Dr Irani, who is also the Chairman of the Board of Governors at IIM-Lucknow, presented an overview of the values and belief systems that have built and sustained the Tata image and philosophy till today. He identified Trust, Vision, Integrity & Credibility, Relevance and Compatibility as values ingrained in the Tata’s philosophy of conducting their business. Dr Irani also highlighted the difficulty in sustaining peaceful co-existence of different value systems. The class had a discussion on the co-existence and importance of these value systems, how organizations generate their wealth and how they distribute it.

Talking about the distribution of wealth, he emphasized that Corporate Social Responsibility (CSR) should be built on a sustainable model. He illustrated the point through certain failed businesses that had generated consistent losses despite government backing and yet chose to be philanthropic, in effect using tax-payers’ money and not self-generated profits to promote public causes. Dr. Irani was, however, of the view that what comes from the people should go back to the people.

IPMX participants, who possess substantial work experience, shared their experiences of situations where they were faced with ethical dilemmas. The interaction ended with a question and answer session based on business decisions, labour disputes and politics presented by Dr Irani.