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This book is a part of the Penguin commissioned series of books on the history of Indian business Written by Omkar Goswami, whom I remember as a columnist from the days when I used to read the Business World magazine regularly, it was a truly illuminating book for me The theme of the book is the now banned form of corporate organization in India of a managing agency It is basically a way of structuring a business where with minimal equity ownership in each business, an entity can exercise complete effective control of a vast number of businesses and lay claim to an outsized share of cash flows through long term agreements granting the promoters of agencies commissions on sales and profits, excessive broking and insurance charges and their share of dividends The Tatas, Birlas, Wadias, DCM and a number of other prominent corporate groups of today started and ran their business for decades under this structure for it was the de facto practice of the times Tata Sons, the holding company of the house of Tatas, was a managing agency earlier While outlawed in 1970 once it outlived its utility due to structural changes in corporate financing in India and caused major corporate scandals, the managing agency survives in India in spirit under many different forms and names The book also draws parallels with similar structures in other countries like Japan, Korea, Indonesia and Hong Kong which exist to this day.It was first conceived in form and structure by Dwarka Nath Tagore, Rabindra Nath Tagore s grandfather, who was one of the richest Indians in colonial times It was a product of the times when capital was scarce to come by and entrepreneurial risk taking not so widespread The basic justification that owner operators of businesses who understand the intricacies of the business deserve than their pro rata share of dividends that even passive shareholders are entitled to salaries for services paid to them by company being deemed insufficient compensation persists to this day This causes promoters to take out money from the company under various pretexts by say, erecting private companies that provide services to the main company and are paid for it Many of the devious and fraudulent means and ways to steal money from companies that are in vogue today trace their antecedants to the managing agency structure. BRILLIANT Just one word to describe the book *Download Book ⇣ Goras and Desis ☙ An Insightful View On The Origin And Evolution Of Indian Corporates NR Narayana MurthyThe Story Of Corporate India Is Linked To Managing Agencies, An Organizational Form Dominant In The Subcontinent From Until Its Abolition In That Allowed Entrepreneurs To Promote Diverse Companies While Exercising Disproportionate Control Over Cash Flows This Is The Definitive Economic History Of Indian Companies Through The Lens Of Managing Agencies, Whether Controlled By Goras Or Desis An Informed Analysis Of The Ways Of Indian Business Sanjaya Baru A Fascinating History Of The Precursors Of Corporate India KV Kamath A Very Timely Perspective And A Delightful Read Ashok S Ganguly