INTEGRATING CORPORATE GOVERNANCE PRINCIPLES INTO PUBLIC TRUST ADMINISTRATION: A COMPARATIVE LEGAL EVALUATION OF THE MAHARASHTRA PUBLIC TRUST ACT, 1950

Abstract

Public trusts play a significant role in delivering charitable, educational, religious, and social welfare services, making effective governance essential for ensuring transparency and accountability. The Maharashtra Public Trusts Act, 1950 provides the statutory framework for regulating public trusts; however, its implementation is often constrained by administrative inefficiencies, inadequate accountability mechanisms, and limited adoption of modern governance practices. This study critically examines the governance framework under the Maharashtra Public Trusts Act, 1950 through a comparative legal analysis of corporate governance principles embodied in the Companies Act, 2013, the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, and the G20/OECD Principles of Corporate Governance (2023). Using a doctrinal and comparative research methodology, the study analyses statutory provisions, judicial decisions, and international governance practices to identify gaps in public trust administration. It argues that the integration of corporate governance principles, including transparency, fiduciary accountability, stakeholder participation, risk management, and digital governance, can significantly strengthen the regulatory framework governing public trusts. The study concludes with recommendations for legislative and institutional reforms to promote efficient, transparent, and accountable public trust administration while preserving the charitable objectives of the Maharashtra Public Trusts Act, 1950.