Indian Journal of Law and Justice, Vol. 15, No. 01

Permanent URI for this collectionhttps://ir.nbu.ac.in/handle/123456789/5236

EDITORIAL NOTE

Season’s Greetings!

I am glad to announce the publication of the Vol. 15 No. 01 issue of the Indian Journal of Law and Justice. The Indian Journal of Law and Justice has come a long way in the last one decade from being a national law journal to being an internationally acclaimed journal and from being a mere print version to having a website of its own, namely ijlj.nbu.ac.in. Along with being enlisted by the UGC CARE, the journal is proudly indexed with the esteemed SCOPUS along with the HeinOnline and EBSCO. Innumerable scholars, academicians and professionals from the field of law as well as other social sciences sector have been relying on this journal for their scholarly publications and have played a pivotal role in their early career success. I along with my highly efficient editorial team pledge to building on the legacy of this journal. We are making an endeavour for online submissions of articles and research papers to improve and expedite peer review. We, as a team, shall continue to remain committed to making it a forum that welcomes scholarship from a diverse and global group of authors, whose ideas are at the cutting edge of law and policy research.

Keeping the trend of the Indian Journal of Law and Justice, authors across the globe have contributed on varied topical matters and raised relevant and pressing questions in their papers to enrich the journal. The current issue highlights on the importance and application of technology and Artificial Intelligence (AI) vis-à-vis legal framework, deepfakes, space laws and environmental issues, rape laws, animal rights, corporate governance, gender issues including LGBTQ rights, mediation and Indian business start- ups.

Apart from the above long articles, two commentaries and a book review in the current issue.

I thank all contributors for their submissions to this edition and their cooperation with the editorial team during the production phase. I express my gratitude again to the entire Editorial Team whose commitment and perseverance made this publication possible

Suggestions and opinions for the improvement of the journal are solicited.

With Best Wishes

Prof. (Dr.) Rathin Bandhopadhyay
Chief Editor

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Subject: search.filters.subject.Independent directors’ resignations

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    The Trilemma of Indian Independent Directors: Concerns and Directions for Reform
    (University of North Bengal, 2024-03) Bansal, Sakshat; Rajkumar, Janhavi
    Independent Directors (IDs) have long been hailed as the ‘monitors’ of India Inc. As the Covid-19 pandemic brought about an unprecedented environment of uncertainty, the risk of unethical conduct on corporate boards also increased manifold. During these times, the monitoring role of IDs gained even more significance. However, studies show that in the year 2020, there was a 45 per cent increase in the rate of resignations by IDs from companies listed on the National Stock Exchange (NSE) as compared to 2019 and an 80 per cent increase when compared to the rate of resignations in 2018. Why are IDs abandoning India Inc.? Is India heading towards another corporate governance crisis? Can the amendments have introduced by the Indian Ministry of Corporate Affairs in 2021 resolve this impending crisis? This paper aims to tackle these questions by analysing the reasons behind this alarming rate of resignations, studying the effects of the same on the share market and discussing a way forward. To do so, this paper examines whether this impending crisis is a result of (1) the gaps in the legislative drafting for the protection of IDs; (2) negative corporate attitude towards ID; (3) or both. The article also undertakes empirical legal research by analysing the fluctuation in share prices of the top 50 companies in India listed on the NSE (by market capitalisation) in response to the announcement of their IDs’ resignation. In doing so, we study the nexus between IDs’ resignation, the reasons thereof, the fluctuation in share price, and trading volume. In the third section, it examines the avenues for averting this crisis of resignation by IDs. The findings of this study indicate that there is a pressing need to revaluate the legal position of IDs in India Inc. Finally, it highlights the avenues for averting this crisis.