Corporate Governance and Corporate Accountability: A Doctrinal Study

Avirineni Venkata Subrahmanyam; V. Vijay Lakshmi; Petikam Sailaja; Kandula Veerabrahmam; K Rajesh Kumar

Corporate Governance and Corporate Accountability: A Doctrinal Study

Author(s)	Mr. Avirineni Venkata Subrahmanyam, Prof. Dr. V. Vijay Lakshmi, Prof. Dr. Petikam Sailaja, Dr. Kandula Veerabrahmam, Dr. K Rajesh Kumar
Country	India
Abstract	Corporate governance and corporate accountability are twin pillars of the modern corporate legal order. While corporate governance addresses the internal architecture of direction and control—encompassing the board of directors, management structures, shareholder rights, and stakeholder relations—corporate accountability reaches outward to ask: to whom does the corporation answer, and through what legal, regulatory, and institutional mechanisms is that answerability enforced? In India, the doctrinal study of corporate governance and accountability occupies a uniquely rich terrain, shaped by the intersection of company law, securities regulation, constitutional jurisprudence, insolvency law, criminal corporate fraud doctrine, and an expanding jurisprudence of environmental and social corporate responsibility. This paper undertakes a rigorous doctrinal analysis of the legal foundations, evolving norms, and institutional mechanisms of corporate governance and accountability in India. It traces the doctrinal evolution from the contractarian and Diceyan traditions underlying early company law through the stakeholder and stewardship theories that animate contemporary governance frameworks. It analyses the Companies Act, 2013, the SEBI regulatory architecture, the Insolvency and Bankruptcy Code, 2016, and the emerging doctrine of corporate criminal liability, examining how each contributes to a coherent—or in some cases incoherent—legal framework of corporate accountability. The paper critically engages with landmark judicial pronouncements from the Supreme Court of India, the National Company Law Tribunal and Appellate Tribunal, and the High Courts, identifying the doctrinal principles and tensions that define India's corporate accountability jurisprudence. It concludes with a doctrinal critique of the framework's gaps and a set of reform proposals grounded in the internal logic of the law.
Keywords	Corporate Governance, Corporate Accountability, Directors' Duties, Minority Shareholder Rights, Corporate Criminal Liability
Field	Sociology > Administration / Law / Management
Published In	Volume 8, Issue 3, May-June 2026
Published On	2026-06-14

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Corporate Governance and Corporate Accountability: A Doctrinal Study

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