New Delhi, May 1 -- Scandals at a number of high-profile startups such as Byju's, BharatPe, GoMechanic, Housing.com and Zilingo over the past few years have raised concerns about corporate-governance practices at these once-celebrated businesses.

Several startups allegedly witnessed unethical behaviour from founders, clashes between founders and investors, and financial irregularities, leading to the ouster of founders such as Ashneer Grover from BharatPe and Rahul Yadav from Housing.com, or the liquidation of the business, as in the case of Zilingo.

Investors and concerned citizens soon began to demand that these entities adopt better corporate-governance practices. The Confederation of Indian Industry (CII) recently released a corpora...