Law in April for 1/3rd IDs in co's board

Government will introduce the revised co law for legislation in April that will mandate one third independent directors in a co's board.

Government will introduce the revised company law for legislation in April in Parliament that will mandate one third independent directors in a company's board.

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"As far as government is concerned we are in the process of legislating one-third directors to be independent," Ministry of company affairs secretary Komal Anand said at a corporate governance seminar organised by CII.

The revised bill will be introduced in Parliament for legislation in April to get it passed, Anand said.

She said the change is required to keep pace with time so that it can serve as an effective vehicle for the flourishing industry to become internationaly competitive.