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With SEBIs deadline for the appointment of independent directors on the boards of listed companies fast approaching ,all ministeries, barring petroleum and steel ,have finalised the probables. " Barring oil and steel ,all the ministeries have finalised the panel of experts of appointment as independent directors."All the panels forwarded to the search committee of department of public enterprises have been scrutinised and the names of successful candidates shortlisted. The names of persons recommended for the posts are now awaiting final clearance, sources said. As per the SEBI norms ,the boards of all the listed firms with chairman as chief executive must have 50% independent directors. The firms must comply with the rules by the end of this year or face delisting. There are 28 listed PSUs , of which eight are designated navratnas. While petroleum ministry has five companies omn the list- ONGC, IOC, HPCL, BPCL, and Gail-the steel ministry has only SAIL. Sources said all government owned companies will comply with these norms before the deadline.Among other navratna firms, the names of four independent directors have already beeen announced ,while in case of one, the process is fairly advanced stage.
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| Posted : 11/22/2005 |
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