The ultimate aim of any modern corporate is growth with profit maximization. Growth is the first and foremost characteristic of nature and its products which include modern societies with all their industrial, agricultural and service sectors and above all the research organizations to cater to the needs of primary, secondary and tertiary sectors. Governed by the laws of the universe and nature, societies, markets and above all human life are in the constant churn of development in the realm of creativity and innovativeness.

Recently reliance industry Ltd., one of India's best private sector enterprises, was embroiled in controversies and troubles because of the ownership issue and the subsequent quarrels between the two brothersAnil and Mukesh Ambani. After the dispute between the two brothers arose, the issue of corporate governance came into the picture. This paper discusses about the reliance industry and the corporate governance practices that are followed by the company. Reliance Industries Ltd., started by Dhirubhai Ambani, India's top private sector company, was incorporated in Karnataka in 1973 as a public limited company under the name Mynylon Ltd. Dhirubhai Ambani, died in July 2002 intestate. The late entrepreneur, Dhirubhai Ambani, was a controversial man, spreading the "cult" of owning shares among more than two million Indians, most of them belonging to the middle class. At the time the patriarch passed away, the Reliance group had an annual turnover of $15 bn in the region. Since his death, the group has grown by a quarter and currently accounts for over 3% of India's gross domestic product.

Dhirubhai rewrote all laws of corporate governance. He was a non-believer of the tried and tested business theories and chose to be a trailblazer instead, with his own firebrand style of management. He mentioned in his corporate governance policy that the management at Reliance Capital Asset Management Ltd., is committed to good corporate governance, which includes transparency and timely dissemination of information to its investors and unit holders. Conformist he may not have been, but those who chose to back Dhirubhai's style of doing business came up trumps. For, the `Dhirubhai School of Management' firmly believed that the only things which mattered at the end were results and the benefits which accrued directly to the shareholders. Known as the `messiah' of the investing public, the Reliance Group never skipped dividends for the investors. Perhaps, Dhirubhai's affinity for the humble shareholder-the common man-who invested his hard-earned money in the Reliance Group, stemmed from his own humble beginnings.