Examining the impact of political relations in corporate world: the case of PNB
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Date
2018Author
Dora, Hanumantu Kaushik
Umesh, Worlikar Vidula
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With the rising incidents of corporate scams, it has become imperative to lift the
corporate veil to unearth the reasons behind them. As a result, it is of paramount
importance to examine the formation of the companies entering into the contract - the
executives, directors and top management level and try to determine whether there is any
underlying relation to the political world. The PNB case hit the bank and its financial
position badly. Lack of proper checks and balances led to the huge scam. Following this
scam, several banks had taken measures to counter such practices. Banks have started
stringent verification of the parties involved and are not completely relying on the
SWIFT system. RBI has also taken measures to ensure that the strong control
mechanisms are in place.
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