Corporate governance

The system by which a company is directed and controlled, and in the Indian context principally the question of whether a controlling shareholder treats the minority fairly.

You can observe it in a handful of places. Board composition, and whether the directors called independent are independent in fact. Related-party transactions, and how they were approved. Auditor tenure and qualifications, and any resignation. Executive pay against performance. And the treatment of minority shareholders in past corporate actions.

Patterns matter more than any single item. Companies that treat minority holders badly tend to do so repeatedly, and the history is in the filings.

Governance isn't a soft factor. It decides who receives the cash flow.