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By definition, the company is an association of persons coming together with pooling of resources for economic motives with pooling of resources. Its managers need to be ethical in dealing and managing other persons' resources. The accountability is there towards investors and other stake holders but still there have been many issues in governance of companies in India. The present paper is an attempt to take an over view of corporate governance practices in India. In the private sector, the Satyam case has resulted in eye opening shortcomings of in the corporate functioning. The greed and negligence of related parties, independent directors, auditors, bankers and others have led to this manipulation by the Managing Director Raju for many years. This has brought out many changes in the Indian Companies Act. The clause 49 has been improved, and the responsibilities of Key Managerial Personnel have been introduced in a serious manner. The fiduciary responsibilities of directors have become the focal point of all debates on the topic. The study seeks to sum up recent changes in Indian regulatory system governing the companies especially Indian Companies Act, 2013.