The power panel (L to R): Ravina Raj Kohli of Star News, Anu Aga of Thermax, Vinita Jain of Bioveda Technologies, Anil Ambani of Reliance Industries, Chanda Kochhar of ICICI Bank, Anita Goyal of Jet Airways, Naina Lal Kidwai of HSBC Securities & Capital markets and Sulajja Firodia-Motvani of Kinetic Engineering

It's not often that Anil Ambani gets edgy and on the backfoot. But on December 6 at Taj Mahal's Crystal Ball Room in Mumbai, that's exactly how the 43-year-old Vice Chairman and Managing Director of Reliance Industries seemed. For good reason. He was pitted against seven of the brightest and most powerful women from corporate India. The occasion: the Wharton Alumni Association of India's (Ambani belongs to Wharton's Class of 83) concluding mega event for the calendar. The topic: "What Prevents Indian Women From Becoming CEOs?" The guest list: over 1,000 people, including HLL's Vindi Banga.

Anil Ambani, Vice Chairman & MD, Reliance Industries A Wharton alumni, Reliance's Vice Chairman & MD Anil Ambani let the panelists have a field day, while setting the tone for the discussion

The provocative topic seemed appropriate at a time when investors the world over are clamouring for a new kind of CEO: honest, caring, and trustworthy. And somehow, women seem to fit the bill better than most men. (At one point, Ambani-who admitted to Reliance having just 400 women employees out of 14,000-wondered aloud if he should step down in favour of a woman CEO). Yet, just 28 per cent of India's workforce is made up of women, and a minuscule 3 per cent are CEOs. Male conspiracy or just an issue of competence? For an answer, WAAI and BT brought together a stellar panel of owner-managers and executives from a cross-section of industries. The panelists: Anu Aga, Chairperson, Thermax; Anita Goyal, VP (Marketing and Sales), Jet Airways; Vinita Jain, Chairperson, Bioveda Technologies; Naina Lal Kidwai, MD & Vice Chairperson, HSBC Securities and Capital Markets; Chanda Kochhar, Executive Director, ICICI Bank; Ravina Raj Kohli, President, Star News; and Sulajja Firodia-Motwani, Jt. MD, Kinetic Engineering. Here's the power panel unplugged:

"You Win Some, You Lose Some"
Sulajja Firodia-Motwani, Jt. MD, Kinetic Engineering

Globally, you can see women CEOs in almost all fields. We have Martha Stewart who made waves in the last decade, Carly Fiorina of Hewlett-Packard, Meg Whitman (eBay), and Indra Nooyi of Pepsi. All these women have made their mark in diverse industries. But the basic question remains: Why are women CEOs so few and far in between? Probably that has to do with the role women have taken for themselves over the years. To reverse this, there are at least two things that need to be done. One, more women should want to join the workforce and strive to reach the top. Two, the social structure needs to be changed so that women are recognised as productive members of the community. Today, we find a working woman having to look after too many things. If more and more families come forward to share her responsibilities, it would make a change. At the end of the day you win some, you lose some.

"Dare To Dream Big"
Naina Lal Kidwai, MD & VC, HSBC Securities

In the last three-to-five years, there is a growing realisation that diversity is important and that a monoculture is not ideal for strategic thinking. This is going to be a terrific time for women. When I applied to PWC, I faced a rigorous interview for three hours (no male had an interview that long). They told me that they hadn't decided whether they will take a woman and they confirmed me only after a month. Today, the gentleman who was on the panel admits that he actively discriminates against men, just to keep the 50:50 ratio.

When I joined, there were hardly any women CEOs. As more women take up jobs, we are bound to see more CEOs among them. However, one mistake I made was that I always tried to be a man in a man's world. Today, I believe it is important to develop a network of women in the organisation. Another important thing is to dream big and aim to reach the top. Something I have noticed among the women who work with me is that they tend to hustle less than men, but the best and brightest want to be recognised for their work.

"It Boils Down To Conviction"
Anita Goyal, Vice President (Marketing & Sales), Jet Airways

Women often find reaching the CEO level daunting. Often the support structure is not in place and women end up having a hard time managing their work and family. So for a woman to succeed, it is important for them to have conviction. Men often have a hidden fear of women encroaching on fields that they have dominated. Even in matriarchal societies of Kerela and Tamil Nadu we find very few women making it to the top. What is not seen is that Indian women can be good managers. Indian women play a dominating role in their families and are trained as a homemaker by education and emulation. They do it with fortitude and grace and these skills can rival any skills of the corporate male. Men can never fit into this role, but women of late have fitted into men's role. To be successful, women need to be at least three times better. Thankfully for Indian women that's not very tough.

"Focus On Merit, Not Gender"
Chanda Kochhar, ED, ICICI Bank

From ICICI, I have learned two broad lessons. One, that organisations need to be pure merit-oriented. They do not need to go out of their way to make women-friendly policies, but what is required is merit-based decision making and rewards. On the other hand, women also need to take up the challenge and perform with equal zeal. Don't expect any special favour or treatment just because you are a woman.

Women have all the capabilities to become CEOs. They are extremely adaptable and flexible by nature. Women are also extremely passionate and this reflects in their job. There are huge opportunities for women in the future. My appeal is to make decisions more merit-oriented. Please get rid of the notion that there is a trade-off between family and work. Excel in both simultaneously. Indian women have the capability, and for such women only the sky is the limit.

"The Mindset Hurts"
Vinita Jain, MD, Bioveda Technologies

We have the brilliant example of Indra Nooyi, who despite coming from a small town in Tamil Nadu has achieved so much in the global corporate arena. However, what comes in the way of more women succeeding is their own mindset. Take Indra's example again. Back from work and extremely tired, Indra is reported to have told her mother that she has been promoted. Her stoic reply was, "That's all well but get some milk from the shop." When she protested and wanted to know why her brother couldn't run the errand, she was told that he had had a hard day at work. This mindset is what hurts women. As more and more women come forward and concentrate on their career, there is no way they can be undermined.

"Don't Imitate Men"
Ravina Raj Kohli, President, Star News

To tell you frankly, I had never heard of the term 'glass ceiling' until well into my career. My mother would always push me-go out, work for yourself, have a life and she would take all the flak. People would ask mom in Punjabi, "Beti settle kab hogi?" and she would say, "she is settled." That's how I grew up. A lot of choices that women make are personal and there is no hard and fast rule that Indian women don't have what it takes to be at the top of the corporate ladder. One reason may be that there aren't many trophy husbands, and I am on the look out for one.

Being an equal opportunity employer, I always say, "don't be hysterical about trying to be like a man." Also the Indian woman's problem is a lot similar to that of the American woman. She decides not to climb to the top because of her own choice. There's nothing that prevents Indian women from becoming CEOs. At the end of the day, the women who succeed, do so because they want to and their ambition forces them to do everything to get there.

"Women Need Equal Footing"
Anu Aga, Chairperson, Thermax

For the Indian woman, the emphasis is still on getting married. The moment she turns 30, there is panic at home. I ask the audience, how many of you men panicked to the fact that you were 40 and still not married? Men have strong egos, but do we care about women's egos? How many women can take a transfer and the husband will follow her? For a woman, chasing her career is seen as less important than following the social norms and customs. It is true that several women have become CEOs, but they are still few in number. For a country like ours, it will still take time.

In my own case, after my husband died I took charge of the company. In a few months my son died, too, and there were reports in the media screaming, "the future CEO of Thermax dies". I have a daughter, but no one even thought that someday she can take over the company. My daughter's ego didn't stop her from becoming the Vice-Chairman. That's the attitude we get to see when it comes to women being CEOs. It is important to have an equal footing.