Various corporate scams in the corporation in different jurisdictions like the Enron debacle in the American jurisdiction, Bank of Credit and Commerce International & Maxwell Communications Corporation in United kingdom’s jurisdiction and Satyam scam in the Indian jurisdiction gave birth to the concept of corporate governance to strengthen the trust of the investors and to create an atmosphere of accountability for the controllers of the corporation. This paper seeks to examine the evolution in the Corporate governance Framework of India and identify and address the significant challenges & suggest any changes to the legislative provision keeping current developments in mind to strengthen the trust upon Indian corporations in the age of technology and dynamic global environment.