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The four defining characteristics of the modern corporation.Corporate law is the study of how shareholders, directors, employees, creditors, and other stakeholders such as consumers, the community and the environment interact with one another under the internal rules of the firm.Corporate law is the law of the most dominant kind of business enterprise in the modern world.Corporate law is a part of a broader companies law (or law of business associations). Other types of business associations can include partnerships (like most law firms), or trusts (like a pension fund) or companies limited by guarantee (like some universities or charities). Corporate law is about big business, which has separate legal personality, with limited liability or unlimited liability for its members or shareholders, who buy and sell their stocks depending on the performance of the board of directors. It deals with the firms that are incorporated or registered under the corporate or company law of a sovereign state or their sub national states.

1. Separate Legal Personality of the corporation (the right to sue and be sued in its own name i.e. the law treats the company as a human being)
2. Limited Liability of the shareholders (so that when the company is insolvent, they only owe the money that they subscribed for in shares)
3. Transferable Shares (usually on a listed exchange, such as the London Stock Exchange, New York Stock Exchange or Euronext in Paris)
4. Delegated Management, in other words, control of the company placed in the hands of a board of directors

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Corporate Law is the area of law focusing on the legal methods of obtaining an official charter or articles of incorporation from the state for an organization, which may be a profit-making business, a professional business such as a law office or medical office or a non-profit entity

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This study attempts to figure out the characteristics and problems of corporate law reform in Asian countries, by surveying the discussion about corporate governance in each country especially after 1990s, examining the legislative process of corporate law reform, and analyzing the effectiveness of the reform. In order to facilitate this study, IDE commissioned the Indian Law Institute to conduct a research on corporate law reform in India. This publication entitled Corporate Governance and Corporate Law Reform in India is the outcome of research conducted by the Indian Law Institute. In publishing this report, we decided to include background papers and information as Part 2 and Appendix of the publication for the convenience of readers.


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