k l dingra synopsis

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A

STUDY ON

CORPORATE GOVERNANCE

IN SELECT CENTRAL PUBLIC SECTOR ENTERPRISES IN

INDIA

A Synopsis / Research ProposalSubmitted to the

Manav Rachna International UniversityFor the Degree

O

DOCTOR OF PHILOSPHY

In Management!y

K.L.DhingraScholar" FMS Faculty o Management Studies" MRIU

Registration #o$ %%/PhD/&&'Registration (ear and Date) %'/&'/*&%*

Under the guidance o

Dr. N.C. Wadhwa (IAS Retd.)Vice Chancellor,

Manav Rachna International University

+

Prof. V.K. Mahna!$Sc$ ,-ngg." M$Sc$,-ngg." Ph$D

-ecutive Director" Dean Academics and 0ontroller o -aminations%&$&1$*&&2

Manav Rachna International University

%



TABLE OF CONTENTS

Chapter 1: Introduction……………………………………………3 - 7

Chapter 2: Review of Literature…………………………………...8 - 10

Chapter 3: Research ethodo!o"#………………………………..11 - 12

Chapter $: %ata ana!#sis &uantitative……………………………..13

Chapter ': Conc!usions and Reco((endations…………………...1$

Chapterisation )!an……………………………………………….13 - 1$

*



Chapter 1.Introduction

1.1 Corporate Governance

*irtuous +overnance )ractices have a!wa#s ,een crucia! for hu(ans for their interfaces. owever with

the esca!atin" uncertaint# in the "!o,a! ,usiness environ(ent "ood Corporate +overnance has ,eco(e a

necessit#. Co((erce and econo(# are intri"uin"!# a!i"ned to the prosperit# and treasures of the peop!e

who stress upon Corporate +overnance and (a/e it essentia! for an# or"aniation in the present scenario.

Corporate +overnance has e(er"ed as one of the /e# differentiatin" factor for an# co(pan# and has a

si"nificant i(pact on the profita,i!it# pro"ress and sustaina,i!it# of the ,usiness. It is a hi"h!# intricate

and (u!ti-!eve! process which is "arnered fro( or"aniationa! characteristics !i/e cu!ture po!icies va!ues

and ethics of the "overnin" (ana"e(ent and how it hand!es the sta/eho!ders %utta et. a!. 2012.

ernando 2004 has perceived Corporate +overnance as the (ethodo!o"# to hand!e the pro,!e(s that

occur fro( the differentiation ,etween contro! and ownership. 5hus Corporate +overnance e(phasies

upon interna! structure and protoco!s of the 6oard of %irectors "uide!ines for disse(ination of

infor(ation to sta/eho!ders and creditors and the span of contro! of the ana"e(ent. Corporate

+overnance ensures ethica! and efficient ,usiness (ana"e(ent which can ensure the shareho!ders return

on their invest(ents. !! Corporate +overnance (ode!s unani(ous!# ai( to ensure that shareho!ders

se!ect their representative %irectors votin" is done on critica! decisions there is utter transparenc#

adopted in the decision (a/in" process adoptin" accountin" standards to "enerate ,etter co(prehendi,!e

reports co(p!iance to the !e"a! !aw of the !and.

1



1.2 Corporate Governance in India

Corporate +overnance in India is sti!! in its infanc# sta"e ,ut is pro"ressin" steadi!#. It invo!ves the

pro"ressin" of tunin" the shareho!ders epectancies with the Co(pan#9s ana"e(ent efficient!# to

up"rade the or"aniation9s va!ue. It enco(passes active invo!ve(ent of a!! the shareho!ders and

(ana"e(ent co((unication echan"in" and va!idatin" ideas and etensive discussion and ar"u(ent.

Corporate +overnance needs to ,e woven into the or"aniationa! cu!ture and functiona!it# as it cannot ,e

i(p!e(ented independent!#. It has si"nificant i(pact on the "enera! "overnance eco-s#ste( ,oth interna!

as we!! as eterna!. In the recent ti(es India9s corporate wor!d has eperienced !ot of (is"overnance and

scanda!s that have co(pe!!ed the Indian fir(s to deve!op a udicious s#ste( of conductin" ,usiness

standards of accounta,i!it# in pu,!ic ad(inistration enco(passin" "overn(ent (achiner# and institutions

;)+ 2011.

In the !i"ht of !i,era!iation and the need of s#nchronied internationa! accountin" practices in the

purview of "!o,a! co((ercia! activities Corporate +overnance has started "ettin" ac/now!ed"ed since

the 1440s and it was introduced to the countr# ,# Confederation of Indian Industr# CII as an intended

(eans to ,e adopted ,# the Indian co((ercia! underta/in"s. owever with chan"in" ti(es and

i(pendin" re<uire(ents Corporate +overnance was (ade (andator# in the ear!# 2000s throu"h the

introduction of C!ause $4 of the Listin" "ree(ent and a!! the co(panies !isted on the various =toc/

>chan"es had to (andatori!# adhere to these ru,rics. In 2004 the inistr# of Corporate ffairs issued a

set of vo!untar# "uide!ines for Corporate +overnance caterin" to an arra# of re!evant issues )ande and

;aushi/ 2011.

owever the Corporate +overnance functions sti!! eperience !ot of cha!!en"es !i/e disparit# ,etween

Corporate +overnance in )u,!ic and )rivate =ector ineffective i(p!e(entation of the !e"is!ations

'



inefficient accounta,i!it# su,-standard auditin" and enhanced investor activis( ;)+ 2011. 5hese

cha!!en"es have enhanced the co(p!eit# of Corporate +overnance in the Indian contet.

1.3 Corporate Governance in Pu!ic Sector and Private Sector Enterpri"e" o# India

In India there is a noticea,!e disparit# ,etween Corporate +overnance standards in the )u,!ic =ector and

the )rivate =ector . Corporate +overnance of =tate ?wned >nterprises =?>s re(ains a (aor cha!!en"e

in (an# econo(ies. In India too the +overn(ent owns or contro!s interests in /e# sectors inc!udin"

infrastructure oi! "as (inin" and (anufacturin". ?ver the decades the +overn(ent of India +oI has

ta/en a nu(,er of steps to i(prove the perfor(ance of Centra! )u,!ic =ector >nterprises C)=>s

inc!udin" Corporate +overnance.

+overnance refor(s have "ained pro(inence ,ecause of the i(portant ro!e that C)=>s continue to p!a#

in the Indian econo(#@ the increased pressure on C)=>s to i(prove their co(petitiveness@ and the !istin"

of C)=>s on the =toc/ >chan"es La!itha =o( ICR 6u!!etin Aun 2013

5he )rivate =ector Bnderta/in"s have ta/en an ed"e over their )u,!ic =ector counterparts when it co(es

to perception (ana"e(ent wherein co(pan# envisa"es an a(ica,!e i(a"e throu"h vo!untar# adoption of

Corporate +overnance )ractices. 5his spreads a word that co(panies are desirous of transparenc# and

accounta,i!it#. >ven thou"h there has ,een a si"nificant pro"ress in the i(p!e(entation of Corporate

+overnance in the un!isted Centra! )u,!ic =ectors >nterprises there is a need to ,e (ore proactive.

Li/ewise the fo!!owin" )=Bs shou!d have ,een the torch,earers of the vo!untar# "uide!ines of Corporate

+overnance initiatives ,# the inistr# of Corporate ffairs

• aharatna@

• avratna@ and

• iniratna Centra! )u,!ic =ector >nterprises.

5his has not happened due to which C)=>s are trai!in" ,ehind their private sector enterprises in the

pursuit of Corporate +overnance ;)+ 2010.

3



1.$ Pro!e% State%ent

5he concept of Corporate +overnance is sti!! in its pri(itive sta"es in India as co(pared to the deve!oped

western wor!d. Corporate +overnance has (ore to it than hand!in" of the (one# and conduct of the

,usiness responsi,i!it#. 5here are (an# issues with Corporate +overnance practices in India. In Indian

corporate scenario the (aorit# of the shareho!ders eercise do(inant contro!. In case of Centra! )u,!ic

=ector >nterprises C)=>s the# are accounta,!e to the inistries and ou"ht to adhere to the nor(s set

,# the %epart(ent of )u,!ic >nterprises %)> and are su,ect to Ri"ht to Infor(ation R5I ct C+

Co(ptro!!er and udit +enera! of India and C*CCentra! *i"i!ance Co((ission. 5hus )u,!ic sector

enterprises wor/ in a hi"h!# co(p!e settin". 5he stud# at hand intends to ana!#e the Corporate

+overnance practices at the Centra! )u,!ic =ector >nterprises C)=>s in India and ep!ore the

possi,i!ities of co(,atin" the cha!!en"es of the sa(e.

1.&Ai%" and O'ective" o# the "tud(

>ver# research scho!ar underta/es a research to acco(p!ish certain "oa!s without which the research

cannot ,e conc!uded and not even re"arded as a research. Research is a,out ep!orin" the unep!ored and

its "uided throu"h a set of rationa! and achieva,!e o,ectives. 5he pri(ar# ai( of the stud# at hand is to

ana!#e the Corporate +overnance )ractices in the Centra! )u,!ic =ector >nterprises C)=>s of India

and identif#in" its stren"ths and wea/nesses with the ,ac/drop of the cha!!en"es and co(p!eities

associated with it.

5he other /e# o,ectives of the stud# are as fo!!ows:

• 5o ana!#e the present state of affairs pertainin" to Corporate +overnance in India@

• 5o stud# the re"u!ator# ,odies and i(pendin" re"u!ations in India@

• 5o review and eva!uate the shortco(in"s and cha!!en"es in codes and princip!es of Corporate

+overnance in India and su""est corrective (easures to tac/!e the(@

4



• 5o assess the present condition of Corporate +overnance in the 20 Centra! )u,!ic =ector

enterprises throu"h case co(panies: Indian ?i! Co(pan# I?C 6>L +IL =IL

?+C)CL6)CLI5I LRC e#ve!i I"nite Corporation a"aon %oc/#ard etc.

• 5o ana!#e the ro!e of the +overn(ent in the Corporate +overnance practices of the C)=>s.

5



Chapter 2) Literature *evie+

Dith the intensif#in" "!o,a!iation and internationa!iation of trade practices Corporate +overnance as a

concept as we!! as practice has "ained (o(entu( as (ore and (ore peop!e fro( the areas of acade(ia

research and corporate practices have shown a!i/e interest in the concept. 5he concept of Corporate

+overnance is hi"h!# intri"ue and (u!ti-di(ensiona! and Researchers and >perts have ep!ored the

concept in varied wa#s.

Larc/er and 5a#an 2011 have attri,uted the need of Corporate +overnance to the occurrence of

nu(erous corporate frauds accountin" indi"nities insider tradin" unwarranted co(pensation and other

reco"nied or"aniationa! (a!functionin" which often resu!ts in !awsuits resi"nations and ,an/ruptc#.

5he inefficient Corporate +overnance has resu!ted in the downfa!! of reputed fir(s !i/e (erican

Internationa! +roup de!phia 6ear =tearns >nron +!o,a! Crossin" Leh(an 6rothers 5#co

Dor!dCo( ho!d )ara(a!at Ro#a! %utchE =he!! and =at#a( to na(e a few. !! these fir(s witnessed a

cessation of ethica! (ana"e(ent and succu(,ed to scanda!s and deceptive practices.

2.1 Corporate Governance in conte,t o# #inancia! cri"i"

ddin" to this ;ir/patric/ 2004 has ana!#ed Corporate +overnance in thecontet of the financia!

crisis and is of the opinion that the shortco(in"s of Corporate +overnance have an o,vious i(pact on

financia! crisis ,# wa# of Ris/ ana"e(ent =#ste(s and unustified hi"h eecutive sa!aries. 5he fai!ure

of Corporate +overnance (a/es the co(pan# suscepti,!e to the conse<uences of the unnecessar# ris/

ta/in" especia!!# in the financia! services co(panies. !so su,-standard accountin" standards and

re"u!ator# re<uire(ents have added to the fiasco. =uper!ative re(uneration practices for top !eve!

2



(ana"ers in (an# cases have not ,een ade<uate!# !in/ed with strate"ic i(p!ications and ris/ ta/in"

capacit# of the co(pan# its vision and (ission. 5hese two studies are inte"ra! for the stud# as the#

hi"h!i"ht the i(p!ication of the a,sence or !ac/ of effectua! Corporate +overnance which (a# ,e

rectifia,!e or disastrous. It is ,ecause of these coro!!aries that (ore co(panies "!o,a!!# are stressin" upon

esta,!ishin" a ro,ust Corporate +overnance s#ste(. Co(panies are strivin" to i(,i,e trust ethics and

(ora!it# into the corporate cu!ture and a!so s#ner"iin" the epectancies of the various sta/eho!ders even

coverin" the indirect ones !i/e "overn(ent societ# professiona! ,odies and the corporate sector as a

who!e adu 2008@ u/u#a(a 144F@ ran/e! 200F@ orthcutt adden and De!ti 200$.

2.2 Corporate Governance and Inve"tor Protection

Crowther and =eifi 2011 have professed investor9s protection to ,e centra! to or"aniationa! eistence.

In toda#9s tur,u!ent co((ercia! scenario investors are hi"h!# cautious and stress upon adherence of

(eticu!ous!# wor/ed out Corporate +overnance princip!es for securin" ,etter returns on their invest(ent

and !owered a"enc# costs. CC 2004 in its stud# have conc!uded that the potenc# of a Co(pan#9s

Corporate +overnance practices and protoco!s and the e(inence of pu,!ic disc!osures have ,een "ainin"

re!evance and wei"hta"e for nu(erous reasons. =ustaina,i!it# is the ,uword of toda#9s corporate wor!d

and sta/eho!ders are hi"h!# /een on how reports on Corporate +overnance and =ustaina,i!it# are (ade

pu,!ic. 5he internationa! reoccurrence of econo(ic s!owdown have intensified the vi"i!ance the

sta/eho!ders have towards Corporate +overnance9s po!icies and have raised the standards for au"(ented

thorou"h and proactive reve!ations for futuristic co(panies.

6



2.3 Ti%e!( co%%unication" a" a cohe"ive approach to corporate -overnance

Co(panies which are fosterin" re"u!ar and ti(e!# co((unications as a cohesive approach to Corporate

+overnance are far (ore appreciated than the co(panies who fo!!ow sin"!e issue of co((unications in

re"ards of !e"is!ation or ris/ (ana"e(ent or a!i/e a!!in 2007@ )!essis cConvi!! and 6a"aric 200F@

6a!asu,ranian 2010@ ernando 2004@ ?>C% 2010. Co(panies who uti!ie their re"u!ar and proactive

Corporate +overnance co((unication s#ste( as a (easure to ensure the sta/eho!ders a,out transparenc#

have ,een usin" these reportin" practices as too!s to au"(ent their interna! structures and processes for

,etter return on invest(ents and ensure sustaina,i!it#.

2.$ o+ to %a/e Corporate Governance e##ectua!0

5he <uestion is how to (a/e the Corporate +overnance effectua!G or answerin" this co(p!e <uestion

)ave! =tanis!av )etr and )ave! 2012 have reco((ended that the co(pan# can (a/e its "overnance

effectua! throu"h de(ar/in" the ownership and contro!. 5his de(arcation is decided throu"h the

disinte"ration of the decision (a/in" process and ,!ended with the correspondin" phases of decision

(a/in" process to owners and (ana"ers. 5he decision (a/in" process can ,e ,ro/en down into four

(ain phases: Initiation Ratification I(p!e(entation and onitorin" a(a and Aensen 1483@ Dirt

2004. Ratification and onitorin" can ,e associated with the eercise of contro! ri"hts Initiation and

I(p!e(entation phases are associated with eecutive and (ana"eria! ri"hts. Corporate +overnance can ,e

said to ,e opti(u( when shareho!ders have the contro! "ears and eecutive authorit# is assi"ned to the

(ana"ers. =hareho!ders are represented throu"h 6oards of 5rustees =upervisor# 6oard or Counci! etc.

whi!e (ana"ers are responsi,!e for i(p!e(entation of the ratified strate"ies Couchene 2010.

%&



Capter !" *e"earch ethodo!o-(

!.1 *e"earch ethodo!o-(

irst the research pro,!e( wi!! ,e identified and ,ased on research pro,!e(s o,ectives wi!!

,e esta,!ished. research (ode! wi!! ,e deve!oped and ,ased on this (ode! wherein the

stud# ai(s to contri,ution of Corporate +overnance Corporate +overnance )ractices

Interdependence 5ransparenc# ccounta,i!it# airness =ocia! wareness %iscip!ine and

Responsi,i!it# I(prove(ent in Corporate +overnance and the i(pact towards

or"aniationa! success. 6oth pri(ar# research and secondar# research sa(p!in" procedures

wi!! ,e considered in this research.

3.2 *e"earch ue"tion"

=cho!ars are (otivated to underta/e an# research initiative on the ,asis of a stron" interest /ind!ed in

a particu!ar concept and the evocative <uestions. 5he scho!ar9s <uest for answers on research

<uestions which have for(ed the ,asis of what is esta,!ished and what re(ains uncharted. It is the

search for su""estive /now!ed"e scarcit# which resu!ted in for(in" of suita,!e research <uestions.

5he stud# under consideration intends to find answers for the fo!!owin" research <uestions:

• Dhat is the present situation of Corporate +overnance in IndiaG

• Dhat is the Corporate +overnance scenario in the Centra! )u,!ic =ector >nterprises of India

C)=>sG

• Dhat are the cha!!en"es of Corporate +overnance in IndiaG• Dhat are the advanta"es of Corporate +overnance for C)=>s in IndiaG

• Dhat are the shortco(in"s of the Re"u!ator# 6odies and i(pendin" re"u!ations in IndiaG

%%



Capter#$at#on p%an

In order to (a/e the co(pi!ation of the docu(ented research report (ore presenta,!e and

co(prehensi,!e the research report was divided into se"(ents which were articu!ated into the fo!!owin"

chapters:

1. Chapter 1: Introduction: 5his is the introductor# chapter that hi"h!i"hts the pro,!e( and the

associated aspect of the research. It covers the pro(inent aspects of the stud# !i/e ,ac/"round of

the stud# pro,!e( state(ent si"nificance of the stud# and ai(s and o,ectives of the stud#

research <uestions which the researcher aspires to answer !i(itations confronted durin" the stud#

and the chapteriation p!an of the research reports.

2. Chapter 2: Review of Literature: 5his chapter thorou"h!# ep!ores the theoretica! /now!ed"e

reservoir of the /e# concept and su((aries the critica! findin"s of the research carried out in the

past ,# renowned researchers and practitioners on the concept of Corporate +overnance. Review

of !iterature faci!itated in depth and (u!ti-di(ensiona! understandin" and provided the necessar#

assistance and "roundwor/ for the pri(ar# di(ension of this research.

3. Chapter 3: Research Methodology: 5his chapter contains the detai!ed structure pertainin" to

research desi"n and fra(ewor/ chosen for the effectua! conduct of the stud#. It co(prises of the

(ethods adopted for the research and the techni<ues of data co!!ection and data ana!#sis

e(p!o#ed for derivin" conc!usions.

$. Chapter 4: Data analysis uantitative: 5his chapter is the (ost critica! part of the research as it

ana!#es the entire set of data co!!ected throu"h <uantitative and <ua!itative <uestionnaire. 5he

resu!ts of the pri(ar# data co!!ected fro( F00 e(p!o#ees of the 20 )=Bs in ew %e!hi i.e.

Indian ?i! Co(pan# 6>L +IL =IL ?+C etc is ana!#ed with the he!p of statistica!

too!s and software !i/e =)== and = ece!. %ata ana!#sis a!so incorporates (an# ta,!es "raphs

and fi"ures etc.

%*



&. Chapter !: Conclusions and Reco""endations: 5his is the conc!udin" chapter that su((aries

the entire research and authenticates whether the ai(s and o,ectives of the stud# have ,een

acco(p!ished or not. It a!so provides the interpretations and a!so !ists out the i(p!ications of the

(ain findin"s and proposes suita,!e reco((endations for pro,!e( reso!ution.

%1



*e#erence"

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Chartered Certified ccountants

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Co(pensation and fir( )erfor(ance Journal of Financial Economics, F1 )p.371-$0'

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Governance in India: From Policies to Reality, ew %e!hi: 5hou"ht r,itra"e Research Institute

Indian Institute of Corporate ffairs and II Ca!cutta

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Evolution, Issues and C#allen)es for t#e Future, ew %e!hi: 5hou"ht r,itra"e Research

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Reco((endations: 5he Cases of the =tron" >ecutive and the =tron" ?wnership Journal of

Competitiveness, $3)p. $'-F7

%'



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%3



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