What is this creature called Independent Director? Where has it come from and how, as it is so energetically being campaigned, they are going to save corporate India and their small shareholders from frauds and mismanagement by those in charge? Or is that, as many of the embittered shareholders might suggest, this is merely a fad that will only dazzle the eye for some time and then the stark reality is back for all of us to see?
Let us first consider how this concept was conceived. It was found that massive frauds and mismanagement took place in listed companies in the West and there was a deliberate attempt to misguide the markets. The culprits were found to be those in management.
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