CORPORATE GOVERNANCE: INDIAN EXPERIENCE

Dr. Sanjeev Kumar

Abstract


BACKDROP
The need for corporate governance was realized with "Big Bull"
Harshad Mehta Securities & cam disclosed in April 1992 involving
various banks and resulting in the stock market nose-diving for the first
time in India. This was followed by sudden growth of cases in 1993,
when transnational companies started consolidating their ownership
by issuing equity allotment to their controlling groups as steep
discount to their market price. The third Scandal of the decade was the
disappearance of companies during 1993-94. Another scam took place
in 1995-96 in plantation industries, again in 1998 in non- banking
financial companies, 1995-98 mutual fund scam in public sector
banks, yet another scandals in BPL, Videocon, in 1999-2000. It was IT
scam and in year 2001, scam in which Ketan Parikh resorted price
rigging in association with bear cartel. The Process of economic
transformation insures social transformation.


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