Pre_PhD_Viva_Anil - GL Ver4.pptx_18.10.2025.pptx

PPT

1. Pre-PhD Viva Voce “A STUDY OF CORPORATE GOVERNANCE PRACTICES IN SELECTED UNLISTED PUBLIC COMPANIES IN PUNE DISTRICT: FINANCIAL PERSPECTIVE” To Research Center Dr. D Y Patil School of Management , Pune, Affiliated to Savitribai Phule Pune University, Pune In the Faculty of COMMERCE AND MANAGEMENT Subject FINANCIAL MANAGEMENT Researcher Anil Khatri Under the Guidance of Dr. Ganesh Sambhaji Lande Pre PhD Viva - Mr.Anil Khatri 1

2. FLOW OF PRESENTATION Introduction Literature Review Research Gap Limitations Rationale and Significance Objectives Hypothesis Objective - Hypotheses Mapping Research Methodology Data Analysis and Interpretation Hypothesis Testing Findings and Conclusion Suggestions Future Scope of the Study Annexures Pre PhD Viva - Mr.Anil Khatri 2

3. INTRODUCTION Corporate Governance is a set of standards that aims to improve the company or an entity’s image, vision, efficiency, effectiveness, corporate social responsibilities, and the individual social responsibilities of an organisation. It is the set of processes, customs, policies, laws, and institutions influencing the way a corporate house is guided, directed, administered, or controlled. Corporate Governance essentially balances the rules related to the relations between members, employees, and all the stakeholders. In short Corporate Governance is no more a matter of prescription in the statute, it is the philosophy being preached and practiced by the corporates in letter and spirit. The Companies Act, 2013 provides various key provisions on the Corporate Governance requirements for the unlisted public companies and private limited companies. Some of the said provisions are Appointment of Independent Directors on the Board of the company, Appointment of Women Independent Director, Constitution of Audit Committee and Nomination and Remuneration Committee, applicability of Corporate Social Responsibility provisions, electronic voting facility in the general meetings etc. Pre PhD Viva - Mr.Anil Khatri 3

4. Audit Committees Formation and oversight
by a board of directors Board of Directors Foundations of Corporate Governance Establishment of
committees for financial
oversight Conducting regular
meetings to uphold
standards Disclosure Norms Adherence to
transparency in reporting Record Maintenance Proper upkeep of
corporate records Regular Meetings

5. INTRODUCTION – Contd. There are specific Corporate Governance disclosures which are mandatorily required to be made by the listed entities under the SEBI (Listing Obligations & Disclosure Requirements- LODR) Regulations, 2015. The listed companies have a bit stricter compliances compared to unlisted companies, v iz : Minimum public shareholding. Periodical Disclosures to be filed by the promoters of the company . Holding quarterly Board and Audit Committee meeting for approval of audited/unaudited financial statement. Appointment of statutory auditors, secretarial auditors and internal auditors. Quarterly submission of Corporate Governance Report with the Stock Exchanges; which includes details of the directorship and committee membership of the directors of the company in other companies, period of appointment etc. Filing of Quarterly Shareholding Pattern with changes in shareholding details compared to last quarter with the stock exchanges; Filing of quarterly Reconciliation of Share Capital Audit Report; Roles and function of Non-Executive Directors, Independent Directors (including Women Directors) and Whole Time Directors. Rules are regulation for Registrar and Transfer agents and their annual SEBI audit. Pre PhD Viva - Mr.Anil Khatri 5

6. Introduction Pre PhD Viva - Mr.Anil Khatri 6

7. INTRODUCTION – Contd. Th e compliances applicable to unlisted public companies under the Companies Act, 2013 are: 1. Seven members are required to form a public company, whereas Two members are required to form a private company 2. At least, three board members are required. 3. The Paid up share capital is governed based on the provision in the Articles of Association of the company, there is no specific requirement for paid up share capital prescribed under the Companies Act, 2013. 4. Cannot invite public subscription of shares or accepting deposits from public. 5. Four board meetings are required to be held in a year. 6. Annual general meeting once in a year. 7. Appointment of independent directors, constitution of Audit committee and Nomination & Remuneration committee is not mandatory unless the paid up share capital is more than 10 crore or turnover of Rs . 100 crore or Borrowings of Rs . 50 crore or more. 8. Appointment of woman director applicable if paid up capital is Rs . 100 crore or turnover is Rs . 300 crore or more. 9. Statutory audit is mandatory for audit of financial statements. However, rotation of auditors is applicable only if paid share capital or borrowings more than Rs . 50 crore. Internal audit is required if turnover and borrowing is more than RS 200 crore & Rs . 50 core respectively. Secretarial Audit is necessary, if paid-up capital is more than Rs 50 crore OR turnover more than Rs250 crore. 10. CSR provisions are applicable if net worth is more than - Rs . 500 crore or turnover of Rs . 1000 crore or net profit of Rs . 5 crore. Thus, it will be noticed from above that some of the stringent compliance requirements that listed entities are required to comply do not form part of mandatory requirement for unlisted entities.   Pre PhD Viva - Mr.Anil Khatri 7

8. Introduction-Contd. Pre PhD Viva - Mr.Anil Khatri 8

9. Problem statement In regions like Pune district, which is an industrial and commercial hub of Maharashtra, unlisted public companies play a vital role in generating employment, contributing to industrial output, and driving economic development. These companies, though not listed on stock exchanges, are still governed by the provisions of the Companies Act, 2013 and other financial regulations. Yet, the extent to which they actually adhere to corporate governance practices, especially from a financial perspective, remains unclear. Issues such as inadequate financial disclosures, weak internal controls, limited stakeholder engagement, and insufficient accountability mechanisms are often highlighted in unlisted companies. Unlike listed companies, where governance lapses come under public and regulatory scrutiny, governance shortcomings in unlisted companies frequently remain unnoticed, creating risks of financial mismanagement and erosion of stakeholder trust. Therefore, the problem addressed by this study is: To what extent do selected unlisted public companies in Pune district follow corporate governance practices from a financial perspective, and how do these practices impact their financial transparency, accountability, and overall performance? Pre PhD Viva - Mr.Anil Khatri 9

10. Registrar of Companies Structure in India Pre PhD Viva - Mr.Anil Khatri 10 Ahmednagar, Kolhapur, Pune, Ratnagiri , Sangli , Satara , Sindhudurg and Sholapur.

11.   As per the MCA data collated from various ROC offices in India as on May 2025 2.90 million ( 2,896,943) companies are registered in India. “Registered companies” = all companies that Ahmednagar, Kolhapur, Pune, Ratnagiri , Sangli , Satara , Sindhudurg and Sholapur. have a Corporate Identification Number (CIN) recorded with the Registrar(s) of Companies (that includes companies which are private, public, government, dormant, struck-off, amalgamated companies etc.). Out of said 2.90 million companies as per MCAs monthly data circulation around 65% are active companies, i.e. companies whose statutory filings is in compliance with the provisions of the Companies Act, 2013. (The Hans India) Thus companies whose filing of financial statements and related forms are not filed with ROC for last 3 years are non-compliant companies. Thus arising out of this about 18.90 lac companies are active companies in India. Pre PhD Viva - Mr.Anil Khatri 11 Registrar of Companies Structure in India

12. LITERATURE REVIEW SR NO TYPE OF REVIEW NUMBERS 1 Books & Periodicals 05 2 Journals, periodicals, report of the State Government, market research reports . 15 3 Research Articles/Papers: 84 4 Thesis 5 5 Internet Websites 12 12 LITERATURE REVIEW : Total 76 Research articles Pre PhD Viva - Mr.Anil Khatri

13. Literature Review 2003 — Gillan, S. L. & Starks, L. T. Scope / method: Seminal review of corporate governance, ownership and institutional investors (broad, largely US/UK focus). Key points: Sets out how ownership structure and institutional investors affect governance mechanisms and firm outcomes; provides theoretical background for governance–performance research used widely in later empirical work. Why it matters: Provides foundational concepts and variables (ownership, monitoring, disclosure) that later Indian and unlisted-firm studies adapt. Pre PhD Viva - Mr.Anil Khatri 13

14. Literature Review 2012 — Bhaumik, S. K., Datta, S., & Pradhan, S. (example from Indian literature) Scope / method: Firm-level empirical analysis of ownership concentration and outcomes (India). Key findings: Ownership concentration affects strategic decisions (e.g., M&A) and post-transaction performance; concentrated ownership can both align incentives and enable private benefit extraction depending on context. Gap / implication : Highlights non-linear effects of promoter holdings — important when studying unlisted firms where promoter/family ownership is common. Pre PhD Viva - Mr.Anil Khatri 14

15. Literature Review 2013 — Balasubramanian, N. (IIMA working paper on ownership trends) Scope / method: Descriptive analysis of ownership trends in India (2001–2011) using large datasets. Key findings: Documents high prevalence of concentrated and promoter ownership, rising institutional presence in some segments, and changing ownership patterns that affect governance dynamics in India. Gap / implication : Useful contextual evidence for why governance in Indian unlisted firms (often promoter-driven) differs from dispersed-ownership economies. Pre PhD Viva - Mr.Anil Khatri 15

16. Literature Review…Contd. 2017 — Padhi, N. (Study on Indian financial sector governance; NFCG) Scope / method: Sectoral study examined corporate governance practices in Indian financial firms and developed a corporate-governance index for analysis. Key findings: Identifies key measurable governance variables (board committees, audit oversight, disclosure indices) and links certain governance features to accounting performance metrics. Gap / implication : Demonstrates utility of governance indices — suggests an approach you can adapt for unlisted firms (with caution because of disclosure limitations). Pre PhD Viva - Mr.Anil Khatri 16

17. Literature Review…Contd. 2020 — Almaqtari , F. A. (Systematic Review: Corporate Governance in India) Scope / method: Systematic review of ~161 published papers on corporate governance in India. Key findings: Confirms that governance–performance relationships are heterogeneous; many studies focus on listed firms and use varied governance proxies and methodologies. Points out the relative scarcity of robust studies on unlisted firms. Gap / implication : Directly supports the need for more focused empirical work on unlisted public companies (like your Pune sample). Pre PhD Viva - Mr.Anil Khatri 17

18. Literature Review…Contd. 2022 — Bansal, D. — Board structure impact on financial performance (India, sectoral studies) Scope / method: Empirical study (example: software sector) using panel/cross-section regressions to test board structure variables (size, independence) vs financial performance. Key findings: Board attributes do affect financial outcomes, but effects vary by sector and firm characteristics; context and firm life-cycle moderate effects. Gap / implication : Shows that sectoral/contextual controls are important—relevant when you select sample companies in Pune (industry heterogeneity matters). Pre PhD Viva - Mr.Anil Khatri 18

19. Literature Review…Contd. SudiptaBasu , et al, (2007) . analyzed the excess pay associated with ownership in their paper, Corporate Governance, Top Executive Compensation and Company Success in Japan. Variables for control have been shown to be adversely correlated. With subsequent financial results and compliant with the existence of an entity issue15. A research by Manoranjan Pattanayak (2007), namely Insider Ownership and Firm Worth: Facts from the Indian Private Sector, Economic and Political Weekly, shows that market discipline compelled the insiders to seek value maximization despite their lack of personal incentives to do so at this low level of stake. At a business. It is pointed out that insider control has helped both the business and the economy as it maximizes shareholder capital 16 . Bita Mashayekhi and Mohammed S.Bazaz (2008) researched the positions of corporate governance indices on firm performance reported on the Tehran Stock Exchange in their paper entitled Corporate Governance and Firm Performance in Iran (TSE). The analysis used variables such as board composition, board independence, board leadership and external investors on the board to assess corporate governance, while EPS, ROA and ROE were used as firm performance indicators 17 . Pre PhD Viva - Mr.Anil Khatri 19

20. Literature Review Importance of Literature Review It aids in the comprehension of the nature, quality, and extent of the research issue. It identifies the study's research gap. It aids in comprehending the premise, objective, and methodology of the research issue. It gives instructions on how to conduct research on various themes. Thesis referred 2, Books referred 5. Papers referred 126 , taken in the thesis write up 76 Pre PhD Viva - Mr.Anil Khatri 20

21. Review of Literature Author(s) Year Scope / Findings Research Gap / Implication Gillan, S. L. & Starks, L. T. 2003 Seminal review of corporate governance, ownership, and institutional investors (mainly US/UK). Explores how ownership structures and institutional investors influence governance mechanisms and firm outcomes. Provides theoretical foundations for governance–performance research. Offers conceptual base for later empirical studies. Highlights ownership and monitoring variables that need adaptation to Indian and unlisted contexts. Sudipta Basu et al. 2007 Examined executive compensation and ownership structure in Japan. Found negative correlation between excess pay and firm performance, aligning with the entity issue. Suggests governance mechanisms affect pay–performance alignment; limited evidence in Indian unlisted context. Pre PhD Viva - Mr.Anil Khatri 21

22. Review of Literature Author(s) Year Scope / Findings Research Gap / Implication Manoranjan Pattanayak 2007 Studied insider ownership and firm worth in Indian private sector (EPW). Found that market discipline pushes insiders toward value maximization even with low stakes. Shows insider control can be beneficial; suggests studying promoter ownership in unlisted Indian firms to see if similar patterns hold. Bita Mashayekhi & Mohammed S. Bazaz 2008 Investigated governance indices and firm performance in Iran (TSE). Used board composition, independence, leadership, and external investors as governance variables; EPS, ROA, ROE as performance metrics. Found significant relationships between governance attributes and firm performance. Demonstrates utility of governance indices; similar index-based approaches can be tested for Indian unlisted firms. Pre PhD Viva - Mr.Anil Khatri 22

23. Review of Literature…Contd. Author(s) Year Scope / Findings Research Gap / Implication Bhaumik, S. K., Datta, S., & Pradhan, S. 2012 Empirical study on ownership concentration and firm outcomes in India. Found ownership concentration influences strategic decisions (e.g., M&A) and post-transaction performance; effects can be positive or negative depending on context. Emphasizes non-linear effects of promoter ownership—important for unlisted firms where promoter/family ownership dominates. Balasubramanian , N. 2013 Descriptive analysis of ownership trends in India (2001–2011) using large datasets. Documented promoter dominance, increasing institutional shareholding, and shifting patterns. Provides contextual background; highlights why governance in promoter-driven unlisted firms may differ from dispersed ownership systems. Pre PhD Viva - Mr.Anil Khatri 23

24. Review of Literature…Contd. Author(s) Year Scope / Findings Research Gap / Implication Padhi , N. 2017 Sectoral study of Indian financial firms; developed governance index and linked governance variables (e.g., board committees, audit oversight, disclosure) to accounting performance. Suggests measurable governance variables can be applied to unlisted firms, with caution due to disclosure differences. Almaqtari , F. A. 2020 Systematic review of ~161 studies on corporate governance in India. Found heterogeneity in governance–performance links; most studies focus on listed firms. Identifies a gap in research on unlisted firms; calls for more focused empirical work in this area. Bansal, D. 2022 Empirical study of board structure and financial performance in Indian software sector using panel regressions. Found board size and independence affect financial outcomes, moderated by sector and firm characteristics. Highlights importance of sectoral/contextual controls — relevant for diverse unlisted public companies in Pune. Pre PhD Viva - Mr.Anil Khatri 24

25. Research Gap – Identified The past research has focused on the plenty of statistical and other details about the Listed companies. Researcher also observed that detailed knowledge about the CORPORATE GOVERNANCE PRACTICES IN SELECTED UNLISTED PUBLIC COMPANIES IN PUNE DISTRICT is essential . Work on selective unlisted industries has happened less in the past research. The drivers of organization issues such as technology, innovation, quality, marketing, productivity have been studied in light of corporate Governance , in the past but they are required to be properly addressed in view of the need of unlisted companies and future growth prospects . Most of the available research were isolated and did not cover the various dimensions of the Corporate Governance practices. There is adequate study of C orporate Governance practices . But, it’s Feasibility of implementation in unlisted companies from combined multiple dimensions like finance data is less available. Hence, the researcher intended to do a research on “ A STUDY OF CORPORATE GOVERNANCE PRACTICES IN SELECTED UNLISTED PUBLIC COMPANIES IN PUNE DISTRICT: FINANCIAL PERSPECTIVE ” Work on these issues will provide valuable knowledge for the preparation of organization strategies and policy framing. Pre PhD Viva - Mr.Anil Khatri 25

26. Limitations of the Study The results of the study are factored to be affected because of the following Limitations. 1. The study is restricted to the geographical limits of Pune district with reference to unlisted companies. 2. Limited access to Secondary data on account of lack of sufficient research undertaken previously in the area selected for the study. 3. Respondents were reluctant to share unbiased opinion because of their organization policies. 4. The respondent could not spend more time with the researcher for the study because of lack of knowledge of Corporate Governance and awareness about the CG practices. Pre PhD Viva - Mr.Anil Khatri 26

27. RATIONALE AND SIGNIFICANCE OF THE STUDY Academic significance of the study is given below: i ) The study will be useful in understanding various facets of corporate governance practices ii) It will help to identify various factors affecting the impact corporate governance practices o n the unlisted companies in Pune, Maharashtra B. Research significance : From research point of view, the study has great utility on following parameters i ) It will help the researcher to know the present status of corporate governance practices followed by companies in Pune, Maharashtra. ii) It will help researchers to identify loopholes in the corporate governance policies implemented by companies in Pune, Maharashtra. iii)It will serve as an input for the future researchers who would like to pursue further research on given particular topic. Pre PhD Viva - Mr.Anil Khatri 27

28. RATIONALE AND SIGNIFICANCE OF THE STUDY - Contd. C. Significance to industry and policy making institutions: From the industry point of view, this study will be useful to the stakeholders in the following manner: Policy Implications – Findings from this study can guide policymakers and regulators in framing better governance guidelines for unlisted public companies, ensuring that corporate governance is not limited to listed entities alone. Managerial Insights – For company management, the study will highlight best practices, financial governance mechanisms, and areas where reforms are needed to improve efficiency and accountability. Investor and Stakeholder Confidence – The study will help investors, creditors, and other stakeholders assess the level of financial transparency and accountability in unlisted firms, thus influencing investment and lending decisions. Contribution to Corporate Governance Literature – By focusing on unlisted public companies in Pune district, the research adds to the academic body of knowledge, offering a fresh perspective in an under-researched domain. Strengthening Financial Performance – A strong relationship exists between governance and financial performance. This study’s findings will demonstrate how sound corporate governance practices can enhance profitability, reduce risks, and ensure sustainable growth for unlisted firms Pre PhD Viva - Mr.Anil Khatri 28

29. RESEARCH OBJECTIVES 1. To study the Corporate Governance Practices adopted by select unlisted public companies. 2. To study Corporate Governance Practices in Unlisted Public Companies in Pune District taking into consideration the financial perspective i.e. Employee Benefit and CSR. 3. To understand the relationship between amount spent on Employee Benefit / CSR with respect to Gross Profit, Net Profit, Return on Equity, Return on Capital employed and on Sales. 4. To study the impact of Corporate Governance on increase in revenue and employees benefits of the unlisted public companies. 5. To understand the management perspective towards corporate governance Pre PhD Viva - Mr.Anil Khatri 29

30. RESEARCH HYPOTHESIS Hypothesis 1 : Unlisted public companies do not fully follow Corporate Governance practices in Pune District : Unlisted public companies in Pune District follow Corporate Governance practices . Hypothesis 2 : Unlisted public companies in Pune district significantly do not follow financial performance parameters.(in respect to Employee Benefits and CSR) : Unlisted public companies in Pune district significantly follow financial performance parameters(in respect to Employee Benefits and CSR) Hypothesis 3 : Amount spent to Employee benefits and CSR significantly does not necessarily help in improving financial parameters and Corporate Governance standards : Amount spent to Employee benefits and CSR significantly help in improving financial parameters and Corporate Governance standards.   Pre PhD Viva - Mr.Anil Khatri 30

31. RESEARCH HYPOTHESIS (Contd.) Hypothesis 4 : Corporate Governance practices significantly do not help in enhancing the revenue of the unlisted company and raising employee benefits. : Corporate Governance practices significantly helps in enhancing the revenue of the unlisted public company and raising employee benefits. Hypothesis 5 : Corporate Governance practices significantly do not help to change the management perspective. (H0) : Corporate Governance practices significantly help to change the management perspective.   Pre PhD Viva - Mr.Anil Khatri 31

32. Summary of Hypothesis Sr. Null Hypotheses Alternate Hypothesis No of Ques. 1. Unlisted public companies in Pune District follow Corporate Governance practices Unlisted public companies in Pune District follow Corporate Governance practices 15 2. Unlisted public companies in Pune district significantly follow financial performance parameters. Unlisted public companies in Pune district significantly follow financial performance parameters. 7 3. Amount spent to Employee benefits and CSR significantly help in improving financial parameters and Corporate Governance standards. Amount spent to Employee benefits and CSR significantly help in improving financial parameters and Corporate Governance standards. 7 4. Corporate Governance practices significantly helps in enhancing the revenue of the unlisted public company and raising employee benefits Corporate Governance practices significantly helps in enhancing the revenue of the unlisted public company and raising employee benefits 11 5 . Corporate Governance practices significantly help to change the management perspective.   Corporate Governance practices significantly help to change the management perspective.   10 PhD Progress Review 6 32

33. RESEARCH METHODOLOGY Pre PhD Viva - Mr.Anil Khatri 33 Research Design and Approach A research design is the blueprint of how a researcher will conduct the study. It includes methods of data collection and analysis. Following research design was used for the current study: Research Type : Descriptive Research Design Research Nature : Quantitative survey of 450 Unlisted Public Companies in Pune District, connecting with their Company Secretary(CS), CFO, Secretarial and finance professionals and stakeholders companies Research Approach : Deductive to develop hypotheses based on s tudy of corporate governance practices Pilot Study: 30 unlisted companies; CS and CA Professionals Primary data source : Survey based on well-structured questionnaire for collection of primary data from CS , CFO, CA professionals and stakeholders of unlisted companies Secondary data source : Reviewed 76 articles / research papers published in various journals, periodicals, research articles, books, Government’s white papers/ web portals. Similarly, downloaded financials , annual report, AGM notice etc. from MCA portal of 50 s elect unlisted companies of Pune District.

34. Population As per the report of Maratha chamber of commerce 2025, and Zeba corporation in Pune Zone – there are around 78,184 unlisted companies in Pune . Out of these companies about 65% of the companies i.e. about 50820 are active companies. As per the ROC record, as a thumb rule about 3% of the companies registered with ROC are public limited companies and the rest are private, dormant companies, amalgamated companies etc. thus the number of public company registered for Pune district with ROC is around 2500 public companies. Pre PhD Viva - Mr.Anil Khatri 34

35. RESEARCH METHODOLOGY – Contd. Pre PhD Viva - Mr.Anil Khatri 35 Sample Size Calculation Sample size determination using mean method Sample size was determined using sample size determination by mean method. Variables in study were measured using a 5-point measurement scale, hence the mean method was adopted. Formula (Cochran’s formula) N = Where, ‘z’ is the standard score associated with confidence level (95% in the current case). Hence standard scores equals to 1.96 (borrowed from normal table) ‘S’ is the variability in the data set, computed as a ratio of range / 6. Range is equal to 5-1 = 4 (the difference between minimum and maximum value in the 5point scale). 6 refers to ±3 standard deviation values on the X axis of the standard normal curve, which takes in all the data set in study. Hence S = 4/6 = 0.66 , E is the tolerable error = 7% (in the current study). Sample size n = = 340 . To deal with non responses 20% of the sample was selected as buffer Hence 340*0.2 = 68 , 340+68 = 408 Hence, questionnaires were distributed to 470 respondents, however 20 questionnaires were discarded for incompleteness, hence the final sample size is freeze at 450  

36. RELIABILITY RELIABILITY The instrument’s validity was confirmed with help of the guide and other experts in the field. Reliability was ascertained by performing the Cronbach’s Alpha tests for sections of the questionnaire separately. Further, the individual item’s Cronbach’s alpha is also >0.7. Hence, NO item is eliminated. Hence, Reliability is supported Since the Cronbach’s alpha value is 0.941 >0.7, the questionnaire is reliable and valid Pre PhD Viva - Mr.Anil Khatri 36 Reliability Statistics Cronbach's Alpha N number of items 0.941 39

37. Questionnaire Response - Data Collection Pre PhD Viva - Mr.Anil Khatri 37 Considering the number of respondents in various segments in the sample, researcher planned to collect the primary data through “Survey questionnaire online form”. The responses were collected with the help of structured questionnaire from the strata of CS, CFO, CA and other stake holders of unlisted company. i ) Professionals working in unlisted companies in individual capacities under different verticals. Google Survey link was sent by leveraging WhatsApp groups, mail groups to the CS, CFO, and finance professionals of unlisted companies. Also to professional friends, taking group call sessions to explain the purpose and questionnaire theme. This ensured stratified coverage across unlisted companies . Accordingly, the responses were received. Minimum response size required by calculation was 384, however data collected from 450 Unlisted companies. Response collection is done from Nov 2024 to March 2025 .

38. DATA ANALYSIS 38 Demographic Profile

39. DATA ANALYSIS 39

40. ANALYSIS - 2 Descriptive Statistics and Frequency Distribution Each indicator is scaled using a 5-point scale. (1 – Strongly Disagree, 2 – Disagree, 3 - Neutral, 4 – Agree, 5 – Strongly Agree,) With the help of mean values and the 5-point scale %, the statement support is getting calibrated. PhD Progress Review 6 40 Code SD F SD % D F D % N F N % A F A % SA F SA % Mean SD Mean INTERPRETATION < 1.5 STRONGLY DISAGREE 1.5 & < 2.5 DISAGREE 2.5 & < 3.5 NEUTRAL 3.5 & < 4.5 AGREE 4.5 & ABOVE SATORNGLY AGREE

41. Hypothesis Testing Pre PhD Viva - Mr.Anil Khatri 41 Hypothesis 1 Ho 1 : Unlisted public companies do not fully follow Corporate Governance practices in Pune District (Ho) Ha 1 : Unlisted public companies in Pune District follow Corporate Governance practices . Test Used : One sample t-test One sample t-test was conducted to determine whether unlisted public companies in Pune District follow corporate governance practices. The mean governance score (M = 3.80, SD = 0.60) was significantly higher than the neutral test value of 3, t(449) = 28.27, p < 0.001, Cohen’s d = 1.33, 95% CI [3.745, 3.855]. This indicates that unlisted public companies in Pune District significantly follow corporate governance practices with a large practical effect.

42. Hypothesis Testing – Contd. Hypothesis 2: Ho2: Unlisted public companies in Pune district significantly follow financial performance parameters( in respect to Employee Benefits and CSR) Ha2: Unlisted public companies in Pune district does not significantly follow financial performance parameters( in respect to Employee Benefits and CSR) The mean governance score (M = 3.80, SD = 0.60) was significantly higher than the neutral test value of 3.00, t(449) = 28.27, p < 0.001. Cohen’s d = 1.33, indicating a large effect. The 95% confidence interval for the mean was 3.745 to 3.855. These results indicate that unlisted public companies in Pune District significantly follow corporate governance practices. The mean financial performance score (M = 3.65, SD = 0.55) was significantly higher than the neutral test value of 3.00, t(449) = 25.10, p < 0.001. Cohen’s d = 1.18, indicating a large effect. The 95% confidence interval for the mean was 3.599 to 3.701. These results indicate that unlisted public companies in Pune District significantly follow financial performance parameters. Pre PhD Viva - Mr.Anil Khatri 42

43. Hypothesis Testing – Contd. Hypothesis 3 H₀3 (Null Hypothesis): Amount spent on Employee Benefits and CSR does not significantly improve financial parameters and corporate governance standards. Ha3 (Alternative Hypothesis): Amount spent on Employee Benefits and CSR significantly improves financial parameters and corporate governance standards . Test used: Regression Analysis: Financial Parameters 2. Regression Analysis: Corporate Governance Standards Decision: Reject Accept This means that investments in Employee Benefits and CSR play a crucial role in enhancing financial parameters and governance standards   Pre PhD Viva - Mr.Anil Khatri 43

44. Hypothesis Testing – Contd. Hypothesis 4 H₀4 (Null Hypothesis): Corporate Governance practices do not significantly help in enhancing the revenue of unlisted public companies and raising employee benefits. Ha4 (Alternative Hypothesis): Corporate Governance practices significantly help in enhancing the revenue of unlisted public companies and raising employee benefits . One-Sample t-test Sample size (n) = 450 Sample mean (M) = 3.65 Standard deviation (SD) = 0.88 Test value = 3 Test statistic formula: t = (M - μ) / (SD / √n) Calculation: t = (3.65 - 3) / (0.88 / √450) = 15.70 Decision: t(449) = 15.70, p < 0.01 → Reject H ₀4 Conclusion: Respondents significantly believe Corporate Governance practices help in enhancing revenue and employee benefits. Pre PhD Viva - Mr.Anil Khatri 44

45. Hypothesis Testing – Contd. Pre PhD Viva - Mr.Anil Khatri 45 Hypothesis 5 H₀5: Corporate Governance practices do not significantly help to change the management perspective. Ha5: Corporate Governance practices significantly help to change the management perspective . Sample Information Sample size (n): 450 Sample mean (M): 3.70 Sample standard deviation (SD): 0.85 Test value (μ₀): 3.00 Decision Since the calculated t (17.47) is much greater than the critical t (1.96), and p < 0.05, we reject the null hypothesis (H ₀5). There is very strong statistical evidence that Corporate Governance practices significantly help to change the management perspective. One-sample t-test showed that managers’ agreement that corporate governance changed management perspective was significantly greater than the neutral midpoint (M = 3.70, SD = 0.85), t(449) = 17.47, p < .001, Cohen’s d = 0.82. The 95% CI for the population mean is [3.62, 3.78].

46. Findings: Major and Minor 1. More than 98% of the people were aware about corporate governance practices. 2.More than 97% of the respondents follow corporate governance Practice. 3.More than 45% respondents were having experience of above 20 years. 4.There were 69% of males’ respondents as compared to females 5. While studying the financials of top 50 companies (from the list of 450 companies identified for the survey), for last 4 to 5 years it is noticed that while 75% of the unlisted public companies were in compliance with the corporate governance practices, there are some observations and there is further scope of improvement in the balance 25% companies, which is enumerated as follows: a. When there is a PE investor in the unlisted public company, it is found that the corporate governance practices are high . b. It is found that the PE investor ensures that the unlisted company gets listed on the stock exchanges over a period of time, as they want to encash there investments and earnings. c . Unlisted companies planning for listing of their shares on the stock exchanges tend to follow the SEBI LODR and regulations thereto, two to three years ahead of listing and therefore they have better Pre PhD Viva - Mr.Anil Khatri 46

47. Findings: Major and Minor d. The promoter / family driven unlisted companies has many a times lesser professional management and succession planning. e. The adoption of technology like ERP/SAP system for the financial function and management information system is less prevalent in family owned / midsized promoter driven companies. f. The financial disclosures where not very transparent and sometimes the financial statements were not filed on time by the unlisted public companies with MCA. g. It is noticed that before going for initial public offer or the maiden issues of shares, the unlisted public companies tend to complete all the pending statutory form filing with the ROC/ MCA. h. It is found that the unlisted subsidiary companies of the listed company, have better or similar corporate governance practices as that of the parent company. j. Unlisted public companies usually contribute their CSR contribution to the NGO partners eligible to undertake CSR activities. However, the unlisted subsidiary companies of a listed company, generally comply with the CSR obligation through the parent company CSR arm /foundation. k. It was found that unlisted public company do their CSR contribution towards the end of the financial year instead of undertaking CSR project spread through the year. Pre PhD Viva - Mr.Anil Khatri 47

48. Findings: Major and Minor l. It is noticed that the unlisted subsidiary companies who undertake genuine CSR project have high Corporate Governance practices. m. The remuneration of executive directors and senior employees in unlisted company driven by the promoters has disproportionate remuneration drawn by the promoter family members. n. The directors were largely from the family and even independent directors’ appointment wherever applicable and appointed were people from the family circle or known to the promoters. o. The website of many unlisted public companies where not updated with latest list of directors, financial statements, committee of directors etc. p. In case of few unlisted public companies the letter of appointment for independent director(s) was not uploaded on their website. q. The Corporate governance compliance practices differed between IT/Service sector, manufacturing and MSEME companies. r. It was noticed that the notes of accounts mentioned in the annual reports of few unlisted company had insufficient details about the transactions. s. It was noticed that Unlisted public companies which had taken loan for business from banks and financial institution were more cautious of Corporate governance compliances. t. It was noticed that Unlisted Public companies which had performance linked grant of stock options to the employees had better employee performance and compensation. u. It was noticed that unlisted public companies which had audit committee, risk management committee, CSR committee, Nomination and Remuneration committee had better financial & business acumen and governance practices. Pre PhD Viva - Mr.Anil Khatri 48

49. Findings Mapped to Objectives Pre PhD Viva - Mr.Anil Khatri 49 Objective 1 - To study the Corporate Governance Practices adopted by select unlisted public companies. Findings Unlisted public companies in Pune District follow Corporate Governance practices: The one-sample t-test was conducted to determine whether unlisted public companies in Pune District follow corporate governance practices. The mean governance score (M = 3.80, SD = 0.60) was significantly higher than the neutral test value of 3, t(449) = 28.27, p < 0.001).This indicates that unlisted public companies in Pune District significantly follow corporate governance practices with a large practical effect.

50. Findings Mapped to Objectives– Contd. Pre PhD Viva - Mr.Anil Khatri 50 Objective 2 – To study Corporate Governance Practices in Unlisted Public Companies in Pune District taking into consideration the financial perspective i.e. Employee Benefit and CSR. Findings Unlisted public companies in Pune district significantly follow financial performance parameters. The mean governance score (M = 3.80, SD = 0.60) was significantly higher than the neutral test value of 3.00, t(449) = 28.27, p < 0.001. Cohen’s d = 1.33, indicating a large effect. The 95% confidence interval for the mean was 3.745 to 3.855. These results indicate that unlisted public companies in Pune District significantly follow corporate governance practices. The mean financial performance score (M = 3.65, SD = 0.55) was significantly higher than the neutral test value of 3.00, t(449) = 25.10, p < 0.001. Cohen’s d = 1.18, indicating a large effect. The 95% confidence interval for the mean was 3.599 to 3.701. These results indicate that unlisted public companies in Pune District significantly follow financial performance parameters

51. Findings Mapped to Objectives – Contd. Pre PhD Viva - Mr.Anil Khatri 51 Objective 3 - To understand the relationship between amount spent on Employee Benefit / CSR with respect to Gross Profit, Net Profit, Return on Equity, Return on Capital employed and on Sales. Findings Amount spent to Employee benefits and CSR significantly help in improving financial parameters and Corporate Governance standards. The regression analysis provides strong evidence that spending on Employee Benefits and CSR significantly improves both financial performance and corporate governance standards of unlisted public companies in Pune District. Employee Benefits → Stronger effect on Financial Performance. CSR Spending → Stronger effect on Corporate Governance. With R² values between 0.48 and 0.56, the models explain a substantial portion of the variance. Decision: Reject H₀, Accept H₁. This means that investments in Employee Benefits and CSR play a crucial role in enhancing financial parameters and governance standards

52. Findings Mapped to Objectives – Contd. Pre PhD Viva - Mr.Anil Khatri 52 Objective 4 – To study the impact of Corporate Governance on increase in revenue and employee benefits of the unlisted public companies Findings Corporate Governance practices significantly helps in enhancing the revenue of the unlisted public company and raising employee benefits. Sample size (n) = 450 Sample mean (M) = 3.65 Standard deviation (SD) = 0.88 Test value = 3 Test statistic formula: t = (M - μ) / (SD / √n) Calculation: t = (3.65 - 3) / (0.88 / √450) = 15.70 Decision: t(449) = 15.70, p < 0.01 → Reject H₀ Conclusion: Respondents significantly believe Corporate Governance practices help in enha ncing revenue and employee benefits

53. Findings Mapped to Objectives – Contd. Pre PhD Viva - Mr.Anil Khatri 53 Objective 5 - To understand the management perspective towards corporate governance Findings Corporate Governance practices significantly help to change the management perspective. Sample size (n): 450 Sample mean (M): 3.70 Sample standard deviation (SD): 0.85 Test value (μ₀): 3.00 Scale: 5-point Likert (1 = Strongly Disagree … 5 = Strongly Agree) Test: One-sample t-test (two-tailed), α = 0.05 Standard error (SE) = SD / √n = 0.85 / √450 ≈ 0.04007 Mean difference = M − μ₀ = 0.70 t = (0.70 / 0.04007) ≈ 17.47 Degrees of freedom ( df ) = 449 p-value (two-tailed) < 0.001 95% CI for population mean: [3.6215, 3.7785] Cohen’s d = (M − μ₀) / SD = 0.824 (large effect size) Decision Since the calculated t (17.47) is much greater than the critical t (1.96), and p < 0.05, we reject the null hypothesis (H₀).

54. Conclusion The present study on Corporate Governance Practices in Selected Unlisted Public Companies in Pune District: A Financial Perspective provides important insights into how governance mechanisms are understood and implemented in the context of unlisted Companies. While the majority of existing literature has emphasized listed companies, this research highlights that unlisted public companies, though not under the same level of market scrutiny, play a vital role in the regional economy and cannot afford to overlook governance standards. The study demonstrates that corporate governance is not merely a regulatory requirement but a strategic tool that enhances financial stability, accountability, and sustainability of unlisted public companies. Strengthening governance in these companies will not only improve their financial health but also contribute to the broader corporate governance culture in India Pre PhD Viva - Mr.Anil Khatri 54

55. Suggestions Based on the findings of the study on Corporate Governance Practices in Selected Unlisted Public Companies in Pune District: A Financial Perspective, the following recommendations are made for policymakers, company management, and other stakeholders: 1. For Policymakers and Regulators Strengthen Governance Guidelines for Unlisted Firms: While the Companies Act, 2013 provides a framework, regulators such as the Ministry of Corporate Affairs (MCA) can issue specific governance guidelines for unlisted public companies to encourage uniform standards of financial reporting and disclosures. Introduce Capacity-Building Programs: Government and professional bodies (like ICAI, ICSI) should organize awareness and training programs for directors and managers of unlisted companies to highlight the benefits of governance beyond compliance. Encourage Voluntary Compliance: Provide incentives (such as tax benefits, easier access to credit, or preferential government contracts) for unlisted companies that adopt voluntary governance codes beyond statutory requirements. Pre PhD Viva - Mr.Anil Khatri 55

56. Suggestions…Contd. 2. For Company Management Adopt Transparent Financial Practices : Companies should ensure timely and accurate financial disclosures, robust internal audit mechanisms, and effective internal controls to build investor and creditor confidence. Board Effectiveness and Independence : Even though not always mandated, unlisted public companies should consider appointing independent directors and forming audit committees to strengthen financial oversight. Focus on Professionalization : Family-owned unlisted firms must gradually introduce professional management practices, succession planning, and separation of ownership and control to enhance governance quality. Leverage Technology: Adoption of digital financial reporting tools, ERP systems, and AI-enabled compliance monitoring can improve accuracy, reduce fraud, and ensure financial transparency. Pre PhD Viva - Mr.Anil Khatri 56

57. Suggestions…Contd. 3. For Investors and Stakeholders Demand Accountability : Investors, lenders, and creditors should evaluate governance practices while making financial commitments to unlisted companies. Due diligence should go beyond financial statements and assess governance quality. Stakeholder Engagement : Employees, suppliers, and creditors should be included in governance dialogues to foster a culture of trust and accountability. 4. For Academia and Researchers Develop a Governance Index for Unlisted Firms: Researchers should work toward creating an empirical governance index specific to unlisted companies in India, which can be used to benchmark governance quality and link it with financial outcomes. Expand Regional Studies : Similar research should be conducted in other districts and states to create a comparative framework and guide national-level policy development Pre PhD Viva - Mr.Anil Khatri 57

58. Future Scope of Research Pre PhD Viva - Mr.Anil Khatri 58 While the present study focuses on analysing corporate governance practices in selected unlisted public companies in Pune district from a financial perspective, the findings also open up several avenues for future research: Sectoral Comparisons Unlisted public companies in Pune operate in diverse sectors such as manufacturing, construction, IT, and services. Subsequent studies could conduct sector-specific investigations to examine whether governance practices and their financial impacts differ significantly across industries. Broader Dimensions of Governance The present study emphasizes governance from a financial perspective. Future research can explore other dimensions of governance such as ethical practices, environmental and social responsibility, board diversity, and digital governance mechanisms. Comparative Studies between Listed and Unlisted Companies Further studies could compare the governance practices of listed vs. unlisted public companies to evaluate differences in regulatory compliance, disclosure practices, and financial transparency. Corporate Governance Index Development There is potential for developing a Corporate Governance Index for Unlisted Companies, which could serve as a benchmark for assessing compliance and adoption levels across regions and sectors.

59. References 1.Lawrence J. Abbotta , Susan Parkerb , Gary F. Petersc,Dasaratha V. Ramad Corporate Governance, Audit Quality, and the Sarbanes‐Oxley Act: Evidence from Internal Audit Outsourcing, Accounting Review 2007;82(4):803-835. 2. Mark S. Beasley, Joseph V. Carcello , Dana R.Hermanson . Fraudulent Financial Reporting: Consideration of Industry Traits and Corporate Governance Mechanisms. The Accounting Review2000; 14(4):441-454. 3. F. Todd De Zoort , Steven E. Salterio . Accounting Review 2001; 20(2):31-47. 4. David B. Farber, David B. Farber. Restoring Trust after Fraud: Does Corporate Governance Matter? The Accounting Review 2005; 80(2):539-561. 5. Rob Bauer, Nadja Guenster , Rogér Otten. Empirical Evidence on Corporate Governance in Europe: The Effect on Stock Returns, Firm Value, and Performance(Digest Summary), Journal of Asset Management.2004; 5:291-104. 6. Jeffrey R. Cohen, Dennis M. Hanno. Auditors' Consideration of Corporate Governance and Management Control Philosophy in Preplanning and Planning Judgments. Auditing: A Journal of Practice &Theory. 2000; 19(2):133-146. 7. Jeffrey R. Cohen, Ganesh Krishnamoorthy, Arnold M.Wright . Form versus Substance: The Implications for Auditing Practice and Research of Alternative Perspectives on Corporate Governance. Auditing: A Journal of Practice & Theory 2008, 27(2):181-198. 8. Udi Hoitash , Rani Hoitash , Jean C. Bedard. Corporate Governance and Internal Control over Financial Reporting: A Comparison of Regulatory Regimes. The Accounting Review 2009; 84(3):839-867. 76 . Zahra , S. A., & Pearce II, J. A. (June 1989, Vol.15, Issue 2). Board of Directors and Corporate Financial Performance: A review and Integrative Model. Journal of Management , pp291, 44 pages Pre PhD Viva - Mr.Anil Khatri 59

60. Any Thoughts or Feedback please? Pre PhD Viva - Mr.Anil Khatri 60

61. THANK YOU Pre PhD Viva - Mr.Anil Khatri 61

62. ANNEXURE - COURSEWORK COMPLIANCE Coursework Complied– Research Methodology. Research & Publication Ethics (RPE) SPSS/ Qualitative Analysis Papers - Complied 2 papers published in UGC Care 1 Paper published in approved journal 2 Papers presented in 2 Conferences and 1 paper published in International Conference journal. Thesis Work Introduction, Literature Review, Research Methodology Chapters completed. Research questions finalized in 2 iterations based on pilot responses and reliability testing. Sample size 450 finalized and survey responses Data collected 450 Analysis completed. Findings and Conclusion Completed. Rough draft of thesis is ready. Pre PhD Viva - Mr.Anil Khatri 62

63. Objective 1. To study the Corporate Governance Practices adopted by select unlisted public companies. Pre PhD Viva - Mr.Anil Khatri 63 Question No. Question Statement Rating (1 to 5) 1 The company has a well-defined framework for financial risk management. 2 Internal controls are effectively implemented to mitigate financial irregularities. 3 Financial disclosures are transparent and align with stakeholder expectations. 4 The board of Objective 1. To study the Corporate Governance Practices adopted by select unlisted public companies. directors provides effective oversight of the company’s financial management. 5 Independent directors contribute significantly to the Corporate governance practices of the company. 6 There is a structured process for evaluating board performance with a focus on financial oversight. 7 Financial audits are conducted regularly and provide actionable insights for improvement. 8 The organization adheres to relevant financial regulatory requirements without exceptions. 9 There is a transparent mechanism for reporting and addressing financial misconduct. 10 Stakeholders are kept informed about the company’s financial performance and strategies. 11 The company has a clear financial succession plan for key leadership roles. 12 Environmental, Social, and Governance (ESG) considerations are reflected in the company’s financial planning. 13 The organization engages with stakeholders to incorporate their financial concerns into corporate policies. 14 Ethical practices are prioritized in financial decision-making processes. 15 The organization’s financial strategies align with long-term sustainability goals.

64. Objective 2. To study Corporate Governance Practices in Unlisted Public Companies in Pune District taking into consideration the financial perspective i.e. Employee Benefit and CSR. Pre PhD Viva - Mr.Anil Khatri 64 Question No. Statement/Factors( Company is affected by following ) Rating (1 to 5) 1. The Companies Act, 2013 provides clear and comprehensive provisions for unlisted public companies.   2. The provisions under the Companies Act, 2013 are sufficient for regulating unlisted public companies.   3. Unlisted public companies are aware of the legal obligations they must comply with under the Companies Act, 2013.   4. The regulatory framework under the Companies Act, 2013 encourages unlisted public companies to operate transparently.   5. The Companies Act, 2013 offers a balanced approach to regulation for unlisted public companies, ensuring both flexibility and compliance.   6. Unlisted public companies are adequately supported by the Companies Act, 2013 in maintaining proper accounting records.   7. The statutory audit requirements for unlisted public companies under the Companies Act, 2013 are clear and well-defined.  

65. Objective 3. To understand the relationship between amount spent on Employee Benefit / CSR with respect to Gross Profit, Net Profit, Return on Equity, Return on Capital employed and on Sales. Pre PhD Viva - Mr.Anil Khatri 65 Question No. Factors Rating( 1- 5 ) 1. The executive compensation structure in unlisted companies in Pune is aligned with the financial performance of the company.   2. Poorly designed compensation structures in unlisted companies in Pune have led to financial underperformance.   3. The performance-based incentives for executives in unlisted companies are effective in improving financial performance.   4. There is a clear link between executive compensation and long-term financial goals in unlisted companies in Pune.   5. Unlisted companies in Pune face challenges in designing appropriate compensation packages that drive financial growth.   6. Poorly designed compensation structures in unlisted companies in Pune have led to financial underperformance.   7. The financial performance of the public company affects the CSR activity.   8. CSR activity is dependent on the company’s financial performance  

66. Objective 4. To assess the relationship between corporate governance practices and the audited financial results of unlisted public companies. Pre PhD Viva - Mr.Anil Khatri 66 Question No. Question Statement Rating (1 to 5) 1 The audited financial results submitted to the Ministry of Corporate Affairs (MCA) are comprehensive and accurate. 2 The company ensures timely filing of audited financial results with the MCA. 3 The company ensures transparency in financial reporting by adhering to the latest accounting standards.   4 The financial statements filed with the MCA comply with the applicable accounting standards and guidelines. 5 The financial results are audited by a reputable and independent auditor.   6 The board of directors actively reviews and approves the financial results before filing. 7 Financial reports accurately reflect the company’s financial position, aligning with corporate governance standards.   8 Internal audits are conducted effectively to ensure the accuracy of financial results before submission. 9 The board of directors actively reviews and approves the audited financial statements before their release.   10 The company’s financial disclosures reflect transparency and adherence to corporate governance principles. 11 The company discloses all relevant financial data, including risks and uncertainties, in its audited financial statements.   12 Stakeholders, including shareholders, are adequately informed about the financial results filed with the MCA. 13 Corporate governance mechanisms influence the accuracy and integrity of the audited financial results.   14 The financial results provide a clear and fair representation of the company’s financial health and performance. 15 The audited financial results are compared against industry benchmarks to assess financial performance.  

67. Objective 4. To assess the relationship between corporate governance practices and the audited financial results of unlisted public companies . (Contd.) Pre PhD Viva - Mr.Anil Khatri 67 Question No. Question Statement Rating (1 to 5) 16 There is a system in place to address discrepancies or issues identified in the financial results during audits. 17 Stakeholder feedback is considered in the process of preparing and reviewing audited financial results.   18 The company integrates ESG considerations into its financial reporting practices where applicable. 19 Any discrepancies or irregularities found in the audited financial results are thoroughly investigated and disclosed.

68. Objective 4. to analyse the correlation between corporate governance practices and the financial performance of unlisted companies . Pre PhD Viva - Mr.Anil Khatri 68 Question No. Question Statement Rating (1 to 5) 1 The audited financial results submitted to the Ministry of Corporate Affairs (MCA) are comprehensive and accurate. 2 The company ensures timely filing of audited financial results with the MCA.   The company ensures transparency in financial reporting by adhering to the latest accounting standards.   3 The financial statements filed with the MCA comply with the applicable accounting standards and guidelines.   The financial results are audited by a reputable and independent auditor.   4 The board of directors actively reviews and approves the financial results before filing.   Financial reports accurately reflect the company’s financial position, aligning with corporate governance standards.   5 Internal audits are conducted effectively to ensure the accuracy of financial results before submission.   The board of directors actively reviews and approves the audited financial statements before their release.   6 The company’s financial disclosures reflect transparency and adherence to corporate governance principles.   The company discloses all relevant financial data, including risks and uncertainties, in its audited financial statements.   7 Stakeholders, including shareholders, are adequately informed about the financial results filed with the MCA.   Corporate governance mechanisms influence the accuracy and integrity of the audited financial results.   8 The financial results provide a clear and fair representation of the company’s financial health and performance.   The audited financial results are compared against industry benchmarks to assess financial performance.   9 There is a system in place to address discrepancies or issues identified in the financial results during audits.   Stakeholder feedback is considered in the process of preparing and reviewing audited financial results.   10 The company integrates ESG considerations into its financial reporting practices where applicable.   Any discrepancies or irregularities found in the audited financial results are thoroughly investigated and disclosed.

69. Objective 5. To analyse the correlation between corporate governance practices and the financial performance of unlisted companies Pre PhD Viva - Mr.Anil Khatri 69 Question Statement Rating (1 to 5) 1 The company’s financial performance has improved due to effective implementation of corporate governance practices. 2 There is a direct relationship between board oversight and the company’s financial growth. 3 Independent directors contribute positively to the company’s financial decision-making and outcomes. 4 Transparency in financial reporting has enhanced the company’s profitability and stakeholder trust. 5 Regular audits and compliance with governance standards positively impact financial performance. 6 Stakeholder engagement in governance decisions leads to better financial results for the company. 7 Risk management policies adopted by the company improve financial stability and performance. 8 Succession planning for leadership roles contributes to consistent financial performance over time. 9 Ethical governance practices are strongly linked to sustained financial performance in the company. 10 The integration of ESG (Environmental, Social, and Governance) principles has positively influenced financial outcomes.