India
SUPPLEMENT - CORPORATE GOVERNANCE - October 11, 2001
The author would like to acknowledge the contributions of
Vaibhav Parikh, Janak Pandya and Parveen Nagree
While the concept of corporate governance has been around for a
considerable period of time, the maturing of the concept has been
seen only in the last decade. This was inevitable given the
fundamental link of corporate governance to issues of corporate
theory and corporate responsibility, transparency in corporate
decision-making, a practical revolution in business organizational
studies and an increasing focus on wealth maximization. In India,
corporate governance has been implemented through provisions of the
Companies Act, 1956 ("Companies Act"), recent amendments to the
listing agreements ("Listing Agreement Amendments") companies enter
into with stock exchanges and miscellaneous regulations prescribed
by the Securities and Exchange Board of India ("SEBI"). At the very
outset, it must be pointed out that the Listing Agreement
Amendments were based on recommendations of the Kumaramangalam
Birla Committee, an independent committee appointed by SEBI....
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