Need for ethics, corporate governance standards in startups: Piyush Goyal

While Goyal did mention the name of the startup, his statement comes after there have been several reports of corporate governance lapses at the unicorn Bharat Pe over the last few months.

New-age companies must strengthen ethical and corporate governance standards, said commerce and industry minister Piyush Goyal on Thursday as reports come in of data fraud and tax evasion at Indian startups.

Malpractices must be clipped early, otherwise it will earn a bad name for startups. “We have by and large been insulated by these problems, I hope these don’t become a norm in the future. It will kill the entrepreneurial spirit of young startups and can have damaging effects in the years to come,” Goyal said at an virtual event organised by the Confederation of Indian Industry (CII).

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