Auditing the Family Constitution – Way to Strengthen Compliance

India’s economy has a major contribution of family owned and run enterprises. Until a decade ago, family owned businesses were run by informal unwritten rules rooted in Indian culture and traditions. Then lately, pioneers like Burmans of Dabur, GMR Group and others, brought about a trend of creating family constitution which essentially laid down different rules for running the family and business in such a manner that both are preserved and strengthened. This concept of creating the family constitution in recent times has spread and scores of families have gone on this path. However, like any other growing trend, creation of...