Saturday, March 15, 2014

Independent directors will have to give reasons to quit

Independent directors will soon have to provide “detailed reasons” for their resignations from boards of listed companies and the same would need to be made public under new norms being finalised by the regulator Securities & Exchange Board of India (SEBI)  If an independent director is citing “personal reasons” for his/her resignation from a company board, then he/she may be required to explain the logic behind staying on boards of other companies.

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