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The fortnight’s burning question.
Does the Satyam case prove that corporate governance in India is rather poor?

     Print Edition: January 25, 2009

The fortnight’s burning question.
Does the Satyam case prove that corporate governance in India is rather poor?

No. Raman Uberoi, Senior
Director, CRISIL Ratings
Incidents like the one at Satyam don’t really establish the fact that corporate governance standards in India are weak. Of late we have seen Indian family-controlled businesses giving priority to professionalism and transparency. However, the fiasco will put the role of independent directors under question.

Yes. Deepak Joyce,
Partner, Luthra & Luthra
The corporate structure in India is largely characterised by lack of transparency, unfair treatment of shareholders and weak boards. We are still not mature in our corporate governance practices. Although Clause 49 of the listing agreements clearly defines independent directors as the cornerstones of good corporate governance, we don’t have well-defined guidelines to define who qualifies as an independent director.

No. Chandrajit Banerjee,
Director General, CII
The corporate governance norms in the country are of the highest order. Promoters are becoming more answerable to shareholders. Family-managed companies seem to display greater professionalism with a higher emphasis to protect and enhance shareholder value.

Compiled By Manu Kaus

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