independent directors

Independent Directors — Corporate governance in challenging times

Company Law - While in most of the countries in the world, the top executives are trying to survive their jobs and positions and while this is the first time when maximum CEOs are hated by their shareholders, the independent Directors are trying to run away from their current position. One of the reports of Economic Times says that, since Satyam scanda...

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ICAI president advocates more power for chartered accountants

Company Law - Uttam Prakash Agarwal, president of Institute of Chartered Accountants of India (ICAI), has been in focus lately, handling queries on the role of auditors in the Satyam Computer fiasco. Agarwal, who is also chairing the six-member high-level committee set up by ICAI to look into the Satyam scandal, talked to Vivek Seal of DNA on […...

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Are Independent directors really independent?

Company Law - More than seven of 10 independent directors sitting on the boards of listed companies to improve corporate governance are “home” members, while only few women make it to such positions, says a study.”Nearly 75 per cent of all independent directors are ‘home’ members who are natural allies of the promoters are...

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Satyam's independent directors get clean chit from SFIO

Company Law - Independent directors of Satyam  were not involved in the multi-crore accounting fraud in the IT company and were kept in the dark by founder-chairman B Ramalinga Raju, the Serious Fraud Investigation Office has concluded. The over 14,000-page report submitted to the government, marking the end of three month-long investigation, the prob...

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Independent Directors liable for penal action (including for frauds)

Company Law - The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist from achieving any undue...

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Working of independent Directors in Central Public Sector Enterprises

Company Law - The Government has said that the Department of Public Enterprises has so far not issued any guidelines regarding the assessment of working of non-official Directors on the Board of Central Public Sector Enterprises (CPSEs)....

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Role of independent directors will be clarified in new Companies Bill

Company Law - The role of independent directors (IDs) on the board of Indian companies will be clarified in the new Companies Bill and their responsibilities will be made finite in terms of what they are answerable for, said Union Corporate Affairs Minister Salman Khurshid....

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Selection & appointment of independent directors in state-owned companies may get easier

Company Law - A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry official, requesting anonymity. The development assumes significance in the wake of the government’s renewed efforts to quicken the share sales of many state-owned firms that are hamstr...

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Provision to Appoint Independent Directors governed by clause 49 of the Listing Agreement not by Companies Act

Company Law - The Government has said that the Companies Act, 1956 does not provide for appointment of Independent Directors. But, as per clause 49 of the Listing Agreement, all the listed companies are required to appoint Independent Directors. Giving this information in written reply to a question in the Lok Sabha today, the Minsiter for Corporate Af...

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Circular on Applicability of service tax on commission paid to Managing Director/Directors by the company

Circular No. 115/09/2009 - ST - (31/07/2009) - Payments termed as ‘commission’ made to a Managing Director/ Directors, whether whole-time or independent, would not be ‘commission’ as envisaged under the Service Tax category of Business Auxiliary Services. Hence, payments of commission made to the Managing Director/ Directors would not be...

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Recent Posts in "independent directors"

Independent Directors liable for penal action (including for frauds)

The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist from achieving any undue...

Read More
Posted Under: Service Tax |

Working of independent Directors in Central Public Sector Enterprises

The Government has said that the Department of Public Enterprises has so far not issued any guidelines regarding the assessment of working of non-official Directors on the Board of Central Public Sector Enterprises (CPSEs)....

Read More
Posted Under: Service Tax |

Role of independent directors will be clarified in new Companies Bill

The role of independent directors (IDs) on the board of Indian companies will be clarified in the new Companies Bill and their responsibilities will be made finite in terms of what they are answerable for, said Union Corporate Affairs Minister Salman Khurshid....

Read More
Posted Under: Service Tax |

Selection & appointment of independent directors in state-owned companies may get easier

A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry official, requesting anonymity. The development assumes significance in the wake of the government’s renewed efforts to quicken the share sales of many state-owned firms that are hamstr...

Read More
Posted Under: Service Tax |

Provision to Appoint Independent Directors governed by clause 49 of the Listing Agreement not by Companies Act

The Government has said that the Companies Act, 1956 does not provide for appointment of Independent Directors. But, as per clause 49 of the Listing Agreement, all the listed companies are required to appoint Independent Directors. Giving this information in written reply to a question in the Lok Sabha today, the Minsiter for Corporate Af...

Read More
Posted Under: Service Tax |

Government may empower independent directors and company secretaries to enforce corporate governance norms

The government may empower independent directors and company secretaries to enforce corporate governance norms, having made compliance voluntary for enterprises. The Institute of Company Secretaries of India (ICSI), a statutory body set up by the government, has suggested a set of best practices that company secretaries on board of compan...

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Posted Under: Service Tax |

Guidelines for independent directors sought by ICAI and ICSI

The Institute of Chartered Accountants of India (ICAI) and the Institute of Company Secretaries of India (ICSI) have urged the government to lay down guidelines for independent directors, including their terms of appointment, responsibilities and tenure in the company....

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Posted Under: Service Tax |

Governments likely to introduce a fixed time-frame for nomination of independent directors in state-run companies

With the aggressive disinvestment of PSUs being planned for the coming months, the government is likely to introduce a fixed time-frame during which the nomination of independent directors should be completed by state-run companies....

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Posted Under: Service Tax |

ICSI recommended to fix the limit for maximum number of listed companies where one can be a director to seven

The Institute of Company Secretaries of India (ICSI) has recommended to the Government that the maximum number of listed companies where one can be a director be restricted to seven. ICSI has also mooted capping the tenure of independent directors at six years. In its report on ‘Strengthening Corporate Governance Framework' submitted to...

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Posted Under: Service Tax |

Independent Directors — Corporate governance in challenging times

While in most of the countries in the world, the top executives are trying to survive their jobs and positions and while this is the first time when maximum CEOs are hated by their shareholders, the independent Directors are trying to run away from their current position. One of the reports of Economic Times says that, since Satyam scanda...

Read More
Posted Under: Service Tax |
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