Wanted for India Inc: Independent directors

The ownership battle between the Ambani brothers - Mukesh and Anil - of Reliance Industries has probably done for India's corporate governance what the Kumarmanagalam Birla and Narayana Murthy committees constituted by the Securities and Exchange Board of India (SEBI) and the Naresh Chandra Committee set up by the previous government could not - upgrade it as the top corporate concern.

The unraveling of the intricate web of investment companies and cross-holdings that late Reliance founder Dhirubai Ambani crafted - and which now muddles the succession and ownership issues - would not have been possible even if SEBI were to launch an independent inspection. Only an insider could have blown the whistle.

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