One code good, two codes better?

The Kotak panel recommendations on corporate governance have received significant coverage and a lot of comments ever since it was submitted a month ago. 
 

While many comments have focused on individual recommendations and the practical implications and difficulties, not much has been thought about how these changes, if they come through, would impact the minority investor.

Corporate governance revolves around balancing the interests of different stakeholders. In India, with the promoters dominating the board rooms and controlling managements in a large number of companies, corporate governance essentially boils down to protecting the interests of public shareholders.

However, the tools Indian regulators have