Panelists probe Board's role in managing M&A in line with organization goals
8 July, 2026, Bengaluru: The Centre for Corporate Governance & Sustainability (CCGS) hosted a virtual session on, ‘Beyond the Deal: Governance and Board Accountability in Modern M&A’ on 2nd July 2026. The session provided participants an insightful learning experience on the key aspects of mergers and acquisitions along with the Board's role, oversight and accountability in managing M&A in line with the organization’s long-term mission, vision and strategy, while upholding governance standards. The session was attended by members from industry, academia, NGOs and government organizations.
The event featured an eminent panel of speakers, including Soumitra Bhattacharya, Chairman, Bosch Ltd, Divy Malik, Partner, McKinsey & Company and Bhuvana Veeraragavan, Senior Partner, AZB & Partners.
Prof. Padmini Srinivasan, Chairperson, Centre for Corporate Governance & Sustainability, and faculty of the Finance & Accounting area, chaired the session, while Prof. S Raghunath, Chairman, South Asia Board of the Academy of International Business, moderated the session.
In her context-setting address, Prof. Padmini Srinivasan said that globally, US $ 5 trillion worth of mergers and acquisitions are expected to take place in 2026. Some of the deal sizes would be of US $ 5 bn. In this scenario, Boards are expected to work on strategic rationales and play a significant role in addressing the key challenges arising from mergers and acquisitions. “According to academic research, mergers and acquisitions are value-depleting for buyers and create value only for sellers. Therefore, the Board should look at value creation, following good practices and focus on how it can create a win-win situation for both buyers and sellers”, she added.
The panel discussion saw the participants exploring a plethora of issues relating to mergers and acquisitions. These include: the single most significant governance failure that the Board commits in the context of M&A after a deal is executed; what evidence says about value destruction post-merger in Indian deals, and where exactly the governance breaks down in the integration playbook; at what point the Board crosses the line from exercising business judgement to breaching fiduciary duty; in the M&A context specifically, the role and responsibilities of an Independent Director; whether governance due diligence in Indian M&A is largely cosmetic or a checklist exercise and if we are witnessing any change in how Boards are being stress-tested before a deal is signed; in a cross-border M&A deal, the deal-breaking governance mismatches seen frequently and how both sides need to navigate the situation; if SEBI were to mandate one Board accountability measure specifically for M&A governance in listed Indian companies, what that recommendation should be and reasons why; in the Indian context where family capitalism still dominates, Board accountability may actually require the right framework, or if this condition needs to be reviewed; how the Board navigates through organizational identity, mission, vision and challenges during the transitional phase in M&A; in an M&A deal, whether the Independent Directors get enough time and adequate information to make a decision, or if they are rushed; how start-ups can learn governance lessons from the leadership of established companies; in a deal, how to address a situation when projected synergies are overestimated while integration complexity is underestimated; and in the process of M&A, how the Board assesses a situation when a large number of employees are laid off.
Watch here: https://youtu.be/cmiTrsVLiao?si=yMQzBTLnaDffUBKL