Lack of adequate governance of Indian corporates has been cited in the popular press, academic debates, and some committee reports as one of the primary reasons for underperformance of companies and the growing apathy of the investors in corporate financing. Over the decade it has been observed that such kind of scandals have the common feature of misbehavior, wrongdoings in their financial appraisals and misleading array of projected liabilities and contingencies that occurred as governance failures not only in a few companies rather, they were often industry-wide, nation-wide or even world-wide. Such a fact have alerted the governance authorities and the policy makers to make a substantive breakthrough by way of making reforms in the policies of the corporate governance system and analyzing through appropriate interpretation of linkages with the corporate performance metrics that ought not see another huge wave of financial and economic crisis across the globe.