independent directors

The Parliamentary standing committee on Finance, headed by BJP member of parliament Ananth Kumar, has convened a meeting on Wednesday to examine the crisis sparked by the fraud in Satyam Computer Services. This could lead to changes in company law to strengthen regulation and governance. Several government officials, including the finance secretary, the chairman of [...] Full Article

The statutory auditor of Satyam Computer, Price Waterhouse, has said that it found no “significant risks and exposures” during its audit of the scam- hit IT firm.   The minutes of Satyam’s audit committee meeting, held on October 17, revealed today that a representative of the statutory auditor Price Waterhouse told the committee that “no [...] Full Article

The amendments have been made after representations from entities requested Sebi to bring about further clarity on the amendment (made on April 8) where the promoter of a listed company is a listed or an unlisted entity. A Sebi release said, “If the promoter is a listed entity, its directors —other than the independent directors, its employees, or its nominees — shall be deemed to be related to it.” But, “if the promoter is an unlisted entity, its directors, em.. Full Article