THE HINDU BUSINESS LINE
Financial Daily
from THE HINDU group of publications

Tuesday, July 17, 2001

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Opinion

Auditing


Competition: Analysts and auditors in the dock
THE economic downturn combined with fierce competition is bringing out the worst in human nature. In their desperation to stay afloat in turbulent times, scores of companies in industrial countries are coming under a cloud for blithely manipulating their balance sheets and fraudulently puffing up profits and earnings per share. However, the breathing space that they get by giving an upward push to their shares in stock exchanges and extending and expanding the lines of credit from banks is short-lived. When their malpractices come to light, their shares take a precipitous tumble, and thousands of individual and corporate investors are reduced to the status of paupers.

Editorial
Deferred bail-out
THE WINDOW FOR repurchase of up to 3,000 units that has been allowed by the Unit Trust of India is bound to be seen no more than as a small relief by the retail investors in US-64. Worse, they face the grim reality of NAV-based repurchase price six month s down the road.

Environment
Climate Change Convention -- Will US be only a fair-weather friend?
WHEN THE high-level delegations from the countries that are members of the Climate Change Convention meet at Bonn this week, all attention would be focussed on the team from the US.

Miscellaneous
Student factories
MOVE over educational institutions. It is now time for `student factories'.

Mutual Funds
UTI and interest rate reductions
THE US-64 imbroglio and the so-called support for `small investors' across the political spectrum have raised doubts over the planned revamping of the pension system and interest rate structure for small savings.

Politics
Where now, from Agra?
LIKE the path of true love, that of peace is long and tortuous too. Just look at all the conflicts raging in the world -- major and minor. Learning to be patient is the name of the game in any conflict-resolution initiative.

Living Theatres of the Absurd
THE Prime Minister, Mr Atal Bihari Vajpayee's peace journey to Lahore in February 1999, was intended as a confidence building measure. The occupation of the Kargil heights by Gen Pervez Musharraf's forces, in reply, was a confidence trick. Now the Genera l has come calling to settle the Kashmir dispute with India on Pakistan's terms. For that is what he seeks to do, if The Financial Times man in Islamabad, Farhan Bokhari, is to be believed.


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