Historically, corporate houses never felt the need for disclosing their different practices to the world. However, during the 1920s, unprecedented growth in companies like AT & T, General Motors, Standard Oil and United States Rubber etc. led to monopolistic markets with deplorable labor practices. It took three more decades to standardize various regulations, corporate reporting and disclosure (Anwar and Tang, 2003, Thomas, Gietzman and Shyla, 2002). Mandatory disclosure of financial information through annual reports was started as a requirement of acts and regulations in the corporate sector. In India, this is regulated by the Companies Act 1956, the Securities Contracts Act 1956, the Capital Issues Act 1947, the Income Tax Act 1961 etc. With the passage of time there is a growing urge for disclosure of non-financial information which gives valuable guidance to stakeholders. While complying with mandatory requirements, a company may disseminate information voluntarily as well and the degree of openness is defined as corporate transparency. There has been a paradigm shift in handling corporate transparency – this is no longer a destination but a journey that is evolving over the passage of time (Thomas, Gietzman and Shyla, 2002; Tomorrow’s Value, 2006). Corporate Reporting Framework (CRF): Benchmarking Tata Motors against AB Volvo and Exploring Future Challenges
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