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(From Business Line)
from BUSINESS LINE, July 21, 2005 - Paucity of "qualified/trained independent directors" - an improbable argument - Enough talent with the right professional background, attitude and aptitude available - It is all about private gains for control - How relevant is the Anglo-Saxon concept for Indian corporates? - Institution of independent directors needs to be strengthened HAVING successfully stalled for months, the introduction of the new norms on the appointment of independent directors, the effort now appears to be to dump the concept entirely
Besides, adducing a host of trite arguments, the game plan also seems to involve playing the Securities and Exchange Board of India (SEBI) and the Ministry of Company Affairs (MCA) against each other in a new round of turf battle
If the institution of independent directors were to be stillborn, it would be a setback to the fledgling corporate governance movement and also to the credibility of SEBI, which has done more than any other …