Corporate Governance Failures in India

This research paper is solely based on the analysis of Sahara India, Kingfisher Airlines and PNB-Nirav Modi case. “Corruption in civilized society is disease like cancer which is not detected in time is sure to spread its malignance among the polity of the country leading to disastrous consequences”. Corruption is exact opposite to democracy as well as social order. The detection of corruption and fraud has become a huge problem. This phenomenon is not limited to a particular area, city, or country. It is all over the world. The word fraud is defined under Section 17 of the Indian Contract Act, 1872 and Forgery is stated under Section 163 of the Indian Penal Code, 1860.The purpose of this study is get rid from fraud and corruption committed by the criminals, outsiders -customers and employees of the banks and financial institutions and other Central, state and local bodies, private and public sectors.” “The reason behind fraud in India has been unknown. Similar fraud keeps happening year after year where sum of money lump are involved. The financially weak sector of our country suffers the most. This paper highlights the major accounting frauds over the past years and provides the analysis and the cause for such fraudulent activities.”