INTRODUCTION
The emergence of corporate governance as a fair and transparent mechanism to run and administer corporations in a manner that would result in long term shareholder value and benefits to the entire society has been fairly a recent phenomenon. There has been a perceptible change in people’s minds as to the objective of a corporation—from one which was intended to benefit exclusively the shareholders to one which is expected to benefit all its stakeholders. Besides, the corporate scams and frauds that came to light have brought about a change in the thinking of advocates of free enterprise that the system was not self-regulatory and needed substantial external regulations. These regulations should penalize the wrongdoers while those ...
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