the issue of corporate governance became a hot topic for debate with industry captains bluntly oppossing any new legislation that will strengthen corporate governance in the countryon tuesday the cii national conference was abuzz with the issue with tata sons director jamshed irani pointing out that setting committees to look into the aspects of corporate governance will not serve any purpose for companies interestingly panelists who debated with irani included ambassador naresh chandra cii senior economist omkar goswami and sucheta dalal all strong proponents of a corporate governance codecorporate governance cannot be mandated through a set of written rules it is a mindset which can be implemented through the belief of the board said iranicorporate head honchos came up with overwhelming support for irani with many firmly believing that exisiting rules were adequate for good governancewe need to enforce laws by the book rather than introuducing new ones said scot bayman country head ge india you cannot legislate integrity and morality clearly india inc was opposed to new recommendations like the rotation of auditors and tenure of the independent directors in the board singling out the tata experience irani said the directors who were most useful to the company were the ones who served tata for more than 20 years the new reccomendations for corporate governance stipulate that independent directors cannot serve in a board for a span of three terms of three years eachchandra argued that the new rules are necessary and maintained that indian companies still have some ground to cover for best practices he said the committee was set up postenron scandal in us and benefited from the sarbanesoxley act legislated in india goswami who chaired the session completely disagreed with the business captains as far as disclosure norms are concerned goswami stressed that india ranked among the top 10 countries in the worldhope for manufacturing planning commission member nk singh said there was a need to emulate the success of some of the leading indian manufacturing companies to make the domestic industry globally competitive taking that point further bharat forge chairman baba kalyani said the indian automotive sector had amply demostrated the potential of outsourcing and automotive exports from india rose to 800 million during 200203 from 250 million in 199798