In the last few weeks, India has witnessed three incidents involving corporate confession. The Xerox Corp alleged that Xerox ModiCorp paid off government officials to source business; A.F. Ferguson took back its report on the affairs of Tata Finance; and Wipro re-stated its Q1 profits for 2002-03. All this is making people feel that the accounting scandals which have rocked the west are now breaking out in the country also.
To be fair, the factor which are believed to be causing the accounding scandals in the West have always been in existence in India. When the new economy boom occured a few years ago, a large number of companies sprang up giving stock options to employees who had a vested interest in ensuring the stock of their companies remained high.
Surprisingly, the country
