such as the USA and the UK. Subsequently, the regulatory framework and related governance mechanisms grew, leading to the various amended versions of the Companies Act (1956), the Securities and Exchange Board of India (SEBI) Act (1992), the Securities Contracts (Regulation) Act (1956), Sick Industrial Companies (Special Provisions) Act (1985) and the Listing Agreement (2006)[1]. Some of the revised corporate governance recommendations included having more outside directors, separation of chief executive officer (CEO) and the Chairperson roles and establishing an audit committee. Collectively, these changes aimed to promote the accountability and transparency of listed companies and protect minority shareholders (Jackling and Johl, 2009).