Legislative & Regulatory Initiatives in Corporate Governance

Prof. N.
Balasubramanian has a new research paper titled Strengthening
Corporate Governance in India: A Review of Legislative and Regulatory
Initiatives in 2013-2014
that is available on SSRN. The abstract is as
passing of the long awaited Companies Act in 2013 is probably the single most
important development in India’s history of corporate legislation, next only to
the monumental Companies Act 1956 which it replaces. While significant
improvements have been effected in required standards of corporate governance,
there is also some concern of possible overreach making life more difficult for
companies as well as their independent directors. Among the major provisions of
the Act are those of restraining voting rights of interested shareholders on
related party transactions, recognition of board accountability to stakeholders
besides shareholders, and extension of several good governance requirements to
relatively large unlisted corporations. The paper is organized in three
sections. Section I briefly documents the evolution of corporate governance in
the country; section II sets out how some of the key governance objectives are
sought to be addressed by the Initiatives; and section III concludes
highlighting some areas that still need further strengthening.

About the author

Umakanth Varottil

Umakanth Varottil is an Associate Professor at the Faculty of Law, National University of Singapore. He specializes in corporate law and governance, mergers and acquisitions and cross-border investments. Prior to his foray into academia, Umakanth was a partner at a pre-eminent law firm in India.

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