Conflict created by press: Irani
Dismissing rumours about a conflict between contents of the Irani Committee report, which suggested changes to the Companies Act, and clause 49 of Sebi's listing agreement, the report's author on Wednesday said the conflict was a product of the pr...
By PTI |
MUMBAI: Dismissing rumours about a conflict between contents of the Irani Committee report, which suggested changes to the Companies Act, and clause 49 of Sebi's listing agreement, the report's author on Wednesday said the conflict was a product of the press.
"I had a discussion with Damodaran (Sebi Chairman) and he has told me that there is no conflict at all and it is all a product of the press," Tata Sons Director J J Irani said at the sixth international conference on governance.
"Clause 49 is about to be implemented in less than 10 days. It is not a checklist method but has substance rather than form," he said.
When asked whether the corporates would get more time for complying with the revised clause 49 requirements, Irani said they have been given enough time.
"Initially they were given six months and then nine months as grace period," he said.
On the proposed amendments to the Companies Act, he said the law would be simple, practical and conducive for entrepreneurship.
While the Irani Committee has recommended that one third of the board of companies with significant public interest should comprise independent directors, clause 49 of the listing agreement says that 50 per cent of the board in the companies with executive chairman must be independent directors.
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