In the wake of the Satyam scam, Indian corporates need to ensure that their investor confidence remain intact to survive in the difficult times.

"The executing strategy in today's chaotic market is the greatest challenge. It is best for boards to focus on their bread and butter business to ensure downturn survival," Parekh said.

However, the corporate governance structure of India continues to be robust despite one-off cases like Satyam, he said.

Noting that standard corporate governance practices do not originate from regulatory compulsions, Parekh said the compliance of corporate governance standards is to be ensured in state-run companies as well.

"The compliance of corporate governance is not just the domain of the private sector... one is always tempted to question the vested interest that are preventing certain public sector undertakings of having Independent Directors on the board," he said.

"Most stringent directives are counter productive as ultimately markets are smarter and more efficient than regulations," he said.