Regulatory Framework: to ensure corporate governance:

May 29th, 2015
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The absence of a corporate-governance framework exacerbated the situation. Government accountability was minimal, and the few private companies that remained on India's business landscape enjoyed free reign with respect to most laws; the government rarely initiated punitive action, even for nonconformity with basic governance laws. (62) Boards of directors invariably were staffed by friends or relatives of management, and abuses by dominant shareholders and management were commonplace.

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III. HISTORY OF CORPORATE GOVERNANCE IN INDIA A. PRE-LIBERALIZATION When India attained independence from British rule in 1947, the country was poor, with an average per-capita annual income under thirty dollars. (49) However, it still possessed sophisticated laws regarding "listing, trading, and settlements." (50) It even had four fully operational stock exchanges. (51) Subsequent laws, such as the 1956 Companies Act, further solidified the rights of investors. (52) In the decades following India's independence from Great Britain, the country turned away from its capitalist past and emb

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