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This refers to the editorial “Whither Corporate Governance” (Business Line, December 18).There is a strong tendency for large corporates to take investors for granted and the case of Satyam’s proposed buyout of two companies owned by the promoters’ family, dealt with in the editorial, is one such. The company should have taken the views of the shareholders through an EGM even before entering into the proposal.

The editorial rightly pointed out what the role of independent directors should be and the fact that in this case, the directors failed to protect shareholders’ interests. It is significant that the Ministry of Company Affairs has taken note of the matter and proposed a probe.

T. R. Anandan e-mail

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