Corporate Governance: Confidentiality and Role of Media in Changing Times

There is a certain tension between the primary objective of the media to tell as much as possible to the public and the objective of the companies to retain confidentiality. In this tussle, legal and ethical issues are raised, particularly in the recent times when technology is changing at a rapid pace and also with stakes involved becoming higher and higher. With a written Constitution in India guaranteeing freedom of speech and expression to its citizens, including the media, it is a real test for the judiciary to achieve the right balance. Journalists are often protected by law not to disclose the identity of the confidential source, and this right – reporter’s privilege – at times seriously hinders the course of law. The paper examines these issues and discusses a couple of such cases. Further, it studies the role of media in India in the fast changing scenario, particularly in the light of the recent Supreme Court judgement – in Sahara v. SEBI case (September 11, 2012) – mandating self-regulation. The paper concludes that legal tools alone cannot bring the desired change and concerted effort needs to be made by the media, government and businesses for healthy and desirable dissemination of information.