 Corporate Governance in India: Progress, Problems, and ProspectsNandini Rajagopalan and Yan Zhang Chapter 5 in The Convergence of Corporate Governance, 2012, pp 93-116 from Palgrave Macmillan Abstract: Abstract Corporate India and indeed the rest of the world were shocked when on 7 January 2009 it was revealed that a $1.47 billion fraud had been committed at Satyam (truth’ in Sanskrit), one of India’s largest and most venerable software companies, a company that had won several awards for exemplary management and corporate governance. B. Ramalinga Raju, the founder and chairman of Satyam, confessed that he had committed India’s biggest corporate fraud, by falsifying the company’s income statements, cash flows, and balance sheet for more than seven years. Satyam’s fraud served as the latest wakeup call to prompt regulators, academics, the public, and investors and firms in and out of India to rethink some important questions: What is the status of corporate governance in India, on paper and in reality? What progress has been made since India’s economic liberalization in the early 1990s? If significant progress has indeed been made, why do large-magnitude corporate frauds, like Satyam’s, continue to occur? Keywords: Corporate Governance; Audit Committee; International Financial Reporting Standard; Minority Shareholder; Corporate Board (search for similar items in EconPapers) There are no downloads for this item, see the EconPapers FAQ for hints about obtaining it. Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-137-02956-0_5 Ordering information: This item can be ordered from Access Statistics for this chapter More chapters in Palgrave Macmillan Books from Palgrave Macmillan |
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