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India Inc wants deadline extension to appoint independent directors

Our Bureau

New Delhi , Dec. 5

EIGHTY five per cent of the corporates surveyed by Assocham favoured a deadline extension from December 31, 2005 to March 31, 2006 for appointing independent directors in listed companies. The Assocham (Associated Chambers of Commerce and Industry) Business Barometer Survey sought the opinion of 200 CEOs and managing directors (MDs) in the country.

These top officials said that their companies need at least another 3-4 months to appoint competent and experienced independent directors.

CEOs and MDs were of the unanimous view that the earlier the extension is granted, the better would it be for them to take on the pressures of SEBI.

A majority of 55 per cent of the top CEOs said that only the Ministry of Company Affairs should decide the number of independent directors in the board of listed companies. The CEOs and MDs said that since independent directors are representative of the shareholders, they should also be made responsible for the acts of omission and commission of the management.

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