In 1958, more than a decade after the departure of British rulers, the Tata Group had nine agencies managing 60 companies. Yet, the vestiges of the old system continue to thrive in a new tyrannical avatar: the company promoter. In India, though, both the Companies Act and the securities law define promoters — who are typically founders — very specifically. The promoter isn’t substantially different.Take Subhash Chandra , the media mogul who brought satellite television to India in the early 1990s. Managing agencies, too, worked with the government of the day.

Source: Economic Times February 05, 2024 19:24 UTC