Three rulings by India’s Securities Appellate Tribunal that could improve corporate governance
Modern governance focuses on effective control, not equity arithmetic. Influence often flows through contractual leverage, financial dependence or operational alignment. But if substance is to override form, the statute must say so. Sebi, as both drafter and enforcer of the regulatory framework, cannot reinterpret thresholds to suit enforcement needs. If the law draws the line at 20%, it cannot be redrawn at 19%.
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