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PMC Bank Fiasco: The Dereliction of Corporate Governance
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Paras Batra
Assistant Professor at Geeta Institute of Law, Panipat, India
Abstract
Every organisation requires a good corporate governance policy to function well. Whenever there is a failure in corporate governance, the organisation fails. The same thing happened with PMC bank. There were many loopholes in the PMC bank, which led to its downfall. A Lot of financial irregularities were taking place there. There was a complete failure of the internal control and management system. They also misrepresented the financial statements. The PMC bank loopholes led to fundamental changes in law and policies. The SAF was being revised, and the Banking regulation Amendment Act 2020 came into force. Many things need to be done so that scams like PMC don’t happen again.
Type
Research Paper
Information
International Journal of Law Management and Humanities, Volume 5, Issue 5, Page 781 - 790
DOI: https://doij.org/10.10000/IJLMH.112526Creative Commons
This is an Open Access article, distributed under the terms of the Creative Commons Attribution -NonCommercial 4.0 International (CC BY-NC 4.0) (https://creativecommons.org/licenses/by-nc/4.0/), which permits remixing, adapting, and building upon the work for non-commercial use, provided the original work is properly cited.
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