Business Ethics and Corporate Governance, Second Edition

HIGHEST STANDARDS OF GOVERNANCE

SEBI has avowed that its regulation and guidance of the country’s securities market would spell success in the area of corporate governance. The Kumar Mangalam Birla Committee of the Indian jurisdiction outlined a code of good corporate governance, which compared very well with the recommendations of the Cadbury Committee and the OECD codes. The code was operationalized by inserting a new clause (Clause 49) to the Listing Agreement (LA) and have been made applicable to all the listed companies in India in a phased manner. Following the implementation of the Birla committee recommendations, substantial developments took place in the corporate world and securities market, which required revisit of the issue. The ...