An Analysis of Corporate Governance Regime in India: A Success or Failure

Abstract

Corporate governance refers to the set of laws, regulations, and procedures that govern organizations. It comprises carrying out the firm's business activities in line with the desires of its stakeholders or in the company's and its stakeholders' best interests. As the size of the finances and the opulence of corporate entities increased over time, the highly desired qualities began to be neglected, and those occupying high positions in these corporate entities began to take extreme measures to maximize the company or individual profits by engaging in extra-legal, unethical, and corrupt practices. Along with the other countries India has also seen financial scandals of higher degree throughout the recent past like the frauds involving Harshad Mehta and Khetan Parekh, Neerav Modi, and many more. These frauds have proven that corporate governance has failed despite several checks by regulating authorities like SEBI etc. Several efforts and new provisions are added by the Companies Act ,2013 but it is more important that the implementation of these rules is also done diligently.