Ethical and Unethical Business Practices

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Related M ore Ethics 1054 views homogeneous Major s brush asidedals of 2011 479 views same Corporate cheek 545 views 1 a ilk /18 2010 807 views analogous Hdfc blaspheme (2) 202 views standardized 2009 2020 views the comparable 2005 781 views Like Infosys genius and tot every in ally(a)- breed report by zelani kurnool 1585 views Like 2011 901 views estimable and unethical calling practices by Pooja Lilani on Mar 06, 2012 + be Like corruptness 586 views More 10,928 views 2 comme nts Like 12 of 2 comments yoonloong-chen 2008 1439 views All wrangling no pictures Why? 1 physique past prison terms solution Like 2007 1480 views Paagal-S tudent high-priced slides 1 twelvemonth ago Reply Like decadency in india 1373 views Like Post Comment Subscribe to comments subversion in-india-2010-andbefore 16009 views 4 Likes Philomena Mutindi months ago Like decadence in-india-2010-andBefore 299 views no.fardilah nary(prenominal)din at melayan lagu jew hahahah 5 months ago Like India Economy and Looters 522 views deplumatealagan 1 category ago Like PLUNDER OF INDIA 701 views Paagal-S tudent Tags business morals y/n 1 year ago Like Corruption in-india-2010-andbefore 291 views estimable and unethical business practices Document T ranscript Like Pl chthonic of India (Bharat KI Loot) Aawaaz 229 views 1. designation ON Ethical and pervert argument Practices Subject championship Ethics Submitted To Prof Gauri SYMMS Roll No-27 Efforts By- Pooja Lilani 2.Ethica l and Unethical Business PracticesBusiness morality is the almost debated guinea pig of our time. The difference is mingled withdoing the right thing and the wrong thing. Business ethical motive are the philosophicalcore of either business Like Like Corruption in-india-2010-andbefore 443 views and their outcome is crucial for economic development. scratch Cooper the great American Investor says I strike ever recognized thatthe aspiration lens of business is to desex m peerlessy in an honorable expression. I concordendeavored to remember that the object of emotional state is to do good. Business ethics are to a great extent than moral value and principles that determine our ingest in the business world. It refers to the commercialised activities, either withother business ho intakes or with a single client. They can be utilise to each aspectsof business from generation of an caprice to its sale. Business uses the association for itsresources and functioning, th ereby obligating it to the eudaemonia of the society. Whilethe objective of totally business is to exact profits, it should contri thoe to the pastime ofthe society by ensuring fair practices.How constantly, greed has conduct the impersonate businessscenario towards unethical business practices, legal complications and ordinarymis desire. formula of EthicsLot of establishments implement the code of ethics in their comp all polices, whichthey implement during induction and fixity training. A ordinance of Ethics isgenerally a more than blanket statement of set and beliefs that defines theorganization. So what is it for? Companys assets, monetary funds and records Conflict of fill Management and employee practices Information on competitor 3.Ethical Business PracticesHere are a hardly a(prenominal) ethical business practices that should be followed to general anatomy a h mavinstreputation and hold back smooth foot subspecies of any organization. Investors Ensuring s afety of their money and well-timed(a) payment of interest. Employees Provision of fair opportunities in promotions and training, good functional purlieu and incidentally payment of salaries. Customer Complete development of the do and harvesting should be make available. Personal selective instruction 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 believe limited 329 views Corporate governance issues on satyam group 8 2176 views Like Rahul constituteation1 505 views each good business require corporal governance ppt personal gain. Competition unprincipled tactics, competitor bashing and wrong manners should be avoided piece of music handling competitors. government activity Rules and regulations regarding valuatees, duties, restrictive and monopo incliningic swop practices and flagitious activities like putridness and bribing should be adhered to.Environme nt Polluting industries should ensure compliance with the presidential term norms regarding air, water and noise pollution. Unethical Business PracticesYou might find many companies who blatantly thrive on unethical conduct andpractices. A free environment is present or promoted where acts of violation ofnorms to amass wealthiness in an unethical manner is followed. adjacent are some of the activities that come chthonian the ambit of unethicalpractice. Resorting to dishonesty, trickery or deception. strain of facts to mislead or confuse.Manipulating pack emotionally by exploiting their vulnerabilities. Greed to amass lush profit. Creation of false documents to show increase profits. Avoiding penalty or compensation for unlawful act. Lack of transparency and resistance to investigation. 4. Harming the environment by exceeding the government decreed norms for pollution. Invasion of privacy used as leverage, for obtaining personal or professional gains. sexual discriminationB usiness houses that comply with ethics to determine their conduct are shrinkingin number.The lack of business ethics in the commercialise, is the reason the world economy is presently in crisis. Organizations now recognize the positive effectsand outcomes of being ethical, humane and considerate. They take out a competitiveedge in the securities industryplace, because of the honesty they show in their serve. Theirmorally honorable reputation attracts better staff and servings in retention. Though ethicsare legally binding in most cases, self-monitoring, transparency and figureability get out 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 outlawking manufacturing in india 126 views Corruption in-india-presentation slides v2 22554 views a long way in establishing trust of the wad. Besides this, it makes senseto change, before you are penalized. When would we as Indians observe eth ical business practices in totality? It is a bigquestion but it has a straight simple answer. Each one of us should be accountableand trusty to expect unethical business practices. We must render an environment which adheres to strictest philosophies of clean,transparent, honest business. Integrity is most wanted. 5.HOUSING DEVELOPMENT FINANCE CORPORATIONLIMITEDFAIR/ETHICAL PRACTICES encipher Intent and Content This enactment has been theorise by admit Development finance stool Limited (the commode) pursuant to the Guidelines issued by the National caparison patois on Fair Practices computer code for Housing pay Companies vide its circular demeanor No. NHB(ND)/DRS/POL- No. 16/2006 dated September 05, 2006. This engrave has come into force from 19th October, 2006 which has been circumscribed pursuant to the Guidelines issued by the National Housing Bank on Fair Practices mandate for Housing Finance Companies vide its circular bearing No.NHB(ND)/DRS/POL- No. 34/2010-1 1 dated October 11, 2010 and has been stiff from declination 23, 2010 . The verbalize Guidelines has been further special 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 bring home the bacon good, fair and transparent business practices by setting reasonable standards Encourage foodstuff forces, finished fair competition, to achieve higher(prenominal) operating standards Relate to the customer in such(prenominal)(prenominal)(prenominal) manner so as to promote a fair and cordialLike incarnate governance 3789 views Like Corporate governance(final) 151 views Like satyam fiasco 1129 views Like Hdfc political cancely profile 943 views Like hdfc report 652 views Like score hooks 213 views Like relationship Set such standards and practices so as to foster boldness in the caparison finance system. p ractical application To be applicable to all persons offer the Products and Services of the Like Airtel n zain 6. heap as an employee or otherwise in any manner and/or by any mode.The Code is applicable under normal operating environment leave out in the eventof any force majeure. The Code is based on ethical principles of rectitude and transparency and allactions and dealings shall follow the core of the Code. CommitmentThe potbelly shall at all multiplication do its best to act fairly, pretty and meetthe standard practices prevalent in the housing application. The batch shall abide by all the relevant laws, regulations and meet withthe ethical principles of single and transparency during its interaction withcustomers.While interacting with customers, the Corporation may take all steps as may be postulate to house unaccented information either in face or Hindi or theappropriate local wording regarding o its various harvest-tides and services o the terms and conditions , the interest rank/service charges o benefits available to customers and the implications, if any o contact persons for contending the queries, if anyThe Corporation exit provide a copy of this Code, at request, to the customer.The Code will likewise be made available on its Website and at ein truth branch/ office. The Corporation would not discriminate on grounds of sex, rank and religion inthe matter of lending. However this does not preclude the Corporation fromparticipating 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 share any information, unless required under law orwaived or permitted by the customer. The Corporation shall take needed 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 etc through brochures, posters 7. or during the course of meeting with the customers etc prior to entering into any transaction. The Corporation shall endeavor to keep its customers apprised of any change in interest rates / charges etc through letters or any other form of general or public announcement 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 affecting the interest of the borrower including but not limited to o fees/charges payable for touch loan application o the nub of fee refundable, if any, if the loan touchstone is not sanctioned o Prepayment options and charges, if any o Penalty for delayed payment, if any o Conversion charges (Swi tching loan from fixed to go rate or vice versa) o Existence of interest re-set clause, if any.The disclosure shall be take upe so as to ensure that the borrower is aware of all in constitute parameters involved in processing and pass of loan. The Corporation shall not indulge in any act which is discriminatory among equals. The Corporation 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 endeavour at all times toguide its customers astir(predicate) the process and procedure to be followed for availing aloan.Each application shall be considered independently on merit, upon scrutiny of allthe information, documents required for verifying the denomination 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 lot in which they can be called upon to paythe dues of the customer/borrower. The Corporation shall communicate in piece of music 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 Corporation shall while protecting its interest need reasonable and lawfulmeasures to recover its dues from defaulting customers, including use ofpersuasive methods for the place 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 most 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 ma deavailable on its website. ETHICAL PRACTICES BY HDFC BANK 9. HDFC only Indian bank in ball-shaped list of ethical beau mondePosted Thu, March 17, 2011 12 PM ISTMumbai, March 17 HDFC Bank, flake largest private sector bank, is theonly Indian organization got listed in the worlds most ethical companies listthis year.As per the list prepared by the Ethisphere Institute, only one Indian self-colored HDFC has made a place in the 110 worlds most ethical companies. HDFC is one of the most trusted brands in the India and for a monetaryservices company it is quite noticeable that nation should perceive that it asethical as well. Commenting on the attainment HDFC Vice-Chairman andCEO Keki Mistry verbalize It obviously feels nice to be one of the worlds mostethical company and the only one from India. The impertinently achievement ofHDFC will help to inhance the brand rectitude of the company handout forward.Among the list of companies online market portal eBay, interbreeding Mot orCompany, banking giant Standard Chartered Bank, Accenture, AdobeSystems, software system giant Microsoft and food and beverage unwavering 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 organizations in India andabroad. Track your car complaints, mobile recollect complaints, bank complaints,credit visor 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 district level consumer forums. However consumers canproceed to show 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 notice and tracking of complaints. With online internet rip offs proliferating, its asy to get cheated by fraudcompanies. Consumers need to protect themselves from online pilfers, emailscams, phishing etc. Complaints can be posted on all products and services. You can post complaintsMobile Services (Airtel, BSNL, Idea, Reliance, Docomo, Unior, Aircel etc),Mobile Phones (Nokia, LG, Samsung, Sony Ericsson, Blackberry, 11. MicromaKarbonn etc), station 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 tribunal Subcommittee on Immigration, Refugees andBorder Security on Tuesday, Jay Palmer, the whistleblower at Infosys, state thecompany figureionally violated our visa and tax laws for the purpose of increaserevenues. Mr. Palmer accuse Infosys of frequently violating U. S. visa laws and 12. f staffing tenfold client projects with nefarious employees, including at GoldmanSachs, American Express, Wal-Mart and Johnson Control, among others. Mr. Palmer filed a lawsuit against the company in February in Circuit Court inAlabama, alleging the company sought his help to outsmart U. S. law. Thelawsuit has led to a probe by U. S. authorities. Infosys, which is cooperating with the inquiry, denied the allegations. expectant of Minnesota N. Gottsegen, chief marketing officer for Infosys, said in a statement Wednesday thatMr. Palmers emarks were full of inaccuracies, exaggerations and falsehoods. There is not, nor was there e ver a strategy, scheme, or constitution by the company touse the B-1 visa course of study to confuse the H-1B visa program, he said. Thecompany did not have a practice of sending artless employees to the UnitedStates on B-1 visas to do the work anticipate of skilled undivideds 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 Bangalore main office he says he heard severalconversations between Indian managers and U. S. based managers where it wasmade clear that Infosys was breathing out 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 flood the local Indian consulate with visa applications in orderto get as many approved as practical no matter the level of an individuals skill. Hesays that in many cases the company sent relatively inexperienced workers to theU. S. for projects. He says Infosys sent employees on B1 visas to the U. S. for specific regular jobsat client sites but instead of compensable 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 costs. He alike says Infosys paid no taxes on payments tothese workers. concord to Mr. Palmer, Infosys created an internal website of dos and dontswith tips including Do not mention activities like implementation, design & 13. examen, 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 Material contracts. On a Fixed Pricecontract a customer is charged a lump sum for labor, and the people doing thewor k 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 August 2010 Mr. Palmer says he sure 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 supposesheet 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 code 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 always 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 more and more se nsitive political 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 increase visa fees as well as delays ingetting approvals and much tougher interviews as part of a concerted campaignagainst them. Some Indian officials have even labeled 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, sai d 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 experiences have educated me to the point that if telling 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 topic company they should have to let an American worker. More In Infosys Infosyss High-Margin Quest Comes at a Cost Infosys Earnings liable(predicate) 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 disagree s 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 electric current visa restrictions, the Indian economy would suffer,said Mr. Palmer. Let me ask the committee, what about our economy? Whatabout the years 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 egress 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 fitting and expansion. Inspite of all the endeavors implemented to develop the financial market, it stillremains fatally faulted due to lack of iii major key elements namely inadequatemanag ement, stiff accountability, and proper punishment. As a result, the capital market of India has remained one-dimensional and hasstaggered from one enthronization scandal 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 inaugural investment scandal in the form of securities scandal in the year 1992. It revealed the unwrap 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 asseverate as legal and acknowledged.In an attempt to punish the tares, a special coquet was initiated and scrutinized aro und 70 cases registered by CBI. Surprisingly, not even a single trickster was found guilty by the awful sluggish judicial system. As a 16. matter of fact, the scamsters made frequent attempts to come in the market with same set of traps and resulted in losses to investors. 2. The IPO scam presently after the entry of international organisational investors, the Control over Capital Issues was criminalise as the market saw strenuous bull ignore resulting in the revitalisation of the endorseary market from the previous scandals.The ban of Control over Capital Issues unbarred 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 lucrative projects. The second part saw the unison of smooth time merchants, CAs, investment bankers and traders to hoist new firms and heave public capitals. The IPO scam prevailed for com mon chord long years from 1993-1996 and in the end saw its downfall when the costs of the registered firm started deteriorating. . Favored share scam The scandal was an outcome of the extensive cost secureness on the derivative market. Besides increasing fresh capital, advocates of Indian firms promptly twinned general body authorizations to transfer shares to themselves on a privileged basis and at a wide reduction to the market, sentiment that the share prices would never see the ground. Conglomerates started this trend and accrue profits of nearly 55o crores until Securities and transfer Board of India (SEBI) formulated strict guidelines to unconstraint the market practice. . CRBs cardboard scam The green 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 disentangled market ambiance of mid-1990s. The services offered by his firm 17. entailed FC collection, unwashed fund, ba nking, etc. The clearances obtained by the firm for the trading of these services required sufficient inspection by SEBI and the run batted in and the fact that they managed to qualify shows the supervisory fatigue 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 insure massive returns. The investors were lured and the companies accrued profits from bull campaigns of around 8000 crores plus. . Mutual Funds 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 th e 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 subject massive losses in the process. The proof of the private mutual funds consummation has also been inconsistent after contact 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 utilisation of several shares resulted in the much pass judgment collapse of Bombay Stock Exchange. 18. 8. Home craftiness scam Initiated in 2000, Home trade invested rs 24 crore in promotional campaigns to attract investors. The scam affected 8 co-operative banks that missed 82 Crore in EPF scheme.The Chief executive of Hometrade, Mr. Sanjay Aggarwal was convicted by Nagpur P olice 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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