the U. S. oves unfair tradepractices. In his testimony Mr. Palmer, says he and his attorney have received over 40communications from individuals at other Indian companies stating that the sametype of H-1B and B1 visa fraud is being committed there as well. 14. Infosys said it would not rebut Mr. Palmers remarks point-by-point at this timebecause of its ongoing litigation with him. We take very seriously our obligations under the law and specifically ourresponsibilities to comply with the immigration laws and visa requirements in alljurisdictions where we have clients, said Infosyss Mr.Gottsegen. Mr. Palmer isobviously intent on spreading his falsehoods about Infosys and our businesspractices as broadly as possible in order to advance his objective of getting as bigof a payout as he can from the Company. In his testimony, Mr. Palmer also lobbied for more restrictions on work visas toforeign companies. My real life expe riences have educated me to the point that if Congress decidesthat an increase of Green Cards or legal work visas in the U. S. is a must, then thereshould be limitations or ratios, he said. For example, for every H-1B visa issuedto foreign national company they should have to hire an American worker. More In Infosys Infosyss High-Margin Quest Comes at a Cost Infosys Earnings Likely Stellar, But Dont Be Fooled Nilekani Says ID Project on Track Quo Vadis Cognizant? Infosys Noses Ahead of TCS After EarningsHe also said Indian companies were benefiting at the expense of the Americaneconomy, a charge the Indian IT industry disagrees with. Indian software andservices industry body NASSCOM has said in the past that the cost savings theyprovide help make U. S. firms more competitive. I have read statements from NASSCOM stating that not increasing Green Cardnumbers and with the current visa restrictions, the Indian economy would suffer,said Mr. Palmer. Let me ask the committee, what about ou r economy? Whatabout the days and years of ignoring the laws. These companies maliciously donot hire Americans and look at ways to circumvent policy and law instead of 15. working with it. Look at the stock and offset of these large foreign companies in adown environment they are not suffering. ndian financial industry has always been successfully able to race every prospectoffered by the Indias fiscal policy both in terms of alteration and expansion. Inspite of all the endeavors implemented to develop the financial market, it stillremains fatally faulted due to lack of troika major key elements namely inadequatemanagement, stringent accountability, and proper punishment. As a result, the capital market of India has remained one-dimensional and hasstaggered from one enthronement scandalisation to another. A straightforward listing of thetop 10 investment scams narrates the account of why Indian investors were leftannoyed by the scamsters.Unethical PracticesA brief about Top 10 Investment Scams in India1. The Securities Scam The capital market witnessed its foremost investment scandal in the form of securities scandal in the year 1992. It revealed the utter anarchy and lack of administration in the prevailing fiscal market. The money market at that time permitted funds to be relocated with impunity from financial institution and corporates into equity and consequently witnessed crores of banks capital to transfer into brokers account. This illegal market practice was later asserted as legal and acknowledged.In an attempt to punish the tricksters, a special court was initiated and scrutinized around 70 cases registered by CBI. Surprisingly, not even a single trickster was found guilty by the dismally sluggish judicial system. As a 16. matter of fact, the scamsters made frequent attempts to re-enter the market with same set of traps and resulted in deviationes to investors. 2. The initial offering scam Soon after the entry of international organizational investors, the Control over Capital Issues was banned as the market saw concentrated bull trend resulting in the revitalization of the secondary market from the earlier scandals.The ban of Control over Capital Issues unlocked the prospects of massive scandal in Initial Public Offerings (IPO). The scam was executed in two parts the first part was carried out by the firms that increased their market costs to incur profits in order to sponsor paying(a) projects. The second part saw the unison of small time merchants, CAs, investment bankers and traders to hoist new firms and heave public capitals. The IPO scam prevailed for three long years from 1993-1996 and finally saw its downfall when the costs of the registered firm started deteriorating. . Favored share scam The scandal was an outcome of the extensive cost fixing on the derivative market. Besides increasing fresh capital, advocates of Indian firms promptly coordinated general body authorizations to transfer shares to themselve s on a privileged basis and at a considerable reduction to the market, mentation that the share prices would never see the ground. Conglomerates started this trend and accrued profits of well 55o crores until Securities and Exchange Board of India (SEBI) formulated strict guidelines to abandon the market practice. . CRBs cardboard scam The 1000 crore finacial multinational named as Chain Roop Bhansali (CRB) was the only biggest firm and most impudent of all to benefit and disappear in the unsnarled market ambiance of mid-1990s. The services offered by his firm 17. entailed FC collection, mutual fund, banking, etc. The clearances obtained by the firm for the trading of these services required sufficient followup by SEBI and the RBI and the fact that they managed to qualify shows the supervisory weariness of the regulators.Facilitated by the clearances and profitable credit ranking, CRB accrued greater profits based on high value financing. The CRB collapse not only affected the investors but also the other finance firms. 5. Plantation firms scam Since few firms in mid-90s were subject to no guidelines, the plantation companies during that time also got away with profit protrusions. The plantation firms projected themselves as a part of IPO and assured massive returns. The investors were lured and the companies accrued profits from fake campaigns of around 8000 crores plus. . Mutual notes scam After several mutual fund scams, the UTI bailout reflected the lack of proper guidelines in the Indian capital market. Since UTI was initiated under its own regulations, it was the tax payers who suffered the loss of 4800 crore in the process. After three years, the company was back purchasing Ketan Parekhs controlled scrips and incur massive losses in the process. The evidence of the private mutual funds performance has also been inconsistent after hitting the downfall in 1999 and 2000.It took a considerable amount of time for capital market to win back the trust of mutual fund investors. 7. The 1998 scam The scamster of 1992 scam, Harshad Mehta came back with a bag of tricks again in 1998. This time he lured investors through a website by trading stock tips. His unremitting manipulation of several shares resulted in the much expected collapse of Bombay Stock Exchange. 18. 8. Home Trade scam Initiated in 2000, Home trade invested rs 24 crore in promotional campaigns to attract investors. The scam affected 8 co-operative banks that lost 82 Crore in EPF scheme.The oldtimer Executive of Hometrade, Mr. Sanjay Aggarwal was convicted by Nagpur Police later. 9. DSQ Software Scam In the year 2000 and 2001, the Managing Director of DSQ Software, Mr. Dinesh Dalmia, was held responsible for ambiguous mergers and prejudiced allocation of the amount of upto 595 Crores. He was later convicted in the year 2006. 10. Satyam Scam After manipulating the firms documents for several financial years, the former Chairman and Chief Executive of Satyam Computers , Mr. Ramalinga Raju, was arrested for committing scam, following unethical practice and forgery.He showed greater profits and committed fraud of 700 crores. 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