Jan-Mar 2014

In this introductory essay, Sanjay Kallapur, Professor of Accounting at the Indian School of Business, places recent legislation and reform in corporate governance in India against the backdrop of international regulatory frameworks and relevant research studies. The Companies Act 2013 has gone a long way in improving the enforcement regime for breach of faith on the part of company management and independent directors. But the balancing of multiple stakeholder interests that the legislation mandates also introduces irreconcilable tensions into the very purpose and viability of the corporation.