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Rajeev is predominantly correct in his perceptions (one or two minor judgment calls can perhaps be ignored). The issue is that the concept of sustainability, which in turn is connected with the whole idea of governance & ethics, has not yet taken roots among Indian commercial organizations which are less than, say, 50 years old (or maybe older. 'True' corporate governance is ingrained only in organizations like the house of Tatas, where it's been part of their ethos since more than a century perhaps, even being incorporated in their sustained training efforts like the Tata Academy curriculum.
For other (esp. noveau riche) organizations, it's more a question of (a) looking good, to maintain a decent corporate 'standing' (and get some awards for corporate governance et al, which is sometimes part of a quid pro quo) and/or (b) doing the minimum required by 'important stakeholders' (read: those who hold the pursestrings, for instance bulge bracket investors, who may have their own individualized concepts of governance, quite 'flexible' depending on circumstances and commercial interests).
Towards this, most organizations would do only the absolute minimum required by laws and regulations (and inter-corporate or lender arrangements). Thus, expecting adoption of anything beyond the minimum on a 'voluntary' basis is like chasing a mirage. Indian entrepreneurs are always wont to find a 'jugaad' to comply with applicable laws and regulations strictly in word, while disregarding (or, for some, actively subverting) the spirit. This is quite evident from so called 'compliance with the whole plethora of regulations and additional 'guidelines' on things ranging from Corporate Governance to Internal Audit to Risk Management.