This paper reviews the existing codes of Corporate Governance (CG) in India. It analyzes the CG structures and practices in HDFC bank by using a case study methodology. It uses both primary and secondary data for analyzing the adaptability of CG codes in the Indian context. The primary data regarding the extent of CG practices and reporting in HDFC bank were collected from various towns of Orissa and the secondary data were collected through various published and unpublished reports and websites. The paper reveals that India has a good CG mechanism and disclosure practices on par with world counterparts.

In India, Corporate Governance (CG) has assumed importance mainly in the wake of economic liberalization, and deregulation of industry and business. An unbridled pursuit of profit paves the way for unmitigated disaster. Hence, as a guiding principle, it has been prescribed in the Upanishads to `enjoy with restraint and renunciation'. While planning for tomorrow and grooming the future trade leaders, spiritualism and values need to be inculcated in them. The manipulations and financial fraud done by Ramalingam Raju, proved disastrous for the software giant Satyam, the investors, employees, stakeholders and above all the goodwill of the nation. Price Water Coopers, the audit firm was also involved in this fly-by-night deal and produced a doctored balancesheet to suit the dark designs of Raju. So, good CG is a necessity in the present corporate world to build the confidence of the stakeholder, employees, and interested groups of people. This paper primarily focuses on the codes of CG in emerging economies, which is a driving force for corporate performance and overall economic prosperity. Particularly, in case of India, it is most important because India is one of the fast growing economies of the world. The corporate sector in India remains changing and moving ahead as per the developments that are taking place in other counterparts and developed economies like the US, the UK and other parts of the corporate world. The infamous collapse of Enron in 2001, one of the America's largest and celebrated companies, has turned the international attention on corporate frauds and the role that a strong CG needs to play to prevent the frauds to happen (Solomon, 2007). The US enacted the Sarbanes Oxley Act (2002) in response, while the UK responded by producing the Higgs Report (2003) and Smith Report (2003). In India, the CG movement gathered momentum after the publication of the report of Confederation of Indian Industry (CII) on desirable code of CG in 1997. The amount of research carried out in CG in the context of India lacks research evidences to make effective comparisons with its counterparts as well as developed economies to strengthen the governance codes and good mechanism. It is imperative to generate research literature on this subject. Therefore, this paper tries to analyze the code of CG and its effectiveness in the context of India by using a case study method.

Corporate Governance Journal, Corporate Governance, CG, Economic Liberalization, Corporate World, Confederation of Indian Industry, CII, Corporate Sector, Asian Financial Crisis, Indian CG Systems, Industrial Organizations, Business Organizations, Exchanges Board of India, SEBI, Banking Sector, Medium-Sized Enterprises, SMEs, Business Corporations, Corporate Governance Structure, Management Committee.