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India’s corporate sector has long been dominated by family-run and promoter-controlled businesses. Over the decades, these businesses have powered growth, generated employment, and built household names. Yet, beneath this success story lies an uncomfortable reality — one where family feuds, opaque decision-making, and fragile boards increasingly threaten shareholder value and corporate governance norms. Recent controversies surrounding companies like Raymond, Religare, and Hero MotoCorp only reinforce the urgent need for a new social contract governing promoter control in India Inc.
The distinctive feature of Indian capitalism is its promoter-led ownership model. In nearly 70 per cent of listed Indian companies,
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