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INTERNATIONAL JOURNAL OF CREATIVE RESEARCH THOUGHTS - IJCRT (IJCRT.ORG)
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ISSN Approved Journal No: 2320-2882 | Impact factor: 7.97 | ESTD Year: 2013
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EXPLORING THE DEBATE ON CRIMINALIZING CORPORATE OFFENCES IN INDIA
Authors
Dr. Jaykumar Bhongale,Mr. Oishik Bhattacharya
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Keywords
Corporate crimes, criminal offence, Corporate Governance, civil wrong, white collar crime.
Abstract
When we think of crime, our minds often conjure up images of murder, theft, robbery, rape, or assault - crimes that are more visible and sensational. However, the narrow perception of crime solely in terms of these violent acts overlooks the reality of economic and corporate offences, commonly known as white-collar crimes. These types of crimes are often complex and technical in nature, and do not require physical presence for their commission. According to Australian criminologist John Braithwaite, corporate crimes can be defined as "the conduct of a corporation or its employees, acting on behalf of the corporation, which is prohibited and punishable by law." Corporate crimes have indirect effects on the public, and dealing with them in court can be challenging as determining appropriate penalties for corporations can be perplexing.
This paper delves into the position of Indian jurisprudence on corporate offences and the ongoing debate around their decriminalization. The authors also highlight the impact of corporate crimes on the general public and the role of corporate governance in their commission and prevention. The paper sheds light on the fact that corporate offences are not victimless crimes, and their consequences can be far-reaching, affecting not only shareholders and investors but also employees, consumers, and the overall socio-economic fabric of society. The complexities involved in prosecuting corporate crimes and imposing penalties are also discussed, as the technical nature of these offences can make it difficult to hold corporations accountable.
The paper emphasizes the need to recognize the seriousness of corporate offences and to ensure effective deterrence against corporate misconduct. It also explores the concept of decriminalization of corporate offences, considering the pros and cons of such an approach. While some argue that decriminalization may reduce the burden on the criminal justice system and facilitate ease of doing business, others caution against diluting the deterrence effect of criminal sanctions. The role of corporate governance in preventing and addressing corporate offences is also examined, as strong corporate governance practices can play a crucial role in minimizing the risk of corporate misconduct.
In conclusion, this paper highlights the need for a nuanced and balanced approach towards corporate offences in India. It underscores the importance of acknowledging the impact of white-collar crimes on society, and the need for effective mechanisms to hold corporations accountable for their actions. The paper calls for further research and discussion on the topic to arrive at a comprehensive and well-informed approach towards addressing corporate offences in India while upholding the principles of fairness and justice.
IJCRT's Publication Details
Unique Identification Number - IJCRT2304354
Paper ID - 234332
Author type - Indian Author
Page Number(s) - c975-c981
Pubished in - Volume 11 | Issue 4 | April 2023
DOI (Digital Object Identifier) -
No Of Downloads - 128
Author Country - India, 411041, Pune, Pune, 411041, Medical Science All
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Dr. Jaykumar Bhongale,Mr. Oishik Bhattacharya, "EXPLORING THE DEBATE ON CRIMINALIZING CORPORATE OFFENCES IN INDIA", International Journal of Creative Research Thoughts (IJCRT), ISSN:2320-2882, Volume.11, Issue 4, pp.c975-c981, April 2023, Available at :http://www.ijcrt.org/papers/IJCRT2304354.pdf
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