INDEPENDENT DIRECTORs IN LISTED COMPANIES
SEBI had in the revised Clause 49 of the Listing Agreement mandated that at least 50 per cent of the board of a listed company comprise independent directors. The capital market regulator has made it clear that the corporate India should comply with revised Clause 49 by 31 December 2005.
Taking a position that is at variance with that of the Securities and Exchange Board of India, the J.J. Irani Committee has recommended that one-third of the board of a listed company should comprise independent directors.
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