TRANSPARENCY IN THE PRIVATE SECTOR
The need for transparency, so far, appears to have been felt in the context of public authorities alone. Consequently, we have the Right to Information Act and a modification of the Official Secrets Act. While, there is no doubt that the government has to be completely transparent in its dealings since it deals with public money, privately managed companies also have a wide shareholder base. They also deal with large volumes of public money. The need for transparency in the private sector is, therefore, in no way less important than in the public sector.
However, private companies use ‘competitive advantage/company interests’ as a pretext to hide essential information. Awarding of contracts, recruitments, transfer ...
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