Is the management high on integrity and transparency?
You don't want to be caught in a 'Satyam' situation. Management's integrity is the key to minority shareholders' success.
It is tough to gauge the management's integrity but here is a snapshot of what to look for. I took this from Motilal Oswal Checklist Report and felt that it showcases in a simple way most of what to expect from the management.
On transparency, I prefer management that accepts the lack of performance and is ready to take responsibility. A quarterly call on which you hear self praises should raise your eyebrows.