However, the success of the Indian corporates in achieving good corporate governance seems to be only skin deep. Corporate governance seems to have favourably impacted only a handful of corporates whose leaders imbued with its lofty ideals, have taken them to such dizzy heights, while others have done nothing but cosmetic changes in the governance of their companies and seem to have satisfied themselves with their meagre attempts.

In early 2004, a corporate governance country assessment for India was carried out as part of the joint World Bank—IMF programme of report on the Observance of Standards and Codes. The objective was to benchmark the observance by Indian corporations against the OECD principles of ...

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