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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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