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Corporate Governance in India: Progress, Problems, and Prospects

In: The Convergence of Corporate Governance

Author

Listed:
  • Nandini Rajagopalan
  • Yan Zhang

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?

Suggested Citation

  • Nandini Rajagopalan & Yan Zhang, 2012. "Corporate Governance in India: Progress, Problems, and Prospects," Palgrave Macmillan Books, in: Abdul A. Rasheed & Toru Yoshikawa (ed.), The Convergence of Corporate Governance, chapter 5, pages 93-116, Palgrave Macmillan.
    • Handle: RePEc:pal:palchp:978-1-137-02956-0_5
    DOI: 10.1057/9781137029560_5
    as

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