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CORPORATE GOVERNANCE OF REAL-ESTATE INDUSTRIES

RICS SCHOOL OF BUILT ENVIRONMENT2014CORPORATE GOVERNANCE OF REAL-ESTATE INDUSTRIESNTCC PROJECTGARIMA MAHESHWARIMBA REUISEMESTER - I

DECLARATION

I, Ms. GARIMA MAHESHWARI declare that this project report is the record of genuine work carried out by me under the guidance of assistant professor Mr. Kinshuk Saurabh of RICS SCHOOL OF BUILT ENVIRONMENT, AMITY UNIVERSITY during the period from 25/08/14 to 07/11/14.

GARIMA MAHESHWARIMBA - REUI

ACKNOWLEGEMENT

I want to acknowledge with sincere appreciation the Authority of my college (RICS School of Built Environment, Amity University) for giving me this opportunity to learn and understand the concept of Corporate Governance. Im thankful to my Guide Mr.Kinshuk Saurabh, whose guidance and support led to the completion of this project. Im also thankful to all those who supported me in any respect during the completion of the project.

Thanking YouGARIMA MAHESHWARI

TABLE OF CONTENTS1OBJECTIVES OF THE PROJECT42SCOPE53INTRODUCTION63.1CORPORATE GOVERNANCE IN INDIA64CORPORATE GOVERNANCE OF A REAL-ESTATE INDUSTRY74.1BENEFITS OF CORPORATE GOVERNANCE94.2IMPORTANCE OF CORPORATE GOVERNANCE105THE ROLE OF SEBI IN CORPORATE GOVERNANCEError! Bookmark not defined.6CLAUSE 49 OF THE LISTING AGREEMENT107CASE STUDY ON SOBHA DEVELOPERS LIMITED117.1INTRODUCTION117.2BOARD OF DIRECTORS117.3COMMITTEES OF THE BOARD127.4QUALITY AND EFFECTIVENESS OF CORPORATE GOVERNANCE128METHODOLOGY139TABLE 1: EVALUATION OF GOVERNANCE STANDARD OF SOBHA DEVELOPERS FOR THE YEAR (2012 2013)1510TABLE 2: EVALUATION OF GOVERNANCE STANDARD OF SOBHA DEVELOPERS FOR THE YEAR (2013 2014)1811CONCLUSION2212LEARNINGS2313 WEEKLY PROGRESS REPORT ... 2514REFERENCES3536

OBJECTIVES OF THE PROJECTThe main objective of my project on the topic Corporate Governance of a Real Estate Company is to study corporate governance concept, importance and benefits of it as with the globalization which resulted as the main cause of emergence of good governance in India and develop an index on the corporate governance of SOBHA Developers Ltd., based on the norms given in Listing Agreement ( Clause 49 ).

SCOPEThis report is an initiative to identify, explore and study corporate governance in real estate companies. The report aims to evaluate the corporate governance of SOBHA DEVELOPERS Ltd., based on the annual reports of the year 2012-2013 and 2013-2014. The performance of the company in terms of corporate governance proposed by me is an attempt to configure the current compliance with the corporate governance guidelines as stipulated under various clauses of the Listing Agreement.

INTRODUCTIONCORPORATE GOVERNANCE IN INDIACorporate governance is one of the major issue in corporate boardrooms and governments around. Corporate scenario of India was stagnant till the early 90s. After the liberalization in 1990s, Indias corporate sectors goals and position has changed a lot. In terms of the market capitalization, India is one of the largest market which has emerged with around 20 million stakeholders.On 18 December 2012, a Companies Bill by Lok Sabha was passed which includes new provisions to improve the governance of many public companies. A Clause 49 was introduced by SEBI which stands for Securities Exchange Board of India in the Listing Agreement of India (2000-2001), because of which the companies which are listed started accepting the corporate governance concept. The clause made by SEBI was based on Kumara Mangalam Birla Committee. SEBI to improve and evaluate the practices which were existing at that time, a committee was set up which was under Mr. N.R. Narayana Murthy chairmanship. The recommendations proposed by the committee faced various protests and representations by the industry, pressurizing SEBI to reconsider them.SEBI again presented the Clause 49 which was reviseed on 29th October 2004, implemented by the year end (2004-2005). Provisions of Company Act, 1956 also regulate corporate governance. The Securities and Exchange Board of India (SEBI), which is a market regulator passed a paper recently on the "Review of Corporate Governance" conducting a larger debate on the issue of corporate governance. The paper suggests that the chairmans role and role of chief executive should be splitted, reasons for the resignation of Independent director from office should be disclosed, and independent directors appointment term should be limited. SEBI makes sure that these proposals of corporate governance are regulated in the market. To attract foreign investment corporate governance is improved in India. Shareholder diversity is slowly increasing in some companies because of foreign investment. Creation of New regulatory institutions, strengthening of existing institutions and adoption of hybrid approaches but, the Anglo-Saxon model could be a beneficial foundation.Indian companies who are competing globally for accessing capital markets, are finding that it is essential to have the ability to benchmark against world-class organizations. Due to the emerging of Indian corporations on the world stage they are discovering that the old ways of doing business are not sufficient and will not be successful in such a fast-paced global environment.

CORPORATE GOVERNANCE OF A REAL-ESTATE INDUSTRYCorporate governance is defined as the set of processes, policies, customs and laws that affects the manner in which a company is directed, or controlled. Relationships among many shareholders and stakeholders are also involved in corporate governance and the objectives for which the governance is done for a corporation. Three key constituents of corporate governance are: The Shareholders The Directors of Board The Management.There are many other stakeholders who include employees, competitors, creditors, suppliers, regulators, customers, and the large amount of community. The corporate governance concept identifies the roles, responsibilities and rights of stakeholders within the company. Corporate governance emphasizes on the management of the company like its accountability, fairness and transparency by its Board, in order to achieve long term prosperity for all its stakeholders. It provides strategic decision which ensures that the objectives are achieved by defining some set of responsibilities and practices which are exercised by executive management and board, provided risks are managed properly and verifying that resources of the organizations are responsibly used. Issues such as structures of board and their roles, internal controls and remuneration of executivesThe structure of corporate governance includes the association between the management of the company, owners, creditors, suppliers, employees, clients and various other stakeholders. Corporate governance include issues about how major policy decisions are made in business corporation, how the process can be influenced by various stakeholders, and what standards of performance are applicable. Nowadays real estate is a global business and the issue of corporate governance is important for international investors, occupiers, lenders and developers all around the world. Corporate governance for a Real estate industry is considered as an important opportunity worldwide to enhance their reputation and for becoming professional.Major issues of concern for Real estate companies are : standardized property valuation transparency executive compensation board members qualification Corporate rating.

Four important mechanisms of governance which are considered to improve the overall state of companys corporate governance.

These corporate governance mechanisms are:

(1) Board of Directors,(2) Ownership Structure, (3) Audit Committee (4) Auditor.

(1) The Board of DirectorsThe board of directors is one of the important mechanisms in relating the interests of managers and shareholders. A typical board of modern corporations consists of executive (inside) directors who are full time employees of the company and non-executive (outside) directors who do not have any executive responsibilities and play an advisory role. The outside directors are generally further classied as aliated directors who are former company ocers, relatives of the company ocers, or those who have existing business relationships with the company such as investments bankers and lawyers and non-aliated directors who are outside directors with no such aliation.

(2) The Ownership StructureThe ownership structure of a publicly held corporation is one of the internal mechanisms of corporate governance. While the ownership and control structure of a rm is the source of agency costs in rms and is at the root of all corporate governance problems, the literature on ownership as a governance mechanism focuses on how the ownership structure per se, i.e., stock ownership by dierent shareholders, can separately or in conjunction mitigate agency costs in a rm.

(3) The Audit CommitteeThe audit committee is an important governance mechanism which makes sure that a company produces information which is reliable, relevant, desirable and adequate so that it can be used by investors and independent observers to judge the companys performance. The audit committee ensures that the external auditor receives all the necessary information that are required to carry out the audit process independently and eectively and that the functioning of the external auditor is not subjected to the pulls and pressures of the inside management. The scope of audit and terms of engagement of the external auditor is set by the audit committee and continually monitors its functioning and progress.

(4) The AuditorAuditors scrutinize and verify the accounts and approve that the nancial statements are prepared in accordance to the prescribed principles and that the accounts are free from material misstatements and give a clear and fair view of the nancial status of the company. In discharging its functions, the auditor veries and certies that the information produced by the company are in accordance with the various disclosure statutes prescribed under the countries legal framework and are in accordance to the accounting and auditing standards prescribed by the regulators. It ensures that various management assumptions regarding the recognition of revenue and expenses are in conformity with the established procedures and standards.

BENEFITS OF CORPORATE GOVERNANCE Reduces risk a review risk mechanism is provided which helps to reduce the fraud risk. Stimulates performance clear accountability and effective links are instituted between performance and rewards. Improves access to capital markets- corporate governance is seen as protecting shareholders rights. Improvement in the goods & services marketabilty. Demonstrating transparency & social accountability

IMPORTANCE OF CORPORATE GOVERNANCE Board of Directors accountability & their responsibilities to the shareholders. Transparency Provides clarity to enhance accountability in responsibilities. Quality and ability of Directors. Checks & maintain balances in the governance process.

CLAUSE 49 OF THE LISTING AGREEMENTIndependent Directors - 1/3 to which depends on the chairman of the board that whether he is in a executive or non - executive position.Non-Executive Directors - The total term is limited now to three terms of each three years of office for non-executive directors.Directors of the Board The board frames a conduct code for all the board members and senior management and everybody have to agree with the code annually.Audit Committee - Financial statements and the draft audit report of management discussion, financial condition analyses and operations result of compliance with laws and risk management . Whistleblower Policy - This policy should be communicated between all the employees and protection of whistleblowers from unfair treatment.Subsidiary Companies - 50% non-executive directors & 1/3 & independent directors which depends on the chairman position whether it is non-executive or executive.Disclosures - Contingent liabilities.

CASE STUDY ON SOBHA DEVELOPERS LIMITEDINTRODUCTIONSobha Developers Ltd founded in 1995, is an Indian multinationalReal estatedeveloper with its headquarters inBangalore, India engaged in the construction business, sale, housing projects, commercial premises and other related development activities. The Company is also involved in manufacturing activities like interiors, products of concrete, glazing and metal works, providing backward integration. Residential and contractual projects are mainly focused by the company.Sobha Developers Ltd is one of the largest and only backward integrated real estate players in the country. Since inception, the Company have always tried to achieve benchmark quality, customer centric approach, robust engineering, in-house research, uncompromising business ethics, timeless values and transparency in all spheres of business conduct, which have contributed in making it a preferred real estate brand in India.(Source: Sobha developers annual-report-2012-2013)

BOARD OF DIRECTORSAnup ShahIndependent DirectorNon Executive

Dr.S.K. GuptaIndependent DirectorNon Executive

Ravi PNC MenonChairmenExecutive

J.C. SharmaVice Chairman & Managing DirectorExecutive

M.DamodaramIndependent DirectorNon Executive

R.V.S. RaoIndependent DirectorNon Executive

P RamakrishnanDeputy Manging DirectorExecutive

(SOURCE: ANNUAL REPORT OF SOBHA DEVELOPERS LTD. 2013-2014)

COMMITTEES OF THE BOARD Audit Committee Stakeholders Relationship Committee Nomination, Remuneration and Governance Committee Risk Management Committee Corporate Social Responsibility Committee Share Transfer Committee(SOURCE: ANNUAL REPORT OF SOBHA DEVELOPERS LTD. 2013-2014)

QUALITY AND EFFECTIVENESS OF CORPORATE GOVERNANCECorporate Governance is necessary but not sufficient for success. Bad governance can ruin a company but cannot on its own ensure success hence the need for enterprise governance.So for the evaluation of the standard and quality of corporate governance of the company, considering all the relevant conditions of corporate governance stipulated by clause 49 of the Listing Agreement as well as provisions of the Companies Act, 1956.The Sobha Developers endeavours to imbibe the best in Corporate Governance practices and has adopted a comprehensive Corporate Governance policy. Sobha is in compliance with the Corporate Governance guidelines as stipulated under various clauses of the Listing Agreement entered into with stock exchanges.(Source: www.sobha.com )

METHODOLOGYThe working method used here for the evaluation of the standard and quality of corporate governance has considered all the relevant conditions of corporate governance stipulated by Clause 49 of the Listing Agreement as well as provisions of the Companies Act, 1956. In order to ascertain how far a company is compliant of governance standard, a point value points has been provided to these conditions according to their importance.Although this method is subjective having its own limitations, it helps us to pin point the quality and effectiveness of corporate governance with points assign to important parameters of governance. Accordingly the company is awarded some points on some parameters, which constitutes the governance process in company. These key governance parameters are selected on a 90 point scale.(source: Ms. Neelam Bhardwaj1 CMA Dr. Batani Raghavendra Rao2. Corporate Governance Practices In India - A Case Study)

SELECTED KEY GOVERNANCE PARAMETERSKey governance parametersPoints assigned

Statement of companys philosophy on code of governance2

Structure and strength of the board2

Chairmen and CEO duality5

Disclosure of tenure and age limit of directors2

Disclosure of definition on Independent director, financial expert, and selection criteria of board members including independent directors3

Post-board meeting follow-up system and compliance of the board procedure2

Appointment of lead independent director2

Disclosure of other provisions as to boards and committee1

Disclosure of remuneration policy and remuneration of directors2

Board committee25

Disclosure and transparency19

General body meetings3

Means of communication, and general shareholder information2

Compliance of corporate governance and auditors certificate10

Disclosure of stakeholders interest10

TOTAL90

(Source : Corporate Governance Practices In India - A Case Study)

Out of 90 points, 64 points have been assigned to four parameters, I) Various board committees ( 25 points )II) Disclosure and transparency ( 29 points )III) Compliance of corporate governance and auditors ( 10 points )IV) Disclosure of stakeholders interests ( 10 points )These are very important parameters for assessing quality and effectiveness of corporate governance system in a company.After determining total score based on the parameters mentioned, company is graded on a five- point scale.SCORE RANGERANK

76 90Excellent

61 75Very Good

46 60Good

31 45Average

Below 31Poor

[endnoteRef:2] [2: ]

TABLE 1: EVALUATION OF GOVERNANCE STANDARD OF SOBHA DEVELOPERS FOR THE YEAR (2012 2013) Governance ParametersPoints GainedPoints Assigned

1. Statement of companys philosophy on code of governance.

2 2

2. Structure and strength of the board.

22

3. Chairman and CEO duality Promoter executive chairman cum MD/CEO Non-promoter executive chairman cum MD/CEO Promoter non-executive chairman Non-promoter non-executive chairman Non-executive independent chairman

1

5

4. Disclosure of tenure and age limit of directors

02

5. Disclosure of Definitions of Independent director Definitions of financial expert Selection criteria of board of directors including independent directors1

3

6. Post-board meeting follow-up system and compliance of the board procedure 02

7. Appointment of lead independent director02

8. Disclosure of other provisions as to the boards and committees.11

9. Disclosure ofa) Remuneration policyb) Remuneration of directors012

10. Board Committeesa) Audit committee Transparency in composition of audit committee Compliance of minimum requirement of the number of independent directors in the committee. Compliance of minimum requirement of the number of meetings of the committee. Information about literacy and expertise of committee members Information about participation of head of finance, statutory auditor and chief internal auditor in the committee meeting Disclosure of audit committee charter and terms of reference Publishing of audit committee report

b) Remuneration/Compensation committee Formation of the committee Information about number of committee meetings Compliance of minimum requirement of the number of non-executive directors in the committee. Compliance of the provision of independent directors chairman of the committee. Information of all members participation in the committee meeting Publishing of committee report

c) Shareholders/Investors grievance committee Transparency in compostion of the committee Information about nature of complaints and queries received and disposed itemwise Information about number of committee meetings Information about action taken and investors/shareholders survey Publishing of committee report

d) Nomination committee Formation of the committee Publishing of committee charter and report

e) Health safety and environment committeef) Ethics and compliance committeeg) Investment committeeh) Share transfer committee

110

1

1

1

0

1

11

1

1

1

1

10

0

0

0

00

000 18

6

5

2

1111

11. Disclosure and transparency Significant related party transactions having potential conflicts with the interest of the company. Non-compliance related to capital market matters during last three years.

Accounting treatment

Board disclosure Risk Management Information to the board on risk management Publishing of risk management report

Management discussion and analysis

Shareholders information : Appointment of new director/reappointment of retiring directors Quarterly results and presentation Share transfer Directors responsibility statement Shareholder rights Audit qualification

2

2

2

21

0

0

0102219

12. General body meetingsa) Location and time of general meetings held in last three years.b) Details of special resolution passed in the last three AGMs/EGMsc) Details of resolution passed last year through postal ballot including the name of conducting official and voting procedure1

1

13

13. Means of communications and general shareholder information22

14. Compliance of corporate governance and auditors certificate a) Clean certificate from auditorsb) Qualified certificate from auditors

1010

15. Disclosure of stakeholders interestsa) Environment ,Health, and safety measures (EHS)b) Human resource development initiative (HRD)c) Corporate social responsibility (CSR)d) Industrial Relation (IR)e) Disclosure of policies on EHS, HRD, CSR and IR0000010

TOTAL5190

According to the evaluation of governance standard based on certain parameters Sobha Developers scored 51 points out of 90 in the year 2012 - 2014TABLE 2: EVALUATION OF GOVERNANCE STANDARD OF SOBHA DEVELOPERS FOR THE YEAR (2013 2014) Governance ParametersPoints GainedPoints Assigned

1. Statement of companys philosophy on code of governance.

22

2. Structure and strength of the board.

22

3. Chairman and CEO duality Promoter executive chairman cum MD/CEO Non-promoter executive chairman cum MD/CEO Promoter non-executive chairman Non-promoter non-executive chairman Non-executive independent chairman

1

5

4. Disclosure of tenure and age limit of directors

22

5. Disclosure of Definitions of Independent director Definitions of financial expert Selection criteria of board of directors including independent directors

1013

6. Post-board meeting follow-up system and compliance of the board procedure

02

7. Appointment of lead independent director

02

8. Disclosure of other provisions as to the boards and committees.

11

9. Disclosure ofc) Remuneration policyd) Remuneration of directors012

10. Board Committeesi) Audit committee Transparency in composition of audit committee Compliance of minimum requirement of the number of independent directors in the committee. Compliance of minimum requirement of the number of meetings of the committee. Information about literacy and expertise of committee members Information about participation of head of finance, statutory auditor and chief internal auditor in the committee meeting Disclosure of audit committee charter and terms of reference Publishing of audit committee report

j) Remuneration/Compensation committee Formation of the committee Information about number of committee meetings Compliance of minimum requirement of the number of non-executive directors in the committee. Compliance of the provision of independent directors chairman of the committee. Information about participation of all members in the committee meeting Publishing of committee report

k) Shareholders/Investors grievance committee Transparency in compostion of the committee Information about nature of complaints and queries received and disposed itemwise Information about number of committee meetings Information about action taken and investors/shareholders survey Publishing of committee report

l) Nomination committee Formation of the committee Publishing of committee charter and report

m) Health safety and environment committee

n) Ethics and compliance committee

o) Investment committee

p) Share transfer committee

1

1

11

1

2

1

1

1

1

1

1

0

11

1

0

0

11

0

0

0

8

6

5

2

1

1

1

1

11. Disclosure and transparency Significant related party transactions having potential conflicts with the interest of the company.

Non-compliance related to capital market matters during last three years.

Accounting treatment

Board disclosure Risk Management Information to the board on risk management Publishing of risk management report

Management discussion and analysis

Shareholders information : Appointment of new director/reappointment of retiring directors Quarterly results and presentation Share holders Directors responsibility statement Shareholder rights Audit qualification

2

2

2

2

0

2

10102219

12. General body meetingsd) Location and time of general meetings held in last three years.e) Details of special resolution passed in the last three AGMs/EGMsf) Details of resolution passed last year through postal ballot including the name of conducting official and voting procedure

1

1

13

13. Means of communications and general shareholder information

22

14. Compliance of corporate governance and auditors certificate c) Clean certificate from auditorsd) Qualified certificate from auditors

1010

15. Disclosure of stakeholders interestsf) Environment ,Health, and safety measures (EHS)g) Human resource development initiative (HRD)h) Corporate social responsibility (CSR)i) Industrial Relation (IR)j) Disclosure of policies on EHS, HRD, CSR and IR

222

210

TOTAL6990

According to the evaluation of governance standard based on certain parameters Sobha Developers Limited scored 69 points out of 90 in the year 2012 - 2014.By taking the average of total points of both the years, = = 60 points

CONCLUSIONSo according to five point scale of working method[footnoteRef:2] [2: Working method is a suggested method for examining the quality and effectiveness of Corporate Governance by Subhash Chandra Das in his book Corporate Governance in India - An Evaluation which considered all the relevant conditions of corporate governance stipulated by Clause 49 of the Listing Agreement as well as provisions of the Companies Act, 1956.]

Score RangeGrade

76 90Excellent

61 75Very Good

46 60Good

31 45Average

Below 31Poor

Compliance of corporate governance in Sobha Developers Ltd shows a good performance in implementing norms in their company.But they should follow more of the norms under Clause 49 to come under Very Good or Excellent category of the index because corporate governance is a way of life and not a set of rules, a way of life that necessitates talking into account the stakeholders interest in every business decision. A companys most valuable asset is goodwill it enjoys with its stakeholders and institutional investors are willing to pay 20% more on average for companies with a good governance record.

LEARNINGSCorporate governance in a real estate industry is an important issue for investors, occupiers, lenders and developers. Major issues include standardization of property valuation, transparency, and compensation of executives, qualification of board of members, relationships of investors, rating of corporate and appraisal of the board.Corporate governance should be considered as an important opportunity for real estate industries to improve and enhance their reputation and to become a lot more professional. Indian corporations like Sobha developers Ltd., which is an Indian multinationalReal estatedeveloper are emerging on the world stage and discovering that the old ways of doing business are no longer sufficient to achieve success in such a fast-paced global environment.

NTCC Weekly Progress Report

Name GARIMA MAHESHWARI

Enrollment No.: 060

Program : MBA REUI

Organisation: RICS SBE

Project description: CORPORATE GOVERNACE IN A REAL ESTATE INDUSTRY

Week number: 1

Objective of the week .

To study the concept of corporate governance.

Work Done This week :

Studied the concept of corporate governance and importance of it.

Student Signatures : GARIMA MAHESHWARI

Faculty Guide Remarks

Faculty Guide Signatures

Note: Email weekly report to your Faculty Guide This report should be attached to the Project Report and should form part of Internal Evaluation



Enrollment No.: 060

Program : MBA REUI



Week number: 2



Work Done This week : Studied the components of corporate governance.





NTCCWeekly Progress Report


Enrollment No.: 060

Program : MBA REUI



Week number: 3




Studied the history of corporate governance and corporate governance in India.







Enrollment No.: 060

Program : MBA REUI



Week number: 4


To study the concept of corporate governance and corporate governance index.

Work Done This week :Studied the method for the development of corporate governance index.







Enrollment No.: 060

Program : MBA REUI



Week number: 5


To study the concept of corporate governance and corporate governance index.


Studied the history of corporate governance. The Issues in Corporate Governance Objectives of Corporate Governance The importance of corporate governance in any Industry. Key principles and Benefits of Good Corporate Governance System. Professionalization of Corporate Governance.







Enrollment No.: 060

Program : MBA REUI



Week number: 6


To study the financial statement of Sobha Developers Ltd.

Work Done This week :Studied annual reports of last three years of Sobha Developers and corporate governance of the same.







Enrollment No.: 060

Program : MBA REUI



Week number: 7

Objective of the week

To relate the companys adoption of corporate governance with SEBI regulations and Clause 49.

Work Done This week :Studied SEBI regulations and clause 49 of corporate governance.







Enrollment No.: 060

Program : MBA REUI



Week number: 8


To study the concept of giving scores through corporate governance standards and understand.

Work Done This week :Studied the working method for the evaluation of corporate governance of a company based on certain parameters.







Enrollment No.: 060

Program : MBA REUI



Week number: 9


To make the table of evaluation of governance standards for Sobha Developers Ltd.

Work Done This week :Studied governance standards for the evaluation of table for corporate governance of Sobha Developers and presented the table to the faculty.







Enrollment No.: 060

Program : MBA REUI



Week number: 10


To submit the final draft report for the Corporate Governance of Sobha Developers Ltd.

Work Done This week : Submitted the final draft report for Sobha Developers Group and discussed with the faculty about the same.







Enrollment No.: 060

Program : MBA REUI



Week number: 11


To discuss for final submission.

Work Done This week :Finalized the report and discussed with the faculty for final submission.





REFERENCESwww.nfcg.india.org/www.Business.gov.in/corporate governacewww.nfcg.india.org/www.sobha.comhttp://www.sebi.gov.inJayati Sarkar, Subrata Sarkar and Kaustav Sen. A Corporate Governance Index for Large Listed Companies in India Corporate Governance in India : Regulations and Enactments. M.H.M.Faizer. History of Corporate Governance. Ms. Neelam Bhardwaj1 CMA Dr. Batani Raghavendra Rao2. Corporate Governance Practices In India - A Case Study. Sarath Nair, Shivani Patel and Dipti Thakkar. Corporate Governance in India and SEBI Regulations. Shelly Corporate Governance.Subhash Chandra Das. Corporate Governance in India - An Evolution.

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