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A Research paper on An Overview of Business Ethics in Indian Businesses Authors: 1) Ms. Swenee Shah 2) Ms. Mehal Pandya 3) Ms. Chitral Patel (Faculties of Hasmukh Goswami College Of Engineering (MBA)) 1

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Page 1: Business Ethics Paper

A

Research paper on

An Overview of Business Ethics in Indian

Businesses

Authors:

1) Ms. Swenee Shah

2) Ms. Mehal Pandya

3) Ms. Chitral Patel

(Faculties of Hasmukh Goswami College Of Engineering (MBA))

Submitted to:

Gujarat Technological University

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Abstract

Business ethics deals with ethical rules and principles necessary for a successful

business. It explains the various ethical problems that can rise in a business setting

and the responsibilities of persons who are engaged in an organization. We have here

shown how the Indian Businesses follows ethical practices even though they are

working globally. We have here also taken few examples MNCS to show how are

they going ahead unethically. In this research paper we have tried to show that no

business can get success even though they are going globally (locally) if they don’t

follow ethics and legitimate values. Our research paper reflects that true and ethical

business can sustain for longer time and even can survive at toughest time. ethical

training ,policies procedures will help any organization to manage their work place

very well .we have shown that how ethics will help to enhance reputation of business

and generate loyalty from staff members. Our research paper will open new avenues

to the ethical dilemmas

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Table of Contents

Particulars Page No.

What is Business Ethics 4

Ethics and military 4

Overview of issues in Business Ethics 6

Ethics in Indian context: Scope of business ethics 6

Approaches to Business ethics. 8

Importance of Ethics in Business. 9

Ethics and legality (code of ethics) 10

Issues in business ethics(Types of Morally Questionable acts) 12

Problems in its follow up 12

Ethical considerations in Corporate Entrepreneurship 13

Ethics and teaching field 15

List of Most Ethical Companies in the world 15

Unethical Companies 18

Conclusion 22

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WHAT IS BUSINESS ETHICS?

Business ethics is a form of applied ethics or professional ethics that examines ethical

principles and moral or ethical problems that arise in a business environment.

It is also known as corporate ethics. It applies to all aspects of business conduct and is

relevant to the conduct of individuals and business organizations as a whole. Example

for it deals with the ethical question in the field of medical, technical, legal and

business ethics.

ETHICS AND MILITARY:

Today the corporate world has so many challenges. It can immensely benefit from the

army ethos that stress on dedication, justice, equality and total commitment.

Col Dr. Kailash Chand  

Introduction       

The high level of transparency in the functioning of the Indian army and other

government and private organizations has created so much of scope to benefit from

each other. The military as an organization has very time tested ethos enabling it to

keep its head very high, both during peace as well as war.      

The army ethos has so much of applicability in any other government and civil

organization and the corporate sector in particular can benefit immensely from it.

A look at some of the military ethos:

1. The first military ethos is to live and die for each other and this creates lot of

esprit de corps and camaraderie amongst everyone.

2. The second military ethos is to apply the principle of impartiality and justice

to everyone across board and this creates a lot of mutual trust and confidence amongst

the soldiers of Indian Army.

3. The third military ethos is to create a family feeling amongst everyone and this

happens by respecting the religion, the tradition and the culture of each other. The

principle of secularism is the root of the survival of the Indian Army. Everyone,

irrespective of his caste, color, and creed is soldier and that is the only religion

followed by everyone.

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4. The fourth military ethos is to put the interest of the country at the top most

level under any circumstances and then comes the welfare of the subordinates and the

welfare of the officers’ class comes only at the last. This creates a total sense of

patriotism and nationalism amongst everyone and very high level of officers-man

relationships gets established.

Blending of military ethos in the corporate culture and other sector            

All above mentioned military ethos, if followed in letter and spirit, can further

enhance the homogeneity and the integrity of the corporate sector and all other

sectors.            

Ensuring of best mutual understanding and following the principle of impartiality and

justice enhances the working environment of any organization. All the top and middle

level managers need to connect properly with their subordination to understand them

in totality and to get the maximum from them.            

The subordinates in any organization only play up when they have full faith and

confidence in their leaders. The real welfare of any subordinate is only ensured by

giving him the best of his duties. Any kind of recruitment and promotion in the

corporate world has to be based on the principle of meritocracy and impartiality. The

maximum cohesion and integrity within an organization has to be ensured to create a

true family feeling.            

Today, the corporate world has so many challenges to meet and only the best of

dedication and sincerity in all the team members can help it to achieve its targets. It is

therefore very essential for the employees of corporate world to treat their respective

companies as their homes and to render their best of loyalties to achieve the maximum

in such a competitive world.            

The time has come for the Army and the corporate world to exchange its ethos and

culture with each other to achieve the best of intermingle.            

The issue of maintaining the best of security by every organization & establishment of

Indian Army is very well understood and suitable mechanisms need to be devised to

interact and exchange ideas and information with the corporate world and any other

sector without compromising in this regard in any matter what so

ever.                                                        

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OVERVIEW OF ISSUES IN BUSINESS ETHICS:

This part of business ethics overlaps with the philosophy of business, one of

the aims of which is to determine the fundamental purposes of a company.

If a company's main purpose is to maximize the returns to its shareholders,

then it should be seen as unethical for a company to consider the interests and

rights of anyone else.

Corporate social responsibility or CSR: an umbrella term under which the

ethical rights and duties existing between companies and society is debated.

Issues regarding the moral rights and duties between a company and its

shareholders: fiduciary responsibility, stakeholder concept. shareholder

concept.

Ethical issues concerning relations between different companies: e.g. hostile

take-overs, Leadership issues: corporate governance; Corporate Social

Entrepreneurship

Political contributions made by corporations.

Law reform, such as the ethical debate over introducing a crime of corporate

man slaughter (crime in several jurisdictions).

The misuse of corporate ethics policies as marketing instruments.

ETHICS IN INDIAN CONTEXT:

SCOPE OF BUSINESS ETHICS

Since business ethics is the normative science of conduct, i.e., its function is to judge

the moral worth of conduct with reference to a norm ideal or standard the scope of

business ethics is wide.

Business ethics covers all aspects of business as there is no business conduct which is

totally free from moral consideration. As science of conduct, it is concern with the

ideal or slandered to which business conducts should be conform.

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1) Societal level

A) Concern for poor and down trodden

B) No discrimination against any particular section/group

C) Concern for clean environment

D) Preservation of scarce recourses for prosperity

E) Contributing to better quality of life.

2) Stakeholder level

A) Employee

B) Customers

C) Shareholder

D) Bank and other landing institutes

E) Government.

3) Internal policy level

A) Fair practices relating to recruitment, compensation, lay off, perks,

promotion, etc.

B) Transformational leadership to motivate employee to aim and better and

higher things in life.

C) Better communication at all level.

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Scope of business ethics

Societal level

Stakeholder’s levels

Internal policy level

Personal policy level

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4) Personal policy level

A) Not to misuse other for personal end.

B) Not to indulge in politics to gain power

C) Not to spoil promotional chances others

D) Promises keeping

E) Mutual help.

APPROACHES TO MANAGERIAL ETHICS

ORGANIZATIONAL

CHARACTERISTICS

IMMORAL

MANAGEMENT

AMORAL

MANAGEMENT

MORAL

MANAGEMENT

Ethical norms Managerial

dicisions, actions,

and behaviour

imply a positive

and active

opposition to what

is moral. Decisions

are discordant with

accepted ethical

principles. An

active negation of

what is moral is

implied.

Management is neither

moral nor immoral, but

decisions lie outside the

sphere to which moral

judgements apply.

Managerial activity is

outside of a particular

code. A lack of ethical

perception and moral

awareness may be

implied.

Managerial activity

conforms to a standard

of ethical, or right,

behaviour. Managers

conform to accepted

professional standards

of conduct. Ethical

leadership is

commonplace on the

part of management.

Motives Selfish:

Management cares

only about its or

the company’s

gains.

Well-intentioned but

selfish: The impact on

others is not considered.

Good: Management

wants to succeed but

only within the confines

of sound ethical

precepts (fairness,

justice, due process).

Goals Profitability and Profitability; other Profitability within the

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organizational

success at any

price.

goals not considered. confines of legal

obedience and ethical

standards.

Orientation toward law Legal standards are

barriers

management must

overcome to

accomplish what it

wants.

Law is the ethical

guide, preferably the

letter of the law. The

central question is what

managers can do

legally.

Obedience is toward the

letter and spirit of the

law. Law is a minimal

ethical behaviour.

Managers prefer to

operate well above

what the law mandates.

Strategy Exploit

opportunities for

corporate gain. Cut

corners when it

appears useful.

Give managers free

rein. Personal ethics

may apply but only if

managers choose.

Respond to legal

mandates if caught and

required to do so.

Live by sound ethical

standards. Assume

leadership position

when ethical dilemmas

arise. Enlightened self-

interest prevails.

IMPORTANCE OF BUSINESS ETHICS IN BUSINESS

Profit Maximization

The importance of ethics in business can be understood by the fact that ethical

businesses tend to make much more profits than the others. The reason for this

is that customers of businesses which follow ethics are loyal and satisfied with

the services and product offerings of such businesses are satisfied, they will

become loyal to the company and come back again for re-purchasing. .

Efficient Utilization of Business Resources

In an organization, people working at the junior levels often emulate the ones

working at the top. The same applies with ethics too. If the management or

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seniors of an organization follow ethical business practices, i.e, they do not

bribe to get their way or they do not cheat the customers, investors, suppliers,

etc., the employees will follow suit. The employees too will refrain from using

the office property or resources for personal benefits. This will result in better

and efficient utilization of the business resources.

Creates Goodwill in the Market

An organization, which is well known for its ethical practices, creates a

goodwill for itself in the market. Investors or venture capitalists are more

willing to put their money in the businesses which they can trust. Shareholders

too, remain satisfied with the practices of an ethical businesses. Thus, the

importance of business ethics in creating goodwill and building long term

relationships, can not be denied. Also, an ethical business puts greater value

on its employees and thus, employees remain loyal to such an organization

too.

ETHICS AND LEGALITY(CODE OF ETHICS):

Ethics and Laws:

For the entrepreneur the dilemma of legal versus ethical is a vital one. Just how far

can an entrepreneur go in order to establish his or her venture? Survival of the venture

is a strong motivation for entrepreneurs, and although the law provides the boundaries

for what is illegal (even though the laws are subject to constant interpretation), it does

not supply answers for ethical considerations.

Major Problems Regarding Laws Reflecting Ethical Standards:

1. The moral standards of members of society may be based on a lack of

information relative to issues of corporate conduct. Most people were

apparently unaware of the payments of large foreign bribes until the

revelations of the Lockheed case and the subsequent Securities and Exchange

Commission study. Many people now may be unaware of the magnitude of the

toxic-waste disposal problem, with 231 million metric tons of waste being

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produced annually. It is difficult for personal moral standards to influence the

law if relevant information is missing.

2. The moral standards of members of society may be diluted by the formation of

small groups. People with similar norms, beliefs, and values tend to become

associated in small groups, but these standards generally are not precisely

similar among all members, and compromises have to be made. Further, many

small groups act from motives other than morality; economic benefits and

professional prestige often seem to be stressed. It is difficult for personal

moral standards to influence the law if they are not conveyed accurately.

3. The moral standards of members of society may be misrepresented in the

consensus of large organisations. Many organisations do share norms, beliefs,

and values, but no evidence indicates each individual and each group within

the organisation has equal influence, or even equal weighted influence, in

determining that consensus. This can be seen in the norms, beliefs, and values

of many non-profit organizations, such as hospitals and universities; the

standards of the professional personnel- the physicians and the faculty- often

seem to predominate.

4. The moral standards of members of society may be misrepresented in the

formulation of the laws. This is the same point made about shaping the

consensus of an organization, though on a larger scale. No guarantees exist

that all organizations have equal influence, or even equal influence weighted

by size, in determining the law. This can be seen in the provisions of much tax

legislation; certain organizations always seem to be favoured.

5. The legal requirements formed through the political process are often

incomplete or imprecise and have to be supplemented by judicial court

decisions or administrative agency actions. This can be seen in both product

liability cases and equal employment reviews; the meaning and the application

of the law have to be clarified outside of the legislative process. It is difficult

for personal moral standards to influence the law if they are considered only

indirectly- if at all- in two of the means of formulating that law.

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TYPES OF MORALLY QUESTIONABLE ACTS

TYPE DIRECT EFFECT EXAMPLES

Nonrole Against the firm Expense account cheating

Embezzlement

Stealing supplies

Role failure Against the firm Superficial performance appraisal

Not confronting expense account cheating

Palming off a poor performer with inflated praise

Role distortion For the firm Bribery

Price fixing

Manipulating suppliers

Role assertion For the firm Investing in South Africa

Using nuclear technology for energy generation

Not withdrawing product line in face of initial allegations

of inadequate safety

ETHICS AND BUSINESS DECISIONS:

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In addition to the normal challenges of business decisions, the entrepreneur is faced

with specific ethical dilemmas. The above figure illustrates four main themes of

ethical dilemmas- conflict of interests, personality traits, responsibility to

stakeholders, and level of openness. The conflict of interests theme deals with much

of what was mentioned earlier in the chapter concerning morality and economic trade-

offs. It involves the constant tension of trying to separate the “person” from the

“business decision.” Personality traits relate more specifically to relationships and

personal issues. In many instances, the personal issues or individual personalities

cause the dilemma. The responsibility to stakeholders theme incorporates the pressure

of managerial rationalization discussed earlier and emphasizes the importance of

having a code of conduct. Finally, the level of openness suggests that entrepreneurs

need to be more public about their values and expectations. Once again, the value of a

code of conduct is evident with this theme.

Amid these dilemmas, the entrepreneurs are challenged by the need to make business

decisions each day. Many of these decisions are complex and raise ethical

considerations.

ETHICAL CONSIDERATIONS IN CORPORATE

ENTREPRENEURSHIP

Organizational

obstaclesINTERNAL NETWORK ISSUES

LEADERSHIP ISSUES

SYSTEMS STRUCTURESPOLICIES &

PROCEDURES

STRATEGI

C

DIRECTION

PEOPLE CULTURE

Managerial

Dilemmas

Misdirected

reward &

evaluation

systems

Restricted

communications

channels

Lack of

accountability

Long, complex

approval cycles

Extensive

documentation

requirements

No vision

from the top

Lack of

commitment

from senior

executives

Parochial

bias

“Turf”

protection

Ill- defined

values

Lack of fit

Values that

conflict

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Unrealistic

performance

criteria

No role

models at the

top

with

manager’s

Ethical

consequencesCARRERISM AMORAL PARADIGM

Solutions ASSESSMENT OF ENTREPRENEURIAL ACTIVITY + CORPORATE

ENTREPRENEURSHIP TRAINING PROGRAM

Corporate entrepreneurs- described in the academic literature as those managers or

employees who do not follow the status qup of their co-workers- are depicted as

visionaries who dream of taking the company in new directions. As a result, though,

in overcoming internal obstacles to reaching their professional goals they often a fine

line between clever resourcefulness and outright rule breaking. Researchers Donald F.

Kuratko and Michael G. Goldsby developed a framework as a guideline for managers

and organizations seeking the barriers that middle managers face in trying to be

entrepreneurial in less supportive environments, the unethical consequences that can

result, and a suggested assessment and training program for averting such dilemmas.

The barriers include the organizational obstacles under two major categories: internal

network issues and leadership issues. The specific barriers to innovate actions include

systems, structures, policies and procedures, culture, strategic direction and people.

Based on these barriers and the managerial dilemmas that can be caused, the

researchers advice companies that embrace corporate entrepreneurship to: (1)

establish the needed flexibility, innovation, and support of employee initiative and

risk taking; (2) remove the barriers that the entrepreneurial middle manager may face

to more closely align personal and organisational initiatives and reduce the need to

behave unethically; (3) include an ethical component to corporate training that will

provide guidelines for instituting compliance and values components into state-of-the-

art corporate entrepreneurship programs. However, even if corporate entrepreneurship

is supported, some managers may still pose ethical risks to the company.

Unfortunately, rarely will everyone in an organisation do the right thing. For this

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reason, it would be wise to include an ethical component in corporate training

programs to insure everyone is aware of the expectations and vision of senior

management. It is believed that a more complete training program and approach to

corporate entrepreneurship will make for a better future for both the organization and

its members and prevent future ethical crises.

ETHICS AND TEACHING FIELD

Although new-paradigm researchers often teach enlarged versions of ethics, they

rarely, if ever, write about the ethics of teaching interpretivist inquiry. Five problems

associated uniquely with the teaching of such inquiry are identified: (a) teacher

modeling of a safe psychological classroom environment for students; (b) teaching

students authentic collaboration; (c) fostering dialogues in racism, sexism, and

classism; (d) high tolerance for "taboo" topics such as sex in the field; and (e)

willingness to make judgments regarding the maturity of students to undertake field

work, especially in sensitive sites.

LIST OF MOST ETHICAL COMPANIES IN THE

WORLD

Aerospace

Harris Corporation

Rockwell Collins Inc.

The Aerospace

Corporation

Apparel

Comme Il Faut

Nike

Patagonia

Auctions

Barrett Jackson Auction

Company

Automotive

Cummins

Ford Motor Company

Johnson Controls

Banking

Rabobank

Standard Chartered

Business Services

Accenture

Noblis

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Bank

Westpac Banking

Corporation

Pitney Bowes

Dun & Bradstreet

Paychex

Chemicals

Ashland

Dow Corning

Corporation

Ecolab

Flint Hills Resources

Computer Hardware

Hewlett-Packard Company

Computer Software

Adobe Systems

Salesforce.com

Symantec

Teradata

Construction and Engineering

CH2M Hill

CRH

Fluor

Granite Construction

Parsons

Consumer Electronics

Ricoh

Xerox

Consumer Products

Henkel

Kao

L’ORÉAL

Mattel

Diversified Industries

General Electric Co.

Electronics and Semiconductors

Freescale Semiconductor

Texas Instruments

Energy and Utilities

Duke Energy

FPL Group

National Grid

Sempra Energy

Wisconsin Energy

Corporation

Environmental Services

Waste Management

Financial Services

American Express

Food and Beverage

Campbell Soup Company

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The Hartford

The Principal Financial

Group

General Mills

PepsiCo

Solae

Food Service

ARAMARK

Sodexo

Food Stores

Trader Joe’s

Wegmans

Whole Foods Market

Forestry, Paper and

Packaging

International Paper

Stora Enso Oyj

Svenska Cellulosa

Weyerhaeuser

Healthcare

Cleveland Clinic

Hospital Corporation of America

J M Smith Corporation

Johns Hopkins

Premier

Hotels, Travel & Hospitality

Rezidor Hotel Group

Wyndham Worldwide

Industrial Manufacturing

Caterpillar

Deere & Company

Eaton

Milliken and Company

Rockwell Automation

Timken

Insurance

Aflac

Swiss Re

Wisconsin Physicians

Service

Internet

Google

Zappos

Media, Publishing and

Entertainment

Thomson Reuters

Time Warner

Medical Devices

Becton, Dickinson and Company

Royal Philips

Pharmaceuticals

AstraZeneca

Novo Nordisk

Real Estate

Jones Lang LaSalle

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Restaurants and Cafes

Starbucks Coffee

Company

Specialty Retail

Best Buy

Gap

IKEA

Target

Ten Thousand Villages

Telecom Hardware

Avaya

Cisco Systems

Telecom Services

T-Mobile

Vodafone Group

Transportation and Logistics

Nippon Yusen Kabushi

Kaisha

UPS

UNETHICAL COMPANIES:   COCA-COLA

Coca-Cola is the largest soda provider in the world. Although it is widely consumed,

many people are unaware of its labor violations.

The company has come under fire in the last few months for the way in which its

workers are treated in Guatemala. The primary source of all the violence is the

workers’ union. On February 25, 2010, Coke was sued by those Guatemalan laborers,

who claim that they, “endured a campaign of violence” from the people who worked

for the bottling or processing plants owned by Coke (Business Week).

This violence took place in Guatemala City. The perpetrators were employed by

Incasa, which operated the bottling plant (Business Week). One of the plaintiffs is

Jose Palacios, who faced violence after rejoining the workers’ union in 2004. Not

only was he shot at and threatened at the bottling plant, but armed men broke into his

home and threatened his family (Atlanta Business News). A few weeks after this

invasion, in 2005, he was fired without a cause (North American Congress on Latin

America).

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Another plaintiff in the case is Jose Chavez, a prominent union leader. In 2008, after

he participated in collective-bargaining activities in Guatemala City, returned home to

his waiting family. Upon his arrival, Chavez’s son and nephew were brutally

murdered in front of his eyes and his 16 year old daughter was gang-raped (North

American Congress on Latin America). This violence was a response to his activity in

the union.

Coca-Cola has faced legal action by workers before. In 2001, it was sued by union

laborers in Colombia for violence against unionized workers. In a statement at Coke’s

annual meeting of shareholders in 2005, the company claimed, “Our Company and

our bottling partners have been accused of complicity in the murder of union

members and the ongoing intimidation of union members and of the suppression of

union activity in Colombia. The allegations are not true” (PBS). The company paid

more attention to the problem only after an international boycott began in 2003

(Business Week). Ultimately, Coca-Cola and its bottlers were found not guilty and

cleared of any wrong-doing by Colombian courts (PBS). When the case was brought

to the United States, Coca-Cola fought to have its name removed from the lawsuit and

got its wish.

Although this has not been widely publicized, the labor violations of Coca-Cola are a

prominent issue. Consumers of Coke, and other items produced by corporations with

foggy labor practices, have to ask themselves how they can make a difference.

Students at colleges across the United States, one being Rutgers University, have

started boycotts of the soda. Rutgers students were successful in their activism, and

the university has switched its contract to Pepsi (Killer Coke).

A new documentary was released in 2009 called “The Coca-Cola Case.” It was filmed

by German Gutierezz and Carmen Garcia to highlight “the reality of union busting at

Coca-Cola bottling plants in Colombia, Guatemala and Turkey” (Green Muze). This

movie reveals the practices of just one of the many multi-national corporations and

upon watching it, the consumers will hopefully be inspired to better inform

themselves about the products they consume (Green Muze). Here is a link to the

trailer for this documentary: The Coca-Cola Case.

Coca-Cola is one of the most powerful corporations in the world. Its business

practices have to be questioned by the consumer to ensure that labor violations are not

being committed.

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There was a suicide done by a girl in the Infosys, Mysore girl’s hostel. The news

came from of the employees working in that campus. The possible reason told by the

employees could be due to excessive pressure of training that she could not handle.

Moreover the HR person there asked the other employees not to disclose this incident

to secure the repo of the company.

Infosys sacks techies for ‘unethical behaviour’

Infosys Technologies has sacked a software engineer, Abhishek Gupta, for making a

hoax call to budget carrier GoAir at Delhi airport Oct 25 to avoid missing his

Bangalore-bound flight, a company official said here on Tuesday.

“Yes, we have sacked Gupta for indulging in unethical behaviour. We have a very

strict code of conduct. We take strict action against those who do not adhere to it,”

Infosys board member and head of HRD and education and research T.V. Mohandas

Pai told media.

The 25-year-old Gupta caused a bomb scare by telling GoAir staff that there was

some suspicious object on the plane after he failed to convince them earlier to delay

the flight.

“He thought the hoax call will delay the flight and he could reach the airport in the

meantime to catch the flight,” a Delhi police official said after Gupta was taken into

custody and jailed.

The IT bellwether has also suspended another software engineer, Pallav Chakraborty,

after he was arrested with his wife Sinchita by the Bangalore police Dec 29 for

allegedly torturing their 15-year-old domestic maid.

“Though Chakraborty joined the company 15 days before his arrest, we suspended

him after an inquiry into the child abuse, which is a very sad thing to have happened,”

Pai said.

As the police were investigating the case and the accused was in the judicial custody,

Pai said the company would take strict action against him after the law had taken its

course.

“We do not condone such acts. We are saddened by such an inhuman act. We have

109,882 employees on rolls. I think as we grow bigger, we are not the sample but part

of the universe,” Pai said on the margins of a media briefing on the company’s

financial performance for the third quarter.

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Pallav and Sinchita, who hail from Kolkata, brought the girl from West Bengal for

household chores.

A social organisation rescued the girl after raiding the house following a tip that a

young domestic maid was in a bad state with injuries on her back and cut marks on

her lips.

The police did not name the victim to protect her privacy and not to hamper

investigation.

The company was also forced to suspend another engineer, Krishnamurthy, working

at its Mysore development centre, after the police arrested him Dec 3 on the charge of

molesting a French woman.

“Krishnamurthy remains suspended as police inquiry is still on. We will not spare

anyone if (his or her) behaviour is not in line with our code of conduct,” Pai said.

The three incidents occurred at a time when the company was recovering from the

impact of a year-long global tech meltdown.

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CONCLUSION

Ethics in business is necessary. Business does not operate in a vacuum. Firms and

corporations operate in the social and natural environment.

Because of Irrespective of the demands and pressures upon it, business by virtue of its

existence is bound to be ethical for at least two reasons: one, because whatever the

business does affects its stakeholders and two, because every moment of action has

courses of ethical as well as unethical paths wherein the existence of the business is

justified by ethical alternatives it responsibly chooses.

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