Another point going into the prove that the India story is being built on a very very weak base - a base without values, checks and balances - is the Satyam fraud story.

In my opinion, 'corporate governance' can now probably be seen as a cover for acts that companies would commit which didn't need to be in public attention and hide under this cover and still get away.
I have very grave doubts on why the Independent directors of such a company not have any moral or ethical accountability to be the whistle blowers and highlight such a fraud right upfront?

Resigning on moral grounds, leaving investors in the lurch is not an act of bravery but that of cowardice and utter contempt of trust and faith.
That such people who under the political and monetary influence agree to be on boards of companies is an utmost immoral activity but unfortunately, on the legal front, India will not have any law to prosecute such people for ages to come... simply because the laws are brought in by politicians and they eventually need to protect their self interests.

The fraud by Satyam has put a blot on the whole concept of CG in India. People will go about tom-tom-ing that probably Satyam is a one off company to have done such malpractice, but just imagine the situation - a company that received an award for CG itself has admitted to fraud.

Frankly, I might sound pessimistic like a few others but today, India's inflated position as an IT Major or whatever industry major destination has not been reached without such malpractices.

You see even the US has achieved the dubious distinction of being on top of the world as a major power, but it has not got there without committing fraud at one level or another.

The India story is hopefully not as big a sham but I think a lot of skeletons are being piled into the closet of lots of companies which have only taken advantage of the Indian political mess, lack of national governance and corruption and have duped the public which thought India is going places...

Only those who have power, money and the influence of high level connections will survive in this nation.

The rest of us, who might admit to being pessimists are probably right being so, because we are the ones who have a high regard for the Indian value system which is getting corroded and eroded due to this manic money making binge that industries are going on post the liberalization-political-game that has been unleashed on the citizens of this nation.
But we do not have the power to change the situation as we see it and hence we end up being on the pessimistic side of the coin.

We all as citizens of this nation - hard working and honest - have to be very careful of our future.

We are in really bad times and will before a long time to come unless someone at the national governance level does not take a deep hard look at where they want to take this nation.

We as honest hardworking citizens need to take a deep hard look and decide if this nation is taking us in the right direction or not.

I totally concur with M. R. Venkatesh's article on CG written some time back.

All these negative events make me conclude that the hard working honest people of this nation will have nothing to our credit till this nation has its house in order - which unfortunately is not possible for the next 100 years - even IF we survive another foreign invasion.