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Synopsis Corporate Governance, a phrase that not long ago meant little to all, but a handful of scholars and stakeholders has now taken center-stage across boardrooms around the world. Corporate governance deals with laws, procedures, practices and rules that determine a Company's ability to take managerial decisions vis-à-vis its claimants -in particular, its shareholders, creditors, customers, state and employees. The ultimate objective of corporate governance is to maximize long-term shareholder value. Increasing size of the firms, increased role of financial intermediaries and institutional investors in fund raising, increased complexities in the process of capital allocation, increased vulnerability of companies to market forces due to intensified competition and finally the most important -increased awareness among the stakeholders has led to greater levels of accountability and responsibility and have become the underlying reasons for increased attention to corporate governance in India. The current corporate governance assessment for India has found that over the last few years a series of regulatory and legal reforms have transformed the Indian corporate governance framework and improved the levels of accountability and responsibility of insiders, fairness in the treatment of minority shareholders, Board practices and transparency. However enforcement and implementation of law ad regulation remain important challenges. Corporations need to be transformed into a corporate community with self-regulation rather than external control. Corporation must pledge to honour their obligation to society by becoming economic, instinctual and social assets to teach nation and community in which they operate.