Evaluating Boards of Directors
of Public-Sector Companies in India:
An Empirical Study of India’s
Navratna Companies
The Navratna companies are a group of Indian
public-sector enterprises to which the Indian gov-
ernment has given a measure of financial and
operational autonomy that allows them to make
investments without the need to seek government
approval. Evaluations of the operation of the board
of directors of the Navratna companies are, at times,
complex and confidential. This can make study-
ing, analyzing, and evaluating them a difficult task.
This research is based on a survey of the board
of directors in nine Navratna companies: Oil and
Natural Gas Corporation (ONGC), National Ther-
mal Power Corporation (NTPC), Steel Authority
of India Limited (SAIL), Indian Oil Corporation
(IOC), Hindustan Petroleum Corporation Limited
(HPCL), Bharat Petroleum Corporation Limited
(BPCL), Gas Authority of India Limited (GAIL),
Mahanagar Telephone Nigam Limited (MTNL),
and Bharat Heavy Electricals Limited (BHEL). The
results of our survey provide the basis for the eval-
uation of the operation of the board of directors
of Navratna companies. They also indicate that the
board of directors should not involve itself in the
day-to-day functioning of the organization and that
governance of such companies involves more than
simply ensuring returns in the short term. © 2011
Wiley Periodicals, Inc.
No business can be better than its top management
is, have broader vision than its top people have,
or perform better than they do. A business needs a
central governing body and a body for review and
appraisal. In practice, the board of directors fulfills
Global Business and Organizational Excellence • DOI: 10.1002/joe.20377 • March/April 2011
S. L. GUPTA,
B. S. HOTHI,
AND ABHISHEK GUPTA
both of these tasks. Therefore, the selection process
followed for identifying directors becomes an impor-
tant area for study. Corporate governance involves
the dual responsibility of fulfilling both internal or-
ganizational and societal needs. It is important for
the board of directors to ensure that the team of se-
nior managers has the qualities required to shoulder
the responsibilities placed on them. The board of
directors’ role consists of two levels: one relates to
setting mission objectives and policy formulation,
whereas the second-level functions include moni-
toring management, and reviewing and controlling
their activities from time to time.
The board of directors consists of three kinds of
directors: the executive directors or functional di-
rectors responsible for the actual functioning of an
organization, the executive directors who represent
majority shareholders, and the nonexecutive direc-
tors who are independent. The chairman of the
board may be executive or nonexecutive. In our sur-
vey, all the public-sector companies had an executive
chairman.
In Navratna companies, the Public Enterprises Sec-
tion Board has the role of ensuring that the govern-
ment ministry associated with a particular industry
is not allowed to make arbitrary decisions. Govern-
ment directors, referred to as part-time official direc-
tors, are appointed by the administrative ministries.
Usually there are two part-time official directors—a
representative of the administrative ministry and a
financial advisor from that ministry. These directors
c 2011 Wiley Periodicals, Inc.
Published online in Wiley Online Library (wileyonlinelibrary.com)
41
 provide a link or liaison between the enterprise and Exhibit 1. Interviewees and Their Companies
the ministry. Public-Sector Enterprises in
Which Such Functional
The Confederation of Indian Industries’ (CII’s) Functions Directors Exist Among
code on corporate governance and the more recent of Directors Nine PSEs Surveyed
recommendations of the Securities and Exchange Chairman and All companies other
Board of India (SEBI) based on the Kumar Man- Managing Director other than SAIL
Chairman SAIL
galam Birla Committee report on corporate gover-
Managing Director SAIL
nance are important landmarks in this field in our Director (Commercial) SAIL, NTPC
country. The SEBI committee recommends that all Director (Drilling) ONGC
listed companies in India should have a combina- Director (Eng. Res. Dev.) BHEL
tion of executive and nonexecutive directors, with Director (Exploration) ONGC
Director (Finance) All companies
not less than 50 percent of the board composed of
Director (HR) All companies
nonexecutive directors. The number of independent Director (Ind. Sys. Products) BHEL
directors would depend on the nature of the chair- Director (Marketing) HPCL, BPCL
man of the board. If a company has a nonexecutive Director (Operations) ONGC, SAIL, NTPC
chairman, at least one-third of the board should be Director (Planning) GAIL, SAIL
composed of independent directors, and if a com- Director (Power) BHEL
Director (Projects) GAIL, SAIL, NTPC
pany has an executive chairman, at least half of the
Director (R&D) SAIL
board should be independent. This is a mandatory Director (Refiners) HPCL, BPCL
recommendation for all the listed companies, and Director (Technical) ONGC, NTPC
these companies must indicate their compliance with
these recommendations on corporate governance in
their annual report. Limited (HPCL) had a director of operations, a refin-
ery director, and a director of marketing. Steel Au-
Following the publication of the Cadbury report in thority of India Limited (SAIL) had four managing
the United Kingdom in 1992 and the 1999 Blue directors for its four different plants and functional
Ribbon Committee on Improving the Effectiveness directors in finance, projects, commercial, research
of Corporate Audit Committees in the U.S., the and development, and operations.
role of nonexecutive directors, and especially that
of the independent directors, has come into promi- We note that while public-sector enterprises have
nence. However, the role of nonexecutive official executive directors and directors specializing in par-
and nonofficial directors in Navratna companies has ticular functional areas, private companies tend to
not been the focus of much interest. have general directors, and their specialized require-
ments are met by the senior managers who may also
On the boards of directors of the companies we sur- be designated as vice president or president in a par-
veyed, there were finance directors and personnel ticular area of operation.
directors, along with chairmen and managing direc-
tors. There were also some technical directors and, The Selection Process of Boards of Directors
depending on the business that the company is in, in Navratna Companies
a range of other specialist directors (see Exhibit 1). Navratna companies are public-sector enterprises
For example, the Oil and Natural Gas Corporation (PSEs) set up under the Companies Act, with the
(ONGC) had a director of exploration and a director president of India as a major shareholder. In some
of production. Hindustan Petroleum Corporation cases, the PSE’s shares have been partially divested;

42 March/April 2011 DOI: 10.1002/joe Global Business and Organizational Excellence

however, the Government of India remains as the
majority shareholder and continues to play a role in
the formation of the board of directors. Although
the shortlist of potential directors is based on the
recommendations of the Public Enterprises Section
Board (PESB), which works in conjunction with the
relevant ministry to screen possible candidates and
forward these nominations for the approval of the
Appointments Committee of the Cabinet (ACC), the
final approval of a candidate can only be given by
the president of India.
The process of shortlisting and screening candidates
for membership of the board of directors of Navratna
companies is done by the PESB in coordination with
the administrative ministry who create a list of po-
tential candidates.
The Selection Process for Directors
The process of shortlisting and screening candi-
dates for membership of the board of directors of
Navratna companies is done by the PESB in coordi-
nation with the administrative ministry who create
a list of potential candidates. The PESB takes into
account descriptions of the performance in an in-
terview and the record of accomplishment of the
candidates, which is held in the form of confidential
reports. If candidates are selected, a confidential in-
vestigation is carried out by the government before
their appointment. Because of the time taken by the
administrative ministry in obtaining clearance from
the Central Vigilance Commission (CVC), the PESB
informs the CVC of the candidates’ names while
simultaneously forwarding the names to the appro-
priate administrative ministry. Thus, the CVC can
take its time in conveying vigilance clearance while
the administrative ministry can complete the pro-
cess for obtaining approval from the Appointments
Committee of the Cabinet and the president. Once
all the approvals are obtained, subject to CVC clear-
ance, the appointment can be made.
Global Business and Organizational Excellence DOI: 10.1002/joe
The Selection Process for Nonexecutive Directors
The importance of having some independent mem-
bers on the public-sector board of directors is ac-
knowledged for ensuring objective, professional,
and balanced board of directors deliberations. How-
ever, some functional directors in our survey felt that
having 50 percent nonexecutive directors could lead
to confusion in board of directors meetings, as these
outside directors would not have much idea about
the functional aspects of the organization. However,
the nonexecutive directors included in our study
agreed with the view of provisions of the CII code
and SEBI guidelines relating to the appointment of
nonexecutive directors.
The Selection Process for Government Nominees
The selection of the official part-time directors is
made by the associated ministry based on their offi-
cial involvement in that company’s affairs. These di-
rectors are normally a joint secretary in the ministry
that handles that company’s business and maybe a
financial advisor to that ministry. These directors
represent the Indian government on the board and,
hence, it is essential that they have some knowledge
of the company and the government’s stand on var-
ious issues so that they may act as a link between
the Indian government and the company. The opin-
ion that was expressed in our survey was that to
maintain the board’s prestige and taking into con-
sideration the level of maturity required in these of-
ficial part-time directors, they should be at least of
the level of a joint secretary and not, as happens in
some cases, a deputy secretary. The opinion was that
a director on a PSE board is equivalent to a joint
secretary of the Government of India and a chair-
man and managing director is equal to an additional
secretary.
Some Weakness in the Selection Process
Delays in the Selection Process
The process of selection of the functional directors
of the PSE has been streamlined and improved. Still,
March/April 2011 43
 the board members of the Navratna PSE surveyed
did not find the process very satisfactory. The need
for a rational and logical process and a fair and
timely selection exercise was emphasized by every-
one. There is a very long time between the issue
of a circular indicating a vacancy and the issue of
an actual appointment letter. There have been cases
where the selection process began six months before
the post became vacant but the appointment letter
was not issued after the post holder had retired.
It was observed in our survey that technical and re-
lated qualifications were present, but some members
of the board of directors felt that some colleagues
were underqualified in certain disciplines and that
this led to problems with some organizational and
operational issues.
The Relevance of Qualifications
Qualifications are an important consideration in
board-level selections. It is assumed that a qualified
person will not only be able to take sound decisions,
but will also command the respect of subordinates.
It is normal to give more regard to a person who is
qualified, because we see them as expert in their area,
assume that they will be more rational and analyti-
cal in their approach, and will be capable of taking
better decisions. Thus, qualifications are given due
regard in the appointment to a PSE board of direc-
tors. However, there is also a need for generalists
with proven leadership skills and business acumen.
It was observed in our survey that technical and re-
lated qualifications were present, but some members
of the board of directors felt that some colleagues
were underqualified in certain disciplines and that
this led to problems with some organizational and
operational issues.
Tenure and Age
The term of the board of directors should be at
least five years. This is essential to provide long-
term stability and continuity in board functioning
44 March/April 2011 DOI: 10.1002/joe
and strategy formulation and its implementation
and monitoring. In the private sector, the board
term is for a fixed period, but there is a general
agreement that they should be allowed to continue
to serve subject to their maintaining an acceptable
level of performance. However, in the public sector,
the decision for continuance of a board of directors
member at a particular level is taken based on a pre-
scribed procedure. Here the maximum term is five
years for functional directors or up to the time of
retirement, whichever is earlier.
The Role of the Board of Directors
Corporate governance in Navratna companies
involves a dual responsibility of meeting internal or-
ganizational goals and fulfilling societal needs. Or-
ganizational goals refer to the requirements for the
company’s growth and development, whereas the
societal needs are social objectives and correspond
to the responsibilities of the organization toward
society in general, without regard to any returns in
terms of the organization’s internal goals. The role
of the board of directors is to supervise management
actions and identify any lapse in compliance with le-
gal or constitutional responsibilities; should they fail
to do so, they will be held to be accountable for that
lapse.
The Business-Related Roles of the Board
of Directors
The role of the board of directors has long been
a popular subject of business and academic dis-
cussions. Literature on boards of directors suggests
that the board of directors has three primary roles:
(1) building corporate strategy, (2) monitoring and
controlling senior management, and (3) advising and
counseling senior management.
Building Corporate Strategy
The Companies Act of 1956 does not specify the role
of the Board, nor do any other codes. However, it
is accepted that the board of directors is responsible
for the macro governance of the organization. The
Global Business and Organizational Excellence
board of directors decides what the company vision
and mission will be (i.e., what business the company
will be in and what direction it will take in that par-
ticular sphere). Once these have been decided, the
board of directors formulates corporate objectives,
targets, and long-term strategies to achieve these.
However, in this effort it must ensure cost-efficient
operations. Here the idea is to ensure that the re-
sources are utilized to the maximum so that investors
get full return for their investment. In this process,
the role of the board of directors is to ensure the
balancing of the interests of the shareholders with
those of the creditors, employees, customers, sup-
pliers, government, and the community in general.
However, the primary responsibility of the board is
perceived to be that of trustees to the shareholders
who have invested money in the company and made
the board of directors responsible for ensuring the
maximum return on their investment.
Monitoring and Controlling Senior Management
Overseeing and evaluating executive management is
one activity for which the board of directors is re-
sponsible. The board of directors is the supervisory
body, which sets the direction for the functioning
of the organization. The organization of the inter-
nal operational affairs of the company is normally
handled by the unit heads and their team of senior
managers who maneuver the organization through
different activities and phases. Thus, it is the respon-
sibility of unit heads and senior managers to imple-
ment the board’s vision; it is important therefore
that the board of directors ensures that these man-
agers understand what the board expects of them.
It is the responsibility of unit heads and senior man-
agers to implement the board’s vision; it is important
therefore that the board of directors ensures that
these managers understand what the board expects
of them.
Removing members of senior management who do
not perform is an important role for the board of
Global Business and Organizational Excellence DOI: 10.1002/joe
directors. For this, the constant assessment of the
functioning and performance of senior managers is
essential. All the functional directors of the compa-
nies in our survey stated that removal of nonper-
forming employees was not simple. Such employees
were frequently sidelined or transferred in the hope
that they might opt for one of the voluntary retire-
ment schemes offered by these organizations. How-
ever, this often did not work, as these employees did
not want to lose the privileges and security of their
job, and often decided to stay on regardless.
Advising and Counseling Senior Management
The board of directors is also responsible for over-
seeing, on a periodic basis, the measures to assess
performance against promise. The board of direc-
tors must monitor the managers who take care of
operational affairs, but not so often that it becomes
an unproductive and time-wasting exercise.
The Society-Related Roles of the Board
of Directors
Corporate Compliance With Relevant Laws
The board of directors must ensure that the com-
pany’s business is carried on in a manner that is
in keeping with the relevant legal and constitu-
tional provisions. The company’s interest cannot be
placed above these legal and other mandatory re-
quirements, as in the long term this would damage
the company’s image.
Ethical Behavior on the Part of the Management
The company board of directors must abide by
ethical standards of conducting business; at times,
short-term gains may have to be sacrificed, but the
companies in our survey stressed the belief that long-
term stability could be achieved by running a busi-
ness in an ethical way. The boards of directors of
the companies in our survey have made propos-
als for increasing plant cover, providing educational
opportunities to the disadvantaged, spreading liter-
acy, and improving community health and hygiene.
For example, ONGC has successfully implemented
March/April 2011 45
 a project for the electrification of an island village,
called Amala, off the Mumbai coast. Thus, the board
of directors must also act as responsible corporate
citizens.
Additional Responsibilities
Succession Planning
The board of directors must periodically review suc-
cession and management development plans for its
human resources. After all, its human resources are
the biggest asset of an organization, and a dedicated
workforce ensures that the company has a competi-
tive edge over its rivals. Therefore, it is essential that
this resource be put to the best possible use. The
right people should get the relevant job exposure
and training, and opportunities for growth and de-
velopment, so that they form a dedicated workforce
and work toward achieving company goals.
The right people should get the relevant job exposure
and training, and opportunities for growth and de-
velopment, so that they form a dedicated workforce
and work toward achieving company goals.
Information Flow
The board of directors’ vision, processes, and plans
are communicated down the line. Information flow
is as relevant here as it is in any other area of
business, and so it is important that the board of
directors’ decisions and the procedure for imple-
menting them should be made clear at the grass-
roots level to ensure clarity regarding the company’s
functioning and plans. Not only is downward flow
of information important, but an upward flow of
information is also desirable, so that the board of
directors is aware of what is happening at different
levels in the organization.
The Role of Nonexecutive Directors
Nonexecutive directors provide a wider and more
mature perspective to the board’s deliberations. The
46 March/April 2011 DOI: 10.1002/joe
most usual view is that nonexecutive directors will
be influential and listened to, although they may not
actually institute policy.
The role of nonexecutive directors may include:
r seeing issues in totality,
r giving the external view,
r providing an independent view where a potential
conflict of interest arises,
r providing special skills, and
r advising on the public presentation of the com-
pany’s activities and performance.
The Role of the Part-Time Official Directors
or Government Nominees
The role of the part-time official directors is to act as
a link between the company and the ministry under
which it comes. They play a dual role in represent-
ing the government interest on the board of directors
and presenting the organization’s decisions or views
to the government. However, in the companies in
our survey, the role of the part-time official direc-
tors was often seen as one-sided, as they seemed to
consider their role to be that of a watchdog. Never-
theless, quite a few board of directors members also
held the view that the role of the government direc-
tor was more positive than negative, that the real
difficulties of a public-sector enterprise were to do
with the bureaucratic machinery of the ministries,
and that the government directors played a useful
mediating role in dealing with that.
An Evaluation of the Performance of the Board
of Directors in Navratna Companies
Evaluation is not an audit procedure, which is pri-
marily concerned with financial accounting and con-
trol; the evaluation of performance is a process of
measurement. What is measured should be based
upon the use to which the results will be put. The
evaluation of Navratna boards of directors is to en-
able us to know how the board of directors as a
Global Business and Organizational Excellence
collective entity is performing and what contribu-
tion it is making toward fulfillment of the objectives
of the organization. Only when this performance
is evaluated properly can action be taken for its
improvement.
The evaluation of Navratna boards of directors is to
enable us to know how the board of directors as a
collective entity is performing and what contribution
it is making toward fulfillment of the objectives of
the organization.
In our study, we viewed the board as a team of
knowledge workers. To do its job, the board needs
the same resources and capabilities as any other suc-
cessful team of knowledge workers. Such groups
need
r knowledge,
r information,
r power,
r motivation, and
r time.
Knowledge
The combined knowledge and experience of the
board members must match the strategic demands
facing the company. A performance evaluation that
systematically assesses boardroom expertise and
identifies current and future gaps is therefore crit-
ical to assuring that the board maintains the right
mix of knowledge. It is also essential that directors
have some idea of accounting and financial princi-
ples and company law so that useful discussions on
these subjects may be undertaken.
Information
To be effective, a board needs a broad range of in-
formation about the condition of its corporation.
The board of directors has to satisfy various stake-
Global Business and Organizational Excellence
holders and demands from a broad range of sources
such as outside stakeholders, customers, employees,
and the directors themselves. If the board of direc-
tors makes decisions based on incorrect data, it will
not be effective in achieving its objectives. Outside
data is particularly useful when assessing a board’s
performance relative to that of its competitors. Insti-
tutional investors, market analysts, regulatory bod-
ies, the press, academic journals, and government
agencies are all potential sources of outside
information.
Power
An effective board needs the authority to act as a
governing body and to make key decisions, but it
also needs the power to ensure that senior man-
agement accepts and implements its decisions. The
board of directors’ independence adds to its power.
A board’s power is a function of the backgrounds
of its members and the way they are chosen. It is
crucial, therefore, that a committee of independent
directors and not the CEO oversees the process of
selecting new directors.
Motivation
The board of directors will be motivated to function
in the interest of the organization’s objectives if it
feels that its actions and decisions will be suitably
rewarded. Private-sector enterprises give stock op-
tions or performance-related incentives to encour-
age boards of directors to perform. The methods
of remuneration and motivation must also be taken
into account when evaluating the performance of
the board.
Time
To make effective decisions, directors need time
to work together as a group. Evaluations should
note whether the frequency of meetings is adequate,
whether there is sufficient time available to prepare
for meetings and to deliberate on important deci-
sions, and whether time spent in meetings is used
DOI: 10.1002/joe March/April 2011 47
 efficiently. It is also important that levels of atten-
dance are good and, as recommended by the CII,
directors’ attendance records should be considered
in deciding upon reappointment.
Recommendations for the Operation of Board
of Directors of Navratna Companies
The Evaluation of Performance
Evaluation is particularly difficult for boards of
directors because it requires members to make de-
cisions about themselves. The parameters for evalu-
ation must be established by a board of directors
committee, and a corporate governance commit-
tee should be there to look into the evaluation of
the corporate governance practices based on pre-
scribed parameters. The effectiveness of the evalua-
tion very much depends on how the board structures
the evaluation process. It should consist of three
phases:
The parameters for evaluation must be established
by a board of directors committee, and a corporate
governance committee should be there to look into
the evaluation of the corporate governance practices
based on prescribed parameters.
r The first involves setting the annual objectives
for the board at the beginning of the fiscal year.
r This is picked up again at the end of the year,
when, in the second phase, the Board’s secretary
collects and disseminates information about the
Board’s activities.
r In the third phase, board members judge how
close they came to meeting their objectives while
also examining the adequacy of the resources
available to them over the year.
The Role of Directors
An ideal role for the modern company board is to
create a self-driven, self-assessed, and self-regulated
48 March/April 2011 DOI: 10.1002/joe
organization. For this, all the members of the board
of directors need to contribute:
r to set and monitor tough but achievable financial
targets, including, for example, profitability, cash
flow, return on capital, dividend policy, gearing
retention, and so on;
r to outline the corporate vision for a decade ahead
and to ensure that it takes account of both
strengths and weaknesses as well as the needs of
the environment;
r to make the senior appointments and plan care-
fully for succession management and career pro-
gression; and
r to act as the custodian of the corporate image
and to nurture key relationships with the media,
the institutions, employees, unions, government,
and shareholders (i.e., take care of the external
environment as well).
The Role of Nonexecutive Directors
The purpose of appointing nonexecutive directors
is to provide the board with knowledge, expertise,
judgment, and balance, which may not be avail-
able if the board consists only of executive directors.
Coming to the ideal role of nonexecutive directors,
we may specify that:
r They can increase the element of independence
and objectivity in board decision making.
r They take a detached look at the company’s
functioning and its medium-run and long-term
policies.
r They should provide independent supervision of
the company’s management.
The Role of Part-Time Official or Government
The government directors must identify themselves
with the objectives and goals of the enterprise and
engage in joint thinking on equal terms with their fel-
low directors. They should be able to contribute to
the decision-making process by virtue of the knowl-
edge and experience they possess, their awareness
of trends and developments in the economy outside
Global Business and Organizational Excellence
the parameters of the operation of the enterprise it-
self, and in other similar ways. While doing this, the
government director should be careful not to try to
put himself on a higher pedestal than his colleagues
on the board of directors or to appear to speak from
a position of superior authority. The government
director, for his part, should identify himself with
the objectives and goals of the enterprise, engage in
joint thinking on equal terms with his fellow direc-
tors, and not assume a superior status. While playing
partly a representative role on behalf of the govern-
ment on the board, he should not reserve his position
on matters before the board but should try to join
the board consensus. In subsequent examinations of
the board’s proposals to the government, his role
should be that of an elucidator; he should try not to
sit in judgment on the decisions of the board.
Conclusions
Our survey covered the boards of directors of nine
Navratna companies and shows that the evaluation
of the performance of boards of directors in such
companies is, at times, a difficult and complex task
that involves both the performance of the company
as a business and the fulfillment of its wider social
obligations. We believe that the results of our
survey and the information contained in this article
will be of use to others who wish to evaluate the
performance of boards of directors of public-sector
companies in India and the performance of boards
of directors of Navratna companies in particular.
Further information on the issue of corporate
governance in Indian companies can be found in
the list of additional resources provided at the end
of this article.
Global Business and Organizational Excellence DOI: 10.1002/joe
Additional Resources
Martin, D. (2009). Corporate governance: Practical guidance
on accountability requirements. New Delhi: Viva Books.
Monks, R. A. G., & Monow, N. (2008). Corporate gover-
nance. New Delhi: Wiley India.
Rath, A. K. (2010). Towards better corporate governance—
Independent directors in the boardroom. New Delhi: Excel
Books.
Sharma, S. U. (2009). Corporate governance in India. New
Delhi: New Century.
Signe, M. S., Tharums, R., Sheetharaman, M., & Gaurav,
L. (2008). The Indian CEOs: Competencies for success. Keys
to outstanding Indian corporate leadership. VISION—The
Journal of Business Perspective, 12(1), 1–10.
S. L. Gupta is presently working as a professor and coordina-
tor of academics and doctoral research at the Birla Institute
of Technology in Noida, India. He has around 20 years of
experience in the field of teaching, training, consultancy, and
research. He is an editorial board member of MAG Schol-
ars Journal and an active member of the American Market-
ing Association (AMA), All India Management Association
(AIMA), Indian Commerce Association (ICA), AIMS Inter-
national, and ICMA. B. S. Hothi is the director of the Institu-
tion of Management Education (IME) in Ghaziabad, India.
He has over 25 years of experience in academia and industry.
Prior to IME, he was professor and director of the Jaipuria
Institute of Management Studies in Ghaziabad and chairman
and managing director of Modinagar. He has been trained in
strategy areas at the Indian Institute of Management Calcutta
and has authored a book on strategy. Abhishek Gupta is a
research scholar at Singhania University in Rajasthan, India.
He is presently working in the finance and accounts depart-
ment of the Management Development Institute (MDI) in
Gurgaon, India. He has around 10 years of work experience
in the fields of finance, accounts, audits, and income tax. He
is pursuing a PhD in management from Singhania University.
March/April 2011 49
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