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Governance (91)

The moral of the story of Rishyashringa is one of the most riveting ones in the epic Mahabharata.

One of the several characters that embellish the great epic, Rishyashringa's story provides a perfect context to the approach of the prime minister to the 2G spectrum scam.

Son of the sage Vibhandaka, Rishyashringa was brought up by his father in perfect seclusion in higher Himalayas. As such, Rishyashringa had never come across any mortal, man or woman, except his father. His father's idea was that only if his son is brought up in complete ignorance of sensual pleasures would it be easy for him to lead the life of perfect chastity.

Economic textbooks tell us that inflation is a function of cost push and demand pull.

The former implies a scenario wherein inflation is fuelled through increase in input costs, while the later is caused by mismatches in demand and supply.

But all these have been dynamited by real life developments of the past couple of years.

Is ICAI attempting to bail out PW auditors?

Puritans in the accounting profession are aghast. Old-timers are flabbergasted. Youngsters are dismayed. In what must rank as the height of indiscretion, the President of the Institute of Chartered Accountants of India (ICAI) has, according to press reports, “attempted to meet” the auditors of Satyam inside the Hyderabad prison.

One may recall that in the aftermath of the confessions of Ramalinga Raju, the Andhra Pradesh police detained two partners of Price Waterhouse; the auditors of Satyam for their alleged role in the scam. The president of the ICAI has sought to meet these very auditors inside the Hyderabad prison where they are currently detained.

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