Will this incident produce an Indian Sarbanes-Oxley, some sort of change in regulations on corporate governance? My guess is that more scandals will need to come to light before that happens.

Dude, have you ever been to India? The place is the biggest cluster-f**k from the standpoint of governance--public and private.

Even simple municipal functions like infrastructure maintenance and expansion are totally botched. I've done consulting with some panchayats on water quality. You give the bastards a simple plan for, say, tapping a groundwater source and they either do it some backwards ass way or take so long that the technology is way out of date.

They could never regulate accounting like is done in the US--it just can't happen. The place is way to corrupt, anyway. I was dealing with this official in Murshidabad to get a permit for some digging. They basically "lost" our application until we ponied up a few thousand rupee. They then found it, but revoked it when they needed more cash.

I was totally surprised that Manmohan Singh actually had heart surgery in New Delhi--it will be a miracle if he doesn't contract hepatitis.

Good riddance!

Will this incident produce an Indian Sarbanes-Oxley, some sort of change in regulations on corporate governance?

If it does, you can pretty much hang up on the idea that India will continue to be any kind of serious economic force going forward.