Corporate Governance: The Search of India INC. For New Mantra

In India, corporate governance has been put in the mainstream of corporate discourse by Kumar Mangalam Birla Committee Report [Listing Agreement (Clause 49 of BSE and 34 of NSE) and The Companies (Amendment) Act, 2000]. This paper seeks to examine the efficacy of the proposed system keeping in view the global experience. For this, the corporate board structure, independence, accountability of the board of directors and their committees have been examined in the context of agency theory. To enhance the explanatory power, the incomplete transaction theory has also been made use of.