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Indian Penal Code477
by Sambhunath Tiadi
02/09/09
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Sambhunath Tiadi Mobile-09777816178
MA, LLB, PGDHRM, DJMC, DBM

Will IPC-477,477-A be applicable to Satyam Administration & Others?

Out of five hundred eleven (511) numbers of sections under Indian Penal Code Section-477 deals with fraudulent cancellation, destructions, etc., of will, authority to adopt where as Section-477-A deals with Falsification of accounts. Section-477 speaks that whoever fraudulently or with intent to cause damage or injury to the public or to any person cancels, destroys or defaces, or attempt to cancel to cancel, destroy or deface, or secretes or attempt to secrets any document which is or purported to be a will, or an authority to adopt a son or any valuable security or commits mischief in respect to such document, shall be punished with imprisonment for life, or with imprisonment of either description for a term which may extend to seven years, and shall also be liable to fine. Further Section-477-A speaks that who ever being a clerk, officer or servant ,or employed or acting in the capacity of clerk, officer or servant willfully, and with intend to defraud ,destroys, alters, mutilates(to remove) or falsifies any book, paper, writing valuable security or accounts which belongs to or is in the possession of his employer ,or has been received by him for on or behalf of his employer, or has been received in defraud makes or abets the making of any false entry or alters, or abets the omission or alternation of any material particular from or in, any such book paper writing valuable security or account shall be punished with imprisonment of either description for a term which may extend to seven years, or with fine, or with both. In this connection Mr. Amitav Thakur, IPS (Indian Police Service) had made an excellent analysis regarding criminal liability of Chief Executive Officer of Satyam. As this is a case of willful falsification of accounts with an intention to cheat, defraud all shareholders of the world and persons deployed and dealing with Satyam. Not only section 477-A, but also section-477 is also applicable in the instant case because of two ingredients like tampering with valuable security and intention of dishonesty. The CEO of Satyam has caused damaged and injury to the public share holders. Section 477A of IPC (Falsification of accounts) is also applicable to all clerks, Officers and servants of Satyam. It is not enough to treat only the CEO as the culprit, everyone in the organization associated with deliberate falsification of accounts is liable for this criminal act. They deserve exemplary maximum and swift punishment, to restore public
confidence in entire corporate sector. The concept of corporate governance is based on responsibility of the Board of Directors to ensure that there are adequate internal controls
to ensure that accounts reflect true and fair picture of the affairs of the company. Satyam has received awards from international professional bodies regarding excellent corporate governance and internal audit. Fraud and falsification of accounts has happened despite the internal controls. Responsibility should be pin-pointed on each person associated with falsification of accounts. It is indeed surprising that these irregularities in accounts have persisted for over 7 years and no one has complained. The law does not provide protection to "whistle-blowers”, which would enable persons in the organization to complain against irregularity noticed by them. However, all persons who are accomplice in deliberate falsification of accounts are liable for punishment .Though it is the only exemplary case of Satyam, but in the day to day administration of central and provincial government including public enterprise and private organization, one may assess that lot of falsification and fraud occurred, which do not come to the picture of public either intentionally or politically. Hence this aspect should be examined seriously to control fraud, falsification and cheating by tampering documents in the government administration and other private sectors in the best interest of the nation as well as General public of India and foreign investors and others.

Sambhunath.tiadi@yahoo.in
Tiadi.sambhunath@gmail.com
Address:
Sambhunath Tiadi
Minati Nivas, HIG-221,
Kalinga Vihar BDA Colony,
Po- Patrapada,
District- Khurda,
Bhubaneswar-751019,
Orissa(India)




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