This refers to the editorial “Governance questions” (November 23). The newspaper has raised a very pertinent issue — especially in the aftermath of recent fiascos at Infrastructure Leasing & Financial Services Ltd, Fortis, ICICI Bank and YES Bank.
It might sound like a sweeping statement but the fact is that barring a few, there are no independent directors (IDs) in India. Again, with the exception of few well-governed companies, board meetings, especially of a promoter-managed company, is mostly a social get-together with lot of bonhomie, back slapping, good food and drinks, sitting fee cheques, a decent gift and a very short,
