Dec 29, 2018

Scores of listed companies found lacking requisite number of directors

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There seem to be quite a few empty chairs in the boardrooms of India Inc. Both the Securities and Exchange Board of India’s (Sebi’s) listing regulations and the Companies Act of 2013 mandate that a certain proportion of a company’s board be composed of independent directors.

The presence of such directors is said to provide better oversight and help improve governance. Currently, as many as 104 listed companies have fewer independent directors than mandated by the regulations, according to the figures from Prime Database. Some of the vacancies are because of …

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