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Independent directors should maintain a distance from the company, its promoters and the management; but the irony is that they are nominated and appointed by the promoters
Independent directors, tragically for corporate governance, seem unaware of the elaborate role expected of them and the risks they face
Modulex Construction Technologies’ independent director had submitted an explosive resignation letter on March 7, 2023.
The Infosys Board has appointed D Sundaram as the Lead Independent Director, effective immediately based on the recommendation of the Nomination and Remuneration Committee.
Sandeep Khurana says shareholders may face Rs 100-crore loss if the firm goes ahead with the share swap. The construction-tech firm says allegations are malicious and based on half-truths, falsities
The battle between the largest shareholder of Dish TV and Subhash Chandra is in the final lap, after Dish agreed to induct two independent directors recommended by Yes Bank on its board.
New Delhi, Mar 7 State-owned non-banking finance firm REC Ltd on Tuesday announced the appointment of Narayanan Tirupathy as a part-time non-official in..
In 2023-24, the company aims to scale up loan sanction to over Rs 6,000 crore, PFS managing director and chief executive officer Pawan Singh tells Moneycontrol. Singh also says the company does not fully agree with the findings of a forensic audit by CNK & Associates
The ITC veteran and angel investor said working with the unicorn’s founders, whom he hired and mentored, is the best ‘gurudakshina’ he could get. Rangrass also revealed the role he would play in Zetwerk’s launch into a ‘larger league.'
On the recommendation of the nomination and remuneration committee and subject to the approval of the shareholders at the ensuing annual general meeting, the company’s board has appointed Vaidya.
The companies have doubled the presence of independent directors on their board in a year
The forensic report is investigating the allegations made by three independent directors who resigned together from the company in January.
SEBI had in January barred PTC India Financial Services Ltd, a subsidiary of PTC, from holding board meetings after three independent directors, who quit, flagged corporate governance issues
The Securities and Exchange Board of India has pulled up PFS, barring the non-banking financial company from holding a board meeting until it addresses the corporate governance issues and submits a report on action taken within four weeks
The company received an email on Saturday from the regulator, ahead of its board meeting which was scheduled for later in the day
Former bureaucrat Rakesh Kacker resigned late Friday. He was also an independent director at the arm PFS until end-December and had written to the management highlighting lapses in corporate governance.
ICICI Bank informs of fine on Rama Bijapurkar, a day after she quit
PTC India and PTC India Financial Services raised questions about the “factual errors” in the allegations made by the directors and timing of the coordinated resignations that cite instances from an older period.
The independent directors claimed there were serious corporate governance lapses at PTC India Financial Services and that they were being blatantly ignored.
Vittal, who was a partner with McKinsey for a period of 16 years, first became an independent director of Wipro in October 2013.
The current process gives a company's promoters, or main backers, "significant influence" on the appointment and removal of independent directors and undermines independent directors' ability to take differing views from promoters, SEBI said in its proposal.
"The lead independent director is an important role for us and we've been looking for a leader who can bring significant oversight and governance experience," Facebook Chief Executive Officer Mark Zuckerberg said in a statement.
Gangwal is away in the US where he is based and is not attending the AGM
When the selection and fee payment of auditors, credit rating firms and independent directors is decided by the management/promoter shareholders, it is obvious that their loyalty will be towards the latter.
While the resignations have raised eyebrows, the company said there is no problem with current standards of governance
