 In the last session, we were talking about the resource dependency theory and we were looking at how we can constitute a better board which would be more diverse, which would be more linked and which would facilitate the progress and the success and the longevity of any organization. Today, we are going to look at another theory and that theory is the transaction cost theory and just like all of these theories have a reflection within their own nomenclature, so over here again, we are going to be looking at cost, transaction, seeing their relationship with a particular organization and then also the role of the board in all of this. So, let us look at it on our slides and then we will further explain it over here. So, looking at the transaction cost theory, we basically see that company is looked at as an efficient hierarchical structure that serves as framework to run contractual relationships. It is interdisciplinary in nature. Now, when we are seeing this and because the nomenclature itself tends to resonate and reflect the implications of cost and transactions, therefore, when we are looking at the organization, then we are talking about the organization having an efficient hierarchy, having a more responsive organogram, having employees which facilitate stakeholders, do not create hurdles, do not create barriers, do not have red tape, do not tend to black roll different transactions, but actually tend to facilitate them in a better way, so actively engage and try to iron out the differences and the different conflicts which tend to arise, which would lead to a framework which runs towards contractual relationships. So, that is extremely important. I mean, look at the relationship between McDonald's and Coca-Cola. This relationship has been based over decades and how it has been nurtured forward and how McDonald's has basically been able to create very progressive, very proactive, very conducive and very win-win relationships with their different contractors through this contractual relationship. Now, the nature of this particular theory is definitely interdisciplinary because the different departments, the different divisions and the different sectoral heads within the organization basically come and play and they work in harmony with each other and they try to facilitate each other, try to create an environment whereby the different stakeholders, both internal and external, feel more comfortable, feel more ownership for the company and are able to give their best to the organization because the organization is also giving its best to those particular stakeholders. So, let us look at it a little bit more and we can see that in that particular context the firm as an organization comprising people with different views and objectives, individuals are self-interested and opportunistic in nature. Now, these two points again tend to categorize this particular theory. On the one hand, we see the firm as an organization which definitely has a rainbow of people with different views and objectives, people who interpret things differently, who understand things differently, who look at the organization differently, who look at the organizational products differently, who look at the organizational values from a different context all together and they all have their different ideas and creating this political metabolism and embolism which exists within that organization which can have a positive impact or can have a negative effect. Now, this transaction court theory tries to channelize all of this towards a more positive context which would then lead to the betterment of the organization because again ladies and gentlemen when we look at individuals or employees from a psychological context then people are self-interested and opportunistic in nature. Now, this is something which should be discouraged definitely we should not be opportunist and we should have self-interest but we should also have the interest of other people around us be empathetic to them, be sympathetic to them, understand their needs and also try to cater to them that is also the role of the organization but unfortunately because of opportunistic basically attitude and designs coupled with self-interest sometimes organized organizations or boards or top management tend to manipulate and exploit the employees to such an extent that it creates animosity conflict bad blood and sometimes can lead to major conflicts also. So, that should be avoided at all costs. Now, let us further look at it from another context and therefore when we are looking at this transaction cost theory there should be emphasis on the need of strong legal mechanisms to deal opportunistic behavior. Now, ladies and gentlemen this is a very very important time this is a very very important point. Now, when we see it we basically have to create legal mechanisms and frameworks rules and regulations we have to create SOPs manuals in such a way that people do not tend to have a opportunistic approach or behavior towards the organization whereby through corruption and bad practices or bad governance they extricate the maximum for the organization for their own self-aggrandizement which would lead definitely to the debacle of the organization. So, for the longevity of the organization it is extremely important that there has to be a strong emphasis on creating legal mechanisms to deal with opportunistic behavior it must be condemned it must be punished and there must be repercussions for doing things in the wrong way because every employee within the organization should be working for the betterment of the organization and for the betterment of the whole and that is the transaction cost theory. Thank you so much.