Staff Reporter

‘Their absence results in loss to society'

VIJAYAWADA: Stressing the need for value-based business management, Vice-Chairman of the Andhra Pradesh State Council for Higher Education U. Tataji on Friday said the absence of values in business sector was resulting in invisible losses to society in various forms.

Inaugurating a two-day national seminar on ‘Corporate Governance in India – Policy and Practice' organised by the department of business administration of KBN College here, Dr. Tataji said an elaborate discussion was going on about values in business sector, especially after the advent of global business practices in our country from 1992.

“No doubt our business houses are contributing a lot to the overall development of society. But, there are a few organisations that are failing to follow certain values and in the process are rendering injustice to society on a large scale,” he said.

Dr. Tataji felt that business organisations must focus on self-regulation and social responsibility. “The organisations must consider the interests of their shareholders, employees, consumers and society at large before taking key decisions pertaining to their businesses,” he said.

Vice-Chancellor of Acharya Nagarjuna University Y.R. Haragopala Reddy underscored the need for conducting studies in colleges and universities on business administration and value-based business practices.

Objective

Vice-Chancellor of Krishna University M.K. Durga Prasad said the main objective of any organisation must be protecting the investments of its shareholders, ensuring the welfare of its employees and society as well.

Principal of the ANU College G.S. Brahmanandam, coordinator of PG Exams wing G.V. Chalam and others were present.