The Companies Bill, 2012, and corporate governance

By Shweta Diwan, Mulla & Mulla & Craigie Blunt & Caroe
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Since financial liberalization in the 1990s, efforts have been made to introduce corporate governance initiatives by the government of India – through the Ministry of Corporate Affairs and the Securities and Exchange Board of India – and by industry and business associations.

Shweta Diwan
Shweta Diwan

Today, the principles of corporate governance in India encompass voluntary and mandatory requirements. Public listed companies have to comply with corporate governance norms enshrined in clause 49 of the listing agreement while for private companies the regulations are largely voluntary in nature.

Recent financial and corporate scams such as Satyam revealed an urgent need to re-examine and reform the corporate governance regime in India. To this end, the government of India, in tune with international developments and to deal with changing realities, introduced the Companies Bill, 2012, which seeks to impose mandatory corporate governance norms on Indian companies.

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Shweta Diwan is a senior solicitor associate at Mulla & Mulla & Craigie Blunt & Caroe in Mumbai.

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