Corporate governance has been gaining momentum across the world due to corporate failures, unethical business practices and insufficient disclosures. It has been observed that corporate frauds have increased in frequency, intensity and magnitude. The prevailing inequality, glorification of greed, lack of concern for society, feudal mindset and manifold regulations, are some reasons responsible for increase in the rate of scams. Though a lot of new standards have been set, changes in accounting and reporting have been made, with a focus on the process of enforcement and compliance, but the need of the hour is to build a highly committed workforce to observe good corporate governance in practice. Thus, a major responsibility lies on the shoulders of academicians who are considered as intellectuals in imparting the concept of corporate governance in the minds of young professionals. The study aims to understand the perception of academicians regarding reasons for failure of corporate governance in India.

The need for good governance is not something that is typical to our country or the economy. Even in countries where regulatory mechanisms are more demanding in their content and more vigilant in their implementation, flagrant violations under the veil of corporate impenetrability have generated a strident demand for better governance. Depending on the model of corporate disclosure followed by different legal frameworks, the right to information has forced corporates to divulge more than they ever did.

Corporate governance has been gaining momentum across the world due to miserable corporate failures, unethical business practices, insufficient disclosure and transparence, inefficient management board and social concerns. As always, after a slew of scandals and corporate fraud there are cries of outrage, demand for bringing culprits to book, suggestions over how to improve corporate governance, setting up of committees and corporate governance dominating the political and business agenda. Scams have almost become a regular featurethe Harshad Mehta scam, Ketan Parikh scam, UTI scam, Bhansali scam, Satyam Scam and many more. Thanks to technology these frauds have become more visible.

The glorification of greed in corporations for personal enrichment of senior executives has worsened inequality. The belief that corporations have to maximize only the shareholders value is not true in today's scenario. A corporation should aim to achieve prosperity of many, including employees, customers, suppliers and the community at large. The legal and administrative environment in India provides excellent scope for current practices in business. As a result, unless a management is committed to be honest and observe the principles of prosperity, the atmosphere is too tempting to observe good corporate governance in practice.

Corporate Governance Journal, Legal Frameworks, Corporate Fraud, Corporate Giants, Corporate Governance, Financial Disclosures, External Monitoring System, Performance Evaluation System, Indian Companies, Empirical Investigations, Indian Organizations, Corporate Stakeholders.