Abstract
Although government has set up various regulatory agencies to safeguard interests of various constituents of the capital market, they do not seem to be working in coordination. In fact, they appear to be pulling in different directions. S K Barua and G Srinivasan comment on this feature, illustrating their case with an example from Reliance Industries where setting the terms for convertible debenture issues is seen as an encroachment on the rights of shareholders.
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