Ombudsman, Superman Or Godman?

Today, buzzwords like 'good governance', 'independent directors' and 'minority interest' are an integral part of any corporate discussion or debate. It's considered highly trendy these days to stress upon the need for independent directors in every forum.

On the brighter side, this is indeed a positive environmental change in favour of impartial and objective governance; one that merits thundering applause. The fundamental purpose behind the appointment of independent directors is clearly indisputable, so would be their independence, impartiality and wide experience in "steering" companies in the right directions especially in this era of rampant scams and frequent scandals.

On the flip side, the notion of Independent directors, as is being constructed in the public domain and through the imminent legislation, is prone to few serious challenges. The proposed Companies Bill 2011 (Bill) is likely to pass sweeping legislations in the backdrop of recommendations made