My comment on the article Ink thrown on Sahara chief Subrata Roys face outside Supreme Court is now displayed on timesofindia. The government has a moral right to protect right of the citizens; the government can’t always remain a spectator for crimes. Therefore, pierce the corporate veil that allows cheating innocents; immediately amend the corporate law; and the newly amended law should allow all corporate crimes to be charged under IPC 420. We all know that SEBI (Collective Investment Schemes) is not all effective under Indian Companies Act of 1956; it leaves lots of loop holes for criminals to breath. As a general rule, the common law does not impose criminal liability on companies; since a company lacked moral “blameworthiness” or the requisite “mens rea”, which is an essential element of a crime. Many corporate heavy weights like Sahara CEO Subarea Roy and Mr Parasurampuria took undue advantage of corporate laws to make public issue of shares, debentures and bonds. Parasurampuria Plantations scheme was supposed to promote green revolution in India, rain forests and greenery everywhere. All those, including me, who wished to see rain forests and greenery everywhere in India got cheated; I felt that I got betrayed for the sake of my patriotism.
Posted on: Tue, 04 Mar 2014 12:56:02 +0000
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