The Mint Report for 6 April 2010

The Mint Report for 6 April 2010

New Delhi: The old hands at Religare are letting go. On Tuesday the company’s chairman, Malvinder Mohan Singh announced his resignation. He also said he’s quitting Religare’s board and now plans to focus on family’s business interests in healthcare. Malvinder brother, Shivinder also announced he resigning from the board of directors. Last month, the Singh family’s hospital chain, Fortis, said it would buy a nearly 24% stake in Singaporean healthcare company Parkway. And in 2009, Fortis bought ten hospitals from Wockhardt.

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A new survey claims companies consider white-collar crime the biggest threat to their operations in India. The survey, from consulting firm KPMG, concludes that 81% of companies feel financial statement fraud by their own employees represents the greatest danger. It says 75% of Indian firms think cases of fraud have increased in the last two years. And it adds that 87% of companies have lost more than a million rupees because of frauds.

KPMG’s report suggests poor internal controls, the absence of legal action and poor ethical values are the main culprits. KPMG conducted its survey by questioning top officials at a thousand companies based in India.

US treasury secretary Timothy Geithner called for greater cooperation between his country and India on Tuesday. Geithner said the two countries would need to work closely if they want to create a more stable global financial system. He also praised the way India handled the fallout from the financial crisis and said the prospects for both the US and Indian economies are good.

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