The change in original design of a private corporation producing profits for a relative few is being redefined as a public institution engaged in a wide range of activities some of which appear unrelated to short-term profitability. Businesses can no longer stay insulated from wider obligations, to employees, consumers, environment, and to the people and society in general. The purpose of this paper is to analyse whether the current regime is adequate to deal with the changed corporation, and if not, what changes need to be wrought to make it adequate. Our study establishes that Indian companies' perspective towards stakeholders stands enhanced, creating an ideal environment for good corporate governance. An implication of this study is to make management of corporations to be accountable to non-shareholder interests and other community prerogatives, in making corporate decisions.