Business Daily from THE HINDU group of publications
Monday, Oct 23, 2006
`Clutch of directors holds sway in India Inc'
The largest number of directorial positions occupied by a single individual is 15
Most are seen to be generally holding non-independent director positions.
New Delhi, Oct 22
India Inc's top management might not be as broadbased as is generally thought.
An analysis of the board compositions of around 1,500 companies listed on the BSE shows that 58 individuals occupy over 10 directorship positions each in these firms, with several of them holding up to 15 directorial slots.
Most of those occupying a large number of directorial positions are seen to be generally holding non-independent director positions, but are not involved in the day-to-day running of these companies.
According to data compiled by Prime Database, the largest number of directorial positions occupied by a single individual is 15, with four such persons in the list of the firms surveyed.
A majority of those holding the largest number of directorial positions are either chartered accountants or corporate lawyers.
Prominent among them is 92-year old Field Marshal Sam Manekshaw, who is a Director on 12 company boards including Britannia Industries and Nagarjuna Fertilisers and Chemicals.
The HDFC Chairman, Mr Deepak Parekh, and the Development Credit Bank Chairman, Mr Nasser Munjee, are on 13 company boards each.
Mr G.P. Goenka is on the boards of 12 companies, including Nicholas Piramal India and Gujarat Carbon and Industries.
Mr Ratan Tata, who is on the boards of the Tata Group companies and also holds an independent Directorship on the board of Bombay Dyeing, and Mr Kumaramangalam Birla, are on the boards of 11 companies each.
Equity investor Mr Rakesh Jhunjhunwala is on 10 boards.
The data, which combines the lists filed by various listed companies on directorships held by each individual, excludes most private limited companies and firms that are not listed on the stock exchanges.
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