Corporate Governance: The Situation in India as compared to other countries with specific reference to Corporate Governance in the UK

Vivek, Sadhale, Company Secretary and Head - Legal, Persistant Systems, India
Vikas Agarwal, Deputy Manager – Secretarial, Persistant Systems, India
Vivek, Sadhale, Company Secretary and Head - Legal, Persistant Systems, India
Vikas Agarwal, Deputy Manager – Secretarial, Persistant Systems, India

In the second article of the series highlighting practices of different countries followed as compared to the Corporate Governance Code in India, we are presenting in this Article Corporate Governance Code in India as compared to the United Kingdom (UK). As mentioned in our first Article, where we highlighted the Corporate Governance code in India as compared to US, the Corporate Governance code first emerged in the United Kingdom through the work of Sir Adrian Cadbury and the Committee named after him.

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India Corporate Governance IT January 2009 Vol. 2, No. 6, Winter 2009

Vivek Sadhale

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Vivek Sadhale (vivek_sadhale@persistent.co.in) is a Company Secretary and Head – Legal of Persistent Systems Ltd., one of the leading outsourced software product development companiesy with a turnover of about US$ 105 Mn. and 4,000+ employees. Mr. Sadhale has more than twelve years of hands-on experience in Corporate Secretarial, Corporate Governance, Corporate Legal matters and Management Accounting, with exposure to Finance and Treasury functions with reputed Indian and Multinational organizations. His expertise spreads over numerous fields including top tier venture capital and private equity funding, M&A/takeovers, joint venture agreements and preparation for Initial Public Offer. He has contributed significantly in establishing domestic/overseas offices and companies, designing Employee Stock Option schemes, negotiating foreign currency loans, dealing with IPR-related issues and international commercial contracts. Mr. Sadhale has a flair for teaching and writing, and has contributed various articles in leading professional journals, newspapers and souvenirs published at national and international conventions. He is also a visiting faculty at various business schools, professional institutes and law colleges. He is an elected member to of the Managing Committee of Western India Regional Council of Institute of Company Secretaries of India (ICSI) for 2007-2010. He was earlier part of the Managing Committee of Pune Chapter of ICSI for 2004-06. He is also a founder member of Pune Chapter of Technology Law Forum – an initiative of NASSCOM. Mr. Sadhale is a recipient of "Suryadatta IT Excellence Award" in the category of Best CFO / Company Secretary for the year 2005. A Commerce and Law graduate, he completed his Chartered Secretaryship from in the UK, and is a Company Secretary and Cost and Works Accountant from India. Mr. Sadhale has a the distinction of passing all professional exams in first attempt time and qualified as a cost accountant along with B.Com.

Vikas Agarwal

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Mr. Vikas Agarwal (vikas_agarwal@persistent.co.in) works with a leading software company, Persistent Systems Limited as Deputy Manager – Secretarial handling corporate secretarial matters. He has more than seven years’ experience in corporate secretarial, corporate governance, corporate laws with specifically relating to mergers, preparation for the Initial Public Offer, setting up of domestic / overseas companies and branch offices, drafting of ESOP Schemes, formation of export oriented undertakings, STPI unit, special economic zone unit and managing IPR related issues. Mr. Agarwal is the faculty for various training programs conducted by the Pune Chapter of the Institute of Company Secretaries of India (ICSI). He is also a visiting faculty at Law College in for company law. Mr. Agarwal is an elected member of the Managing Committee of Pune Chapter of Western India Regional Council (WIRC) of ICSI for the term 2007-2010 and presently holds the position of Treasurer at Pune Chapter. He is the Chairman of the IT Committee of the Pune Chapter and a member of the IT Committee of WIRC of ICSI. Mr. Agarwal has authored articles in premier professional journals like Chartered Secretary, SEBI and Corporate Laws, Focus, Chartered Accountants Today, Chartered Accountants Professional Journal, Sanhita and various leading newspapers like Economic Times, Times of India, Indian Express, etc. He has jointly won the Best Article award for four consecutive years for the articles published in Sanhita, monthly publication of the Pune Chapter of ICSI. Mr. Agarwal is a qualified Company Secretary and a Commerce Post-Graduate.

Vivek Sadhale

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Vivek Sadhale (vivek_sadhale@persistent.co.in) is a Company Secretary and Head – Legal of Persistent Systems Ltd., one of the leading outsourced software product development companiesy with a turnover of about US$ 105 Mn. and 4,000+ employees. Mr. Sadhale has more than twelve years of hands-on experience in Corporate Secretarial, Corporate Governance, Corporate Legal matters and Management Accounting, with exposure to Finance and Treasury functions with reputed Indian and Multinational organizations. His expertise spreads over numerous fields including top tier venture capital and private equity funding, M&A/takeovers, joint venture agreements and preparation for Initial Public Offer. He has contributed significantly in establishing domestic/overseas offices and companies, designing Employee Stock Option schemes, negotiating foreign currency loans, dealing with IPR-related issues and international commercial contracts. Mr. Sadhale has a flair for teaching and writing, and has contributed various articles in leading professional journals, newspapers and souvenirs published at national and international conventions. He is also a visiting faculty at various business schools, professional institutes and law colleges. He is an elected member to of the Managing Committee of Western India Regional Council of Institute of Company Secretaries of India (ICSI) for 2007-2010. He was earlier part of the Managing Committee of Pune Chapter of ICSI for 2004-06. He is also a founder member of Pune Chapter of Technology Law Forum – an initiative of NASSCOM. Mr. Sadhale is a recipient of "Suryadatta IT Excellence Award" in the category of Best CFO / Company Secretary for the year 2005. A Commerce and Law graduate, he completed his Chartered Secretaryship from in the UK, and is a Company Secretary and Cost and Works Accountant from India. Mr. Sadhale has a the distinction of passing all professional exams in first attempt time and qualified as a cost accountant along with B.Com.

Vikas Agarwal

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Mr. Vikas Agarwal (vikas_agarwal@persistent.co.in) works with a leading software company, Persistent Systems Limited as Deputy Manager – Secretarial handling corporate secretarial matters. He has more than seven years’ experience in corporate secretarial, corporate governance, corporate laws with specifically relating to mergers, preparation for the Initial Public Offer, setting up of domestic / overseas companies and branch offices, drafting of ESOP Schemes, formation of export oriented undertakings, STPI unit, special economic zone unit and managing IPR related issues. Mr. Agarwal is the faculty for various training programs conducted by the Pune Chapter of the Institute of Company Secretaries of India (ICSI). He is also a visiting faculty at Law College in for company law. Mr. Agarwal is an elected member of the Managing Committee of Pune Chapter of Western India Regional Council (WIRC) of ICSI for the term 2007-2010 and presently holds the position of Treasurer at Pune Chapter. He is the Chairman of the IT Committee of the Pune Chapter and a member of the IT Committee of WIRC of ICSI. Mr. Agarwal has authored articles in premier professional journals like Chartered Secretary, SEBI and Corporate Laws, Focus, Chartered Accountants Today, Chartered Accountants Professional Journal, Sanhita and various leading newspapers like Economic Times, Times of India, Indian Express, etc. He has jointly won the Best Article award for four consecutive years for the articles published in Sanhita, monthly publication of the Pune Chapter of ICSI. Mr. Agarwal is a qualified Company Secretary and a Commerce Post-Graduate.

Persistent Systems Limited

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Established in 1990 as the first Company in STPI, Pune, Persistent Systems, a US$ 100 Mn. Company, is the preferred innovation partner for the world's largest software product development companies. A profitable company since its inception, Persistent Systems received funding from Norwest Venture Partners and Gabriel Venture Partners in 2005.

India Corporate Governance IT January 2009 Vol. 2, No. 6, Winter 2009
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