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'Independent directors should form 1/3 of board' Irani panel submits report on company law.
(From Business Line)
Byline: K.R. Srivats
New Delhi, May 31 - TAKING a position that is at variance with that of the Securities and Exchange Board of India, the J.J. Irani Committee on company law has recommended that one-third of the board of a listed company should comprise independent directors.
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 had made it clear that corporate India should comply with revised Clause 49 by December 31, 2005.
The committee, which submitted its report to the Company …
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