Moving towards Better Corporate Governance in India An Analysis of the Uday Kotak Committee on Corporate Governance

Corporate governance is the involvement of different stakeholders such as shareholders, the board of directors, and the companys management in determining the performance of the company and direction. In a business, the relationship between the owners and, as a result, the managers must be strong, and there should be no conflict between the two. This paper seeks to summarize the recommendations of the report submitted by the committee on corporate governance to SEBI. The committees report nominated by the Securities and Exchange Board of India under Uday Kotaks chairmanship represents a significant milestone in Indian corporate governance. On 5 October 2017, the SEBI Committee on Corporate Governance, headed by Mr. Uday Kotak, formed on 2 June 2017, recommended major changes to existing regulations. Coming almost two decades after Indias first corporate governance initiative, in the form of the CII Code released in 1998, the committees recommendations have upped the governance ante. They also built on the strong foundation laid by the efforts of previous committees entrusted with the issue, as well as the legislative and regulatory changes that resulted. The primary objective of this paper is to analyze the Uday Kotak Committee Report on Corporate Governance in India. For the purpose of the research work, secondary data was used to explain the committee report on corporate governance. This paper also explains the basis concept of corporate governance. The boards composition, its independence and functioning, the involvement of auditors, shareholder engagement and improvement of corporate reporting are the subject of several recommendations. Some of the most important reforms include an increase in the size of the board of listed companies to six members, ensuring that at least half of the listed boards of directors be independent. Vyshak P K | Dr. Jayarajan T K | Vishnu P K "Moving towards Better Corporate Governance in India: An Analysis of the Uday Kotak Committee on Corporate Governance" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-5 | Issue-4 , June 2021, URL: https://www.ijtsrd.compapers/ijtsrd42355.pdf Paper URL: https://www.ijtsrd.commanagement/business-administration/42355/moving-towards-better-corporate-governance-in-india-an-analysis-of-the-uday-kotak-committee-on-corporate-governance/vyshak-p-k