ASTUDY ON

CORPORATE GOVERNANCE

IN SELECT CENTRAL PUBLIC SECTOR ENTERPRISES IN INDIA

A Synopsis / Research ProposalSubmitted to the

Manav Rachna International UniversityFor the Degree

Of

DOCTOR OF PHILOSPHYIn Management

By

K.L.DhingraScholar, FMS Faculty of Management Studies, MRIU

Registration No. 11/PhD/004Registration Year and Date: 14/04/2012

Under the guidance of

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

Manav Rachna International University&

Prof. V.K. MahnaB.Sc. (Engg), M.Sc.(Engg), Ph.D

Executive Director, Dean Academics and Controller of Examinations 10.03.2008Manav Rachna International University

1

TABLE OF CONTENTS

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

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

Chapter 3: Research Methodology………………………………..11 - 12

Chapter 4: Data analysis Quantitative……………………………..13

Chapter 6: Conclusions and Recommendations…………………...14

Chapterisation Plan……………………………………………….13 - 14

2

Chapter 1.Introduction

1.1 Corporate Governance

Virtuous Governance Practices have always been crucial for humans for their interfaces. However, with

the escalating uncertainty in the global business environment, good Corporate Governance has become a

necessity. Commerce and economy are intriguingly aligned to the prosperity and treasures of the people

who stress upon Corporate Governance and make it essential for any organization in the present scenario.

Corporate Governance has emerged as one of the key differentiating factor for any company and has a

significant impact on the profitability, progress and sustainability of the business. It is a highly intricate

and multi-level process which is garnered from organizational characteristics like culture, policies, values

and ethics of the governing management and how it handles the stakeholders (Dutta, et. al., 2012).

Fernando (2009) has perceived Corporate Governance as the methodology to handle the problems that

occur from the differentiation between control and ownership. Thus, Corporate Governance emphasizes

upon internal structure and protocols of the Board of Directors, guidelines for dissemination of

information to stakeholders and creditors, and the span of control of the Management. Corporate

Governance ensures ethical and efficient business management which can ensure the shareholders, return

on their investments. All Corporate Governance models unanimously aim to ensure that shareholders

select their representative Directors, voting is done on critical decisions, there is utter transparency

adopted in the decision making process, adopting accounting standards to generate better comprehendible

reports, compliance to the legal law of the land.

3

1.2 Corporate Governance in India

Corporate Governance in India is still in its infancy stage but is progressing steadily. It involves the

progressing of tuning the shareholders expectancies with the Company’s Management efficiently to

upgrade the organization’s value. It encompasses active involvement of all the shareholders and

management, communication, exchanging and validating ideas and extensive discussion and argument.

Corporate Governance needs to be woven into the organizational culture and functionality as it cannot be

implemented independently. It has significant impact on the general governance eco-system both internal

as well as external. In the recent times, India’s corporate world has experienced lot of misgovernance and

scandals that have compelled the Indian firms to develop a judicious system of conducting business,

standards of accountability in public administration encompassing government machinery and institutions

(KPMG, 2011).

In the light of liberalization and the need of synchronized international accounting practices in the

purview of global commercial activities, Corporate Governance has started getting acknowledged since

the 1990s and it was introduced to the country by Confederation of Indian Industry (CII), as an intended

means to be adopted by the Indian commercial undertakings. However, with changing times and

impending requirements, Corporate Governance was made mandatory in the early 2000s through the

introduction of Clause 49 of the Listing Agreement and all the companies listed on the various Stock

Exchanges had to mandatorily adhere to these rubrics. In 2009, the Ministry of Corporate Affairs issued a

set of voluntary guidelines for Corporate Governance catering to an array of relevant issues (Pande and

Kaushik, 2011).

However, the Corporate Governance functions still experience lot of challenges like disparity between

Corporate Governance in Public and Private Sector, ineffective implementation of the legislations,

4

inefficient accountability, sub-standard auditing and enhanced investor activism (KPMG, 2011). These

challenges have enhanced the complexity of Corporate Governance in the Indian context.

1.3 Corporate Governance in Public Sector and Private Sector Enterprises of India

In India there is a noticeable disparity between Corporate Governance standards in the Public Sector and

the Private Sector. Corporate Governance of State Owned Enterprises (SOEs) remains a major challenge

in many economies. In India too, the Government owns or controls interests in key sectors, including

infrastructure, oil, gas, mining, and manufacturing. Over the decades, the Government of India (GoI) has

taken a number of steps to improve the performance of Central Public Sector Enterprises (CPSEs),

including Corporate Governance.

Governance reforms have gained prominence because of the important role that CPSEs continue to play

in the Indian economy; the increased pressure on CPSEs to improve their competitiveness; and the listing

of CPSEs on the Stock Exchanges (Lalitha Som, ICRA Bulletin Jun 2013)

The Private Sector Undertakings have taken an edge over their Public Sector counterparts when it comes

to perception management, wherein company envisages an amicable image through voluntary adoption of

Corporate Governance Practices. This spreads a word that companies are desirous of transparency and

accountability. Even though there has been a significant progress in the implementation of Corporate

Governance in the unlisted Central Public Sectors Enterprises, there is a need to be more proactive.

Likewise, the following PSUs should have been the torchbearers of the voluntary guidelines of Corporate

Governance initiatives by the Ministry of Corporate Affairs,

Maharatna;

Navratna; and

Miniratna Central Public Sector Enterprises.

This has not happened, due to which CPSEs are trailing behind their private sector enterprises in the

pursuit of Corporate Governance (KPMG, 2010).

5

1.4 Problem Statement

The concept of Corporate Governance is still in its primitive stages in India as compared to the developed

western world. Corporate Governance has more to it than, handling of the money and conduct of the

business responsibility. There are many issues with Corporate Governance practices in India. In Indian

corporate scenario, the majority of the shareholders exercise dominant control. In case of Central Public

Sector Enterprises (CPSEs), they are accountable to the Ministries and ought to adhere to the norms set

by the Department of Public Enterprises (DPE) and are subject to Right to Information (RTI) Act, CAG

(Comptroller and Audit General of India) and CVC(Central Vigilance Commission). Thus, Public sector

enterprises work in a highly complex setting. The study at hand intends to analyze the Corporate

Governance practices at the Central Public Sector Enterprises (CPSEs) in India and explore the

possibilities of combating the challenges of the same.

1.5Aims and Objectives of the study

Every research scholar undertakes a research to accomplish certain goals without which the research

cannot be concluded and not even regarded as a research. Research is about exploring the unexplored and

its guided through a set of rational and achievable objectives. The primary aim of the study at hand is to

analyze the Corporate Governance Practices in the Central Public Sector Enterprises (CPSEs) of India

and identifying its strengths and weaknesses with the backdrop of the challenges and complexities

associated with it.

The other key objectives of the study are as follows:

To analyze the present state of affairs pertaining to Corporate Governance in India;

To study the regulatory bodies and impending regulations in India;

6

To review and evaluate the shortcomings and challenges in codes and principles of Corporate

Governance in India, and suggest corrective measures to tackle them;

To assess the present condition of Corporate Governance in the 20 Central Public Sector

enterprises through case companies: Indian Oil Company (IOC), BHEL, GAIL, SAIL

ONGC,HPCL,BPCL,ITI, HAL,RCF, Neyveli Ignite Corporation, Mazgaon Dockyard, etc.

To analyze the role of the Government in the Corporate Governance practices of the CPSEs.

7

Chapter 2: Literature Review

With the intensifying globalization and internationalization of trade practices, Corporate Governance as a

concept as well as practice has gained momentum as more and more people from the areas of academia,

research and corporate practices have shown alike interest in the concept. The concept of Corporate

Governance is highly intrigue and multi-dimensional and Researchers and Experts have explored the

concept in varied ways.

Larcker and Tayan (2011) have attributed the need of Corporate Governance to the occurrence of

numerous corporate frauds, accounting indignities, insider trading, unwarranted compensation and other

recognized organizational malfunctioning which often results in lawsuits, resignations and bankruptcy.

The inefficient Corporate Governance has resulted in the downfall of reputed firms like American

International Group, Adelphia, Bear Stearns, Enron, Global Crossing, Lehman Brothers, Tyco,

WorldCom, Ahold, Paramalat, Royal Dutch/ Shell and Satyam, to name a few. All these firms witnessed

a cessation of ethical management and succumbed to scandals and deceptive practices.

2.1 Corporate Governance in context of financial crisis

Adding to this, Kirkpatrick (2009) has analyzed Corporate Governance in thecontext of the financial

crisis and is of the opinion that the shortcomings of Corporate Governance have an obvious impact on

financial crisis by way of Risk Management Systems and unjustified high executive salaries. The failure

of Corporate Governance makes the company susceptible to the consequences of the unnecessary risk

taking especially in the financial services companies. Also, sub-standard accounting standards and

regulatory requirements have added to the fiasco. Superlative remuneration practices for top level

8

managers, in many cases, have not been adequately linked with strategic implications and risk taking

capacity of the company, its vision and mission. These two studies are integral for the study, as they

highlight the implication of the absence or lack of effectual Corporate Governance which may be

rectifiable or disastrous. It is because of these corollaries that more companies globally are stressing upon

establishing a robust Corporate Governance system. Companies are striving to imbibe trust, ethics and

morality into the corporate culture and also synergizing the expectancies of the various stakeholders, even

covering the indirect ones like government, society, professional bodies and the corporate sector as a

whole (Madu, 2008; Fukuyama, 1995; Frankel, 2005; Northcutt, Madden and Welti, 2004).

2.2 Corporate Governance and Investor Protection

Crowther and Seifi (2011) have professed investor’s protection to be central to organizational existence.

In today’s turbulent commercial scenario, investors are highly cautious and stress upon adherence of

meticulously worked out Corporate Governance principles for securing better returns on their investment

and lowered agency costs. ACCA (2009) in its study have concluded that the potency of a Company’s

Corporate Governance practices and protocols and the eminence of public disclosures have been gaining

relevance and weightage for numerous reasons. Sustainability is the buzzword of today’s corporate world

and stakeholders are highly keen on how reports on Corporate Governance and Sustainability are made

public. The international reoccurrence of economic slowdown have intensified the vigilance the

stakeholders have towards Corporate Governance’s policies and have raised the standards for augmented,

thorough and proactive revelations for futuristic companies.

9

2.3 Timely communications as a cohesive approach to corporate governance

Companies which are fostering regular and timely communications as a cohesive approach to Corporate

Governance are far more appreciated than, the companies who follow single issue of communications in

regards of legislation or risk management or alike (Mallin, 2007; Plessis, McConvill and Bagaric, 2005;

Balasubranian, 2010; Fernando, 2009; OECD, 2010). Companies who utilize their regular and proactive

Corporate Governance communication system as a measure to ensure the stakeholders about transparency

have been using these reporting practices as tools to augment their internal structures and processes for

better return on investments and ensure sustainability.

2.4 How to make Corporate Governance effectual?

The question is how to make the Corporate Governance effectual? For answering this complex question,

Pavel, Stanislav, Petr and Pavel (2012) have recommended that the company can make its governance

effectual through demarking the ownership and control. This demarcation is decided through the

disintegration of the decision making process and blended with the corresponding phases of decision

making process to owners and managers. The decision making process can be broken down into four

main phases: Initiation, Ratification, Implementation and Monitoring (Fama and Jensen, 1983; Wirtz,

2009). Ratification and Monitoring can be associated with the exercise of control rights, Initiation and

Implementation phases are associated with executive and managerial rights. Corporate Governance can be

said to be optimum when shareholders have the control gears and executive authority is assigned to the

managers. Shareholders are represented through Boards of Trustees, Supervisory Board or Council etc.

while managers are responsible for implementation of the ratified strategies (Couchene, 2010).

10

Chapter 3: Research Methodology

3.1 Research Methodology

First the research problem will be identified and based on research problems objectives will

be established. A research model will be developed and based on this model wherein the

study aims to contribution of Corporate Governance, Corporate Governance Practices

(Interdependence, Transparency, Accountability, Fairness, Social Awareness, Discipline, and

Responsibility), Improvement in Corporate Governance, and the impact towards

organizational success. Both primary research and secondary research, sampling procedures

will be considered in this research.

3.2 Research Questions

Scholars are motivated to undertake any research initiative on the basis of a strong interest kindled in

a particular concept and the evocative questions. The scholar’s quest for answers on research

questions which have formed the basis of what is established and what remains uncharted. It is the

search for suggestive knowledge scarcity which resulted in forming of suitable research questions.

The study under consideration intends to find answers for the following research questions:

What is the present situation of Corporate Governance in India?

What is the Corporate Governance scenario in the Central Public Sector Enterprises of India

(CPSEs)?

What are the challenges of Corporate Governance in India?

What are the advantages of Corporate Governance for CPSEs in India?

What are the shortcomings of the Regulatory Bodies and impending regulations in India?

11

Chapterization plan

In order to make the compilation of the documented research report more presentable and

comprehensible, the research report was divided into segments which were articulated into the following

chapters:

1. Chapter 1: Introduction: This is the introductory chapter that highlights the problem and the

associated aspect of the research. It covers the prominent aspects of the study like background of

the study, problem statement, significance of the study and aims and objectives of the study,

research questions which the researcher aspires to answer, limitations confronted during the study

and the chapterization plan of the research reports.

2. Chapter 2: Review of Literature: This chapter thoroughly explores the theoretical knowledge

reservoir of the key concept and summarizes the critical findings of the research carried out in the

past by renowned researchers and practitioners on the concept of Corporate Governance. Review

of literature facilitated in depth and multi-dimensional understanding and provided the necessary

assistance and groundwork for the primary dimension of this research.

3. Chapter 3: Research Methodology: This chapter contains the detailed structure pertaining to

research design and framework chosen for the effectual conduct of the study. It comprises of the

methods adopted for the research and the techniques of data collection and data analysis

employed for deriving conclusions.

4. Chapter 4: Data analysis Quantitative: This chapter is the most critical part of the research, as it

analyzes the entire set of data collected through quantitative and qualitative questionnaire. The

results of the primary data collected from 500 employees of the 20 PSUs in New Delhi i.e.,

Indian Oil Company, BHEL, GAIL, SAIL, ONGC, etc is analyzed with the help of statistical

tools and software like SPSS and MS excel. Data analysis also incorporates many tables, graphs

and figures etc.

12

5. Chapter 6: Conclusions and Recommendations: This is the concluding chapter that summarizes

the entire research and authenticates whether the aims and objectives of the study have been

accomplished or not. It also provides the interpretations and also lists out the implications of the

main findings and proposes suitable recommendations for problem resolution.

13

References

1. ACCA. (2009). Disclosures on Corporate Governance, Report Part 2, Sydney: The Association

of Chartered Certified Accountants

2. Chouchene, I. (2010). The Determinants of the Presence of Independent Directors in French

Board Companies. International Journal of Business and Management, Vol. 5, No. 5; May 2010.

3. Core, J., Holthausen, R., and Larcker, D. (1999). Corporate Governance, Chief Executive Officer

Compensation and firm Performance, Journal of Financial Economics, 51, Pp.371-406

4. Dutta, K., Kaushik, K., Subramaniam, G., Banerjee, A. and Jaiswall, M. (2012). Corporate

Governance in India: From Policies to Reality, New Delhi: Thought Arbitrage Research Institute,

Indian Institute of Corporate Affairs and IIM Calcutta

5. Fama Eugene and Michael Jensen (1983), Separation of Ownership and Control. Journal of Law

and Economics, 26, 301-326.

6. Heracleous, L. (2001). “What is the impact of Corporate Governance on Organizational

Performance?” Blackwell Publishers, Vol. 9, No. 3, July 2001.

7. Kang, J., and Shivdasani, A. (1995). Firm Performance, Corporate Governance, and Top

Executive Turnover in Japan, Journal of Financial Economics, 38,Pp.29-58

8. Kirkpatrick, G. (2009). The Corporate Governance Lessons from the Financial Crisis, Financial

Market Trends ,Pre-Publication Version, 2009/1, OECD

9. KPMG. (2010). Corporate Governance in the Public Sector- The Road Ahead, Report, KPMG

India

10. KPMG. (2011). Corporate Governance: Value Beyond Compliance, Report, 7th CII International

Corporate Governance Summit, KPMG India

11. Madu, B. (2009). “Organization culture as driver of competitive advantage.” Journal of Academic

and Business Ethics.

14

12. Pande, S. and Kaushik, K. (2011). Study on the State of Corporate Governance in India:

Evolution, Issues and Challenges for the Future, New Delhi: Thought Arbitrage Research

Institute, Indian Institute of Corporate Affairs and IIM Calcutta

13. Pavel, K., Stanislav, T., Petr, P., and Pavel, P. (2012). Corporate Governance against

Recommendations: The Cases of the Strong Executive and the Strong Ownership, Journal of

Competitiveness, 4(3),Pp. 46-57

14. Wirtz, P. (2009). Do high-growth entrepreneurial firms have a specific system of governance?

University of Bourgogne. Cahier du FARGO n. 1090302.

15. Bhardwaj, N. and Rao, B.R.(2014), Corporate Governance Practices In India – A Case Study,

Asia Pacific Journal of Research, Vol: I Issue XIII, January 2014

16. Claessens, S. and Yurtoglu, B.(2012), Corporate Governance and Development —An Update,

The International Finance Corporation

17. Chattopadhyay, C. (2011), Corporate Governance and Public Sector Units in India: A

Review, 2011 International Conference on Humanities, Society and Culture IPEDR

Vol.20 (2011)

18. Dalei, P.D., Tulsyan, P. and Maravi, S. (2012), Corporate Governance in India: A legal Analysis,

International Conference on Humanities, Economics and Geography (ICHEG'2012) March 17-18,

2012 Bangkok.

19. Fligstein, N. (2001). The architecture of markets: An economic sociology of twenty-first century

capitalist societies. Princeton, NJ: Princeton University Press

20. Freeman, R. E., Wicks, A. C., and Parmar, B. (2004). Stakeholder theory and ‘‘the corporate

objective revisited’’. Organization Science, 15(3), 364

21. Holmstrom, B. and Kaplan, S. (2001), “Corporate governance and merger activity in United

States: Making sense of the 1980s and 1990s”, Journal of Economic Perspectives, Vol. 15 No. 2,

pp. 121-144

15

22. Ho, Chi – Kun (2005), “Corporate governance and corporate competitiveness: an international

analysis”, Corporate Governance: An international review, Vol. 13 No. 2, pp. 211-253

23. Hillman, A. J., and Keim, G. D. (2001). Shareholder value, stakeholder management, and social

issues: What’s the bottom line? Strategic Management Journal, 22(2), 125–139

24. Jensen, M. C. (2000). A theory of the firm: Governance, residual claims, and organizational

forms. Cambridge, MA: Harvard University Press

25. Jensen, M. C. (2002). Value maximization, stakeholder theory, and the corporate objective

function. Business Ethics Quarterly, 12(2), 235–256

26. Kaur, H.(2012). A Comparative Study Of Corporate Governance Disclosure By Private

And Public Sector Banks In India, International Journal of Multidisciplinary Research

Vol.2 Issue 2, February 2012

27. La Porta, R. Lopez-de-Silanes, F. Shleifer, A. and Vishny, R. (2000), “Investor protection and

corporate governance”, Journal of Financial Economics, Vol. 58 No. 1-2, pp. 3-27

28. Oberoi , R. (2013), Deciphering the Diverse Nature of Corporate Governance in the

Indian Public Sector: A Study of Public Sector Bharat Heavy Electricals Limited (BHEL)

Company, in David Crowther, Güler Aras (ed.) The Governance of Risk (Developments

in Corporate Governance and Responsibility, Volume 5), Emerald Group Publishing

Limited, pp.203-233

29. Post, J. E., Preston, L. E., & Sachs, S. (2002). Redefining the corporation: Stakeholder

management and organizational wealth. Stanford, CA: Stanford University Press

30. Richardson, Larcker, D. S. and Tuna, I. (2007), “Corporate governance, accounting outcomes,

and organizational performance”, The Accounting Review, Vol. 82 No. 4, pp. 963-1008

16

31. Sinha, P. and Singhal, A.(2012), A note on Corporate Governance in Public Sector Undertakings

in India, MPRA Paper No. 41038, posted 4. September 201Online at http://mpra.ub.uni-

muenchen.de/41038/

32. Som, L(2013), Corporate Governance of Public Sector Enterprises in India, ICRA

Bulletin, Money & Finance, June, 2013.

33. Sundaram, A. K., and Inkpen, A. C. (2004). The corporate objective revisited. Organization

Science, 15(3), 350.

34. Srinivasan, P. and Srinivasan, V. (2011). Status of Corporate Governance Research on India: An

Exploratory Study, Working Paper No: 334, IIM, Banglore

35. Varshney, P. Kaul , V.K. and Vasal, V.K. (2012), Corporate Governance Index and Firm

Performance: Empirical Evidence from Indiahttp://papers.ssrn.com/sol3/papers.cfm?

abstract_id=2103462 Last accessed on 10th July 2014.

36. Young, M., Peng, M., Ahlstrohm, D., Bruton, G. D., and Jiang, Y. (2008). Corporate governance

in emerging economies: A review of the principal-principal perspective. Journal of Management

Studies, 45(1), 196–220

37. A. Fernando, Corporate Governance: Principles, Policies and Practices (3rd, Dorling Kindersley

(India) Pvt. Ltd, New Delhi 2009) 4-84

38. Anonymous, 'Corporate Governance: Time for a Metamorphosis' [1997]

39. Anonymous, 'Comparative Corporate Governance: A Global Perspective' [n.d.] AL 1, 1.

40. A. Suraj, 'Corporate Governance & Independent Directors in India' (tejas@iimb n.d.)

<http://tejas.iimb.ac.in/articles/104.php> accessed 20 January 14

41. B. Cheffins, 'Corporate Governance Reform: Britain as an Exporter' (Social Science Research

Network 2000) <http://papers.ssrn.com/sol3/papers.cfm?abstract_id=215950> accessed 20

January 14

17

42. C. Mallin, A. Mullineux, C. Wihlborg, 'The Financial Sector and Corporate Governance –

Lessons from the UK' [2004-06] 1, 5

43. Deloitte, 'Remuneration Committee' (Deloitte 2014)

<http://www.corpgov.deloitte.com/site/au/remuneration-committees/> accessed 14 January 14

44. Financial Reporting Council, 'The UK Approach to Corporate Governance' [2010] 3, 3-11

45. G. Aras, D. Crowther, Global Perspectives on Corporate Governance and CSR. (1st, Gower

Publishing Limited, England 2009) 163-187

46. Grant Thornton, 'Corporate governance in India and the UK: A comparative analysis ' (Grant

Thornton 2010)

<http://www.grant-thornton.co.uk/en/Thinking/corporate_governance_in_india_and_the_uk_a_co

mparative_analysis/> accessed 20 January 14

47. Infosys, 'Corporate Governance' (Infosys 2014) <http://www.infosys.com/investors/corporate-

governance/Pages/report.aspx> accessed 18 January 14

48. J. Plessis, A. Hargovan, M. Bagaric, Principles of Contemporary Corporate Governance. (1st,

Cambridge University Press, 2011) 3-19

49. J. Gordon, The Rise of Independent Directors in the United States, 1950-2005: Of

Shareholder Value and Stock Market Prices, 59 STAN. L. REV. 1465 (2007)

50. J. Varma, 'Corporate Governance in India: Disciplining the Dominant Shareholder' [1997]

51. L. Spedding, Due Diligence and Corporate Governance (1st, Reed Elsevier (UK) Ltd, 2004) 320-

324

52. N. Gopalasamy, 'Corporate Governance: Introduction' in (eds), A Guide to Corporate

Governance. (2nd, 2008)

53. O. Goswami, Legal and Institutional Impediments to Corporate Growth. In Policy Reform in

India, edited by Charles Oman. (Paris: OECD, Development Centre, 1996)

54. R. Barker, 'The UK Model of Corporate Governance: An Assessment from the Midst of a

Financial Crisis' [2008] 1, 1-10

18

55. S. Das, Corporate Governance in India: An Evaluation (1st, Prentice-Hall of India Pvt Ltd, New

Delhi 2008) 69-95

56. S. Raut, 'Corporate Governance – Concepts and Issues' [n.d.]

57. T. Ahmad, A. Goel, S. Satya., B. Pandey, Comparison of Corporate Governance Norms between

India and United Kingdom, Indian Management Research Journal, Vol. II, Issue 1, January-April

2010. (August 4, 2009)

58. U. Varottil, 'A Cautionary Tale of the Transplant Effect on Indian Corporate Governance' [2009]

1-48

59. Batr, G. (2007), Environment Management and Corporate Disclosures: Text and Case Studies,

New Delhi: Deep Publications

60. The Economic Times (2009). Goldman Sachs raises corporate governance issues with ONGC.

[online]. Available at

http://articles.economictimes.indiatimes.com/2009-03-05/news/28402277_1_corporate-

governance-discounts-on-crude-oil-ongc Last accessed on 29th November 2014.

61. Rediff (n.d.). Goldman Sachs raises corporate governance issues with ONGC. [online]. Available

at http://www.rediff.com/money/2009/mar/05goldman-sachs-raises-corporate-governance-issues-

with-ongc.htm Last accessed on 29th November 2014.

62. IOCL (2013). Report on Corporate Governance. [online]. Available at

http://www.iocl.com/AboutUs/AnnualReports/17_Report_on_Corporate_Governance_2013.pdf

Last accessed on 29th November 2014.

63. Dewan, S. (2006). Corporate Governance in Public Sector Enterprises. New Delhi: Dorling

Kindersley

64. Mathur, P., Mathur, S., and Mathur, N. (2010). New Horizons in Indian Management. New

Delhi: Kalpaz Publications

65. The Economic Times (2010). IOC, BHEL, SAIL do not have required independent

directors:CAG. [online]. Available at

19

http://articles.economictimes.indiatimes.com/2010-12-10/news/27578838_1_independent-

directors-cag-report-corporate-governance

66. Live Mint (n.d.). Accounting Policy: BHEL. [online]. Available at

http://money.livemint.com/IID93/F100103/AccountingPolicies/Company.aspx

67. Bhatt, A. (n.d.) “Social Reporting in Corporate Governance and the role of Media inCorporate

Governance”. [online]. Available at

http://www.iitk.ac.in/infocell/announce/convention/papers/Industrial%20Economics,

%20Environment,%20CSR-09-Alka%20Singh%20Bhatt.pdf

68. Shodh Ganga (n.d.). Analysis of Corporate Governance Practices. [onlinr]. Available at

http://shodhganga.inflibnet.ac.in/bitstream/10603/1558/13/13_chapter%204.pdf

69. India CSR (2011). BHEL to appoint two independent directors. [online]. Available at

http://www.indiacsr.in/en/bhel-to-appoint-two-independent-directors/

70. Gopalsamy, N. (2006). A Guide To Corporate Governance. New Delhi: New Age Publishers

71. NDTV (2014). Bhel Comes Out With Whistle-Blower Policy. [online]. Available at

http://profit.ndtv.com/news/corporates/article-bhel-comes-out-with-whistle-blower-policy-

675047

72. Shah, S., and Bhaskar, S. (2009). Steel Authority of India Ltd.- A Stakeholders Management

Perspective. Journal Of Contemporary Research In Management, October - December, 2009

73. Balachandran V., chandrasekaran V. (2011). Corporate Governance, Ethics and Social

Responsibility. New Delhi: PHI Learning

74. Fernando, A. (2009). Business Ethics: An Indian Perspective. New Delhi: Dorling Kindersley

75. Hindustan Times (2009). GAIL forms ethics panel for corporate governance. [online]. Available

at http://www.hindustantimes.com/business-news/sectorsinfotech/gail-forms-ethics-panel-for-

corporate-governance/article1-372383.aspx

20

76. The Hindu Business Line (2011). GAIL gets ICSI award for corporate governance. [online].

Available at http://www.thehindubusinessline.com/companies/gail-gets-icsi-award-for-corporate-

governance/article2747170.ece

77. Shodh Ganga (n.d.). GAIL India Ltd.- Study of Company Profile and Growth. [online]. Available

at http://shodhganga.inflibnet.ac.in/bitstream/10603/4474/8/08_chapter%203.pdf

21