The Eclipse of Corporate Democracy in India
Journal Title: International Journal of Humanities and Social Science Invention - Year 2017, Vol 6, Issue 7
Abstract
Corporate governance is much discussed concept in India. There are significant changes incorporated inCompanies Act, 2013 to maintain governance in the company. But the concept of corporate democracy is always sidelined in the governance of company. Corporate governance cannot complete without inculcating corporate democracy. It is the responsibility of company to provide all necessary information and to encourage participation of shareholders in affairs of company. But the management strives not to maintain democratic culture in Company. Shareholders are the essence of any public company. But their role becomes limited mere to get monetary benefit. Their participation in administration of company is never encouraged by the management. Companies Act, 2013 has more focus on corporate governance but less on corporate democracy. The excessive powers to directors and limited rights to shareholders is questionable factor under the new Act. Directors are fiduciary agent and managers of company. But they could not enjoy excessive powers in public company. Shareholder’s checks and balance is remedial measure to maintain corporate governance in any public company.Legal foundation is very important to encourage corporate democracy in the company.
Authors and Affiliations
Vaibhav Sonule, Prof. (Dr. ) Bindu Ronald
Keywords
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