Financial Daily from THE HINDU group of publications
Friday, Jul 22, 2005
Financial Daily from THE HINDU group of publications Friday, Jul 22, 2005 |
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Petroleum Industry & Economy - Petroleum Aiyar, Chidambaram discuss composition of oil firm boards Our Bureau
New Delhi , July 21 THE Petroleum Minister, Mr Mani Shankar Aiyar, today met the Finance Minister, Mr P. Chidambaram, to discuss the board composition of oil companies, particularly ONGC. The two also discussed the role of the Finance Ministry nominee on the ONGC board. Mr Aiyar is understood to have sought the Finance Minister's view on the composition of ONGC board with reference to the strength of independent directors. With the SEBI setting December 31, 2005 as the last date of compliance with the revised Clause 49 of the Listing Agreement, which stipulates that 50 per cent of the members on a company's board should be independent directors, the PSU boards may have to undergo change in composition.
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