INDEPENDENT DIRECTORS
Shriram Life Insurance launches Deferred Annuity Plan
Shriram Life's Deferred Annuity Plan, starting at Rs 60,000 annually for ages 40-75, offers a 5-10 year deferment period before annuity payments commence. Providing a Return of Purchase Price, it ensures financial independence, particularly for entrepreneurs not under social security. Premium is refunded upon terminal illness or death, stated MD and CEO Casparus J H Kromhout.
Former SAIL CMD Chandra Shekhar Verma joins Shyam Metalics as independent director
Shyam Metalics and Energy Ltd has appointed former SAIL CMD Chandra Shekhar Verma as its independent director. Verma will join the strategic advisory board and participate in key decision-making processes for the company's growth and development. Prior to joining, Verma served as Chairman and Managing Director of SAIL.
Foxconn’s Bharat FIH is facing turbulence due to top-level exits
Foxconn group company Bharat FIH is in a rough spot, with three of its independent directors having exited its board in the past three months. Interglobe Aviation chairman Venkataramani Sumantran, Sify Technologies cofounder Ramaraj R and former IT and telecom secretary Aruna Sundararajan have resigned. Sources cited the company’s lack of direction as the main reason for the resignations.
Former RBI Guv Urjit Patel set to join Britannia Industries board again
Urjit Patel, former RBI governor, joins Britannia Industries board as an independent director. He recommenced after a two-year hiatus following his resignation in 2018. Patel’s diverse experience includes stints in both the private sector and central bank, distinguishing him from his predecessors. As a seasoned professional, he brings a unique perspective to the boardroom, ensuring a blend of regulatory expertise and corporate governance.
Britannia appoints ex-RBI Guv Urjit Patel as independent director
Britannia has appointed former Reserve Bank of India Governor Dr. Urjit Patel and Atul's MD Sunil Siddharth Lalbhai as Additional Non-Executive Independent Directors for five consecutive years, effective from July 2, 2024, to July 1, 2029. Patel served as the 24th Governor of RBI and was Deputy Governor from 2013 to 2018.
IPO rush amid market rally boosts demand for independent directors
Amid IPO frenzy, companies race to appoint independent directors with specific skill sets crucial for growth. Women lead key committees, while former bureaucrats remain sought after. The process overlooks competencies, favoring recommendations from bankers and auditors. Specialized firms aid in identifying professionals for board roles, ensuring compliance with listing regulations.
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About 16% Reliance shareholders oppose reappointment of Aramco chairman as director
Reliance Industries' shareholders approved reappointment of Yasir Othman H Al-Rumayyan and appointed Haigreve Khaitan as independent directors. They also reappointed P M S Prasad. The board is led by Mukesh D Ambani and includes his children Isha, Akash, and Anant, along with cousins Hital and Nikhi Meswani.
While stepping down, very few independent directors speak up
Till date this year, out of 180 independent directors who resigned from corporate boards citing "personal reasons", only four have mentioned issues such as corporate governance or lack of transparency for doing so. In recent weeks, though, Nisaba Godrej stepped down as independent director on the board of VIP Industries citing accountability issues while Marc Desaedeleer resigned from Suzlon board citing "transparency" issues.
No financial irregularity, or compliance violation within the company: Suzlon
Suzlon Energy assured no financial wrongdoing after independent director Marc Desaedeleer's resignation. Desaedeleer raised compliance and transparency concerns, prompting discussions with the chairman and board members. The company affirmed its commitment to regulatory norms and proactive disclosure. The stock traded at Rs 47.54, down 4.61% on the BSE.
Suzlon shares dip 5% as independent director resigns
Shares of Suzlon Energy dropped by 5% during Monday's early session, hitting the day’s low of Rs 47. This decline followed the resignation of the company’s independent director, Marc Desaedeleer, from his directorship on June 8.
No financial irregularity, compliance violation within Co, says Suzlon as independent director quits
Suzlon Energy on Monday clarified that there are no financial irregularities or compliance violations within the organization, following the resignation of its independent director Marc Desaedeleer. Desaedeleer resigned on Saturday and raised corporate governance issues within the company in his resignation on June 8, 2024, as per a BSE filing.
Suzlon's independent director Marc Desaedeleer resigns citing governance, transparency issues
Marc Desaedeleer, an independent director at Suzlon Energy, resigned from the board citing concerns about compliance and transparency. He praised the company's performance but expressed disappointment in governance standards and communication. Desaedeleer had raised these issues with the chairman and board members before deciding to step down from his position.
Nisaba Godrej quits VIP Board over differences
Nisaba Godrej resigned as independent director from VIP Industries board due to differences in leadership accountability and succession planning, effective June 3rd, 2024. In a letter to Chairman Dilip Piramal, she praised the company but expressed diverging views. VIP Industries, a luggage category leader in India, faces challenges amidst reports of potential promoter stake sale, competition from Samsonite and Safari Industries, and declining profits despite a 10% rise in net sales last fiscal.
Cashfree Payments appoints Abhaya Hota as independent director
Abhaya Hota has previously served as an Independent Director at Federal Bank, NSE Clearing, Protean e-Gov Technologies and RBI Innovation Hub. Cashfree Payments plans to leverage Hota's experience and expertise to develop innovative products and services.
Audit panels of companies can’t escape blame by citing auditors’ failure: NFRA chief
NFRA chairman Ajay Bhushan Pandey emphasized the audit committee's responsibility in ensuring accurate financial statements, even if auditors fail in their duty. He highlighted the need for meaningful communication between audit committees and auditors, stating that it should not be a mere formality. Pandey's remarks come as the NFRA plans to engage with large listed companies to promote accounting standards and curb corporate frauds. This regulatory outreach is part of efforts to protect retail stock investors, a focus highlighted by Finance Minister Nirmala Sitharaman.
Rare move by govt: IL&FS, two subsidiaries ordered to recoup Rs 150 crore from ex-directors after accounts farce
This comes after IL&FS and the two arms in question had to recently reissue their account statements to show losses of Rs 9,600 crore for financial years 2013 to 2018, instead of a profit of Rs 1,869 crore originally shown. The original account had to be superseded following the unearthing of massive irregularities.
Nykaa appoints Santosh Desai as independent director
Santosh Desai previously served as the CEO of business consulting company Future Brands for nearly 17 years, and also as president of advertising firm McCann.
Local smartphone maker Lava rejigs board
Lava International has restructured its board, elevated leadership members, and added two independent directors. The move follows co-founder Hari Om Rai's resignation from the board following the Vivo money laundering case. The company plans to raise Rs 500-600 crore in the next fiscal, aiming to challenge Chinese domination in the smartphone market.
In-charge of Assam's Khelmati police station suspended after mysterious death in custody
The in-charge (IC) of Khelmati Police Station in Assam's Lakhimpur district has been suspended after a detainee mysteriously died in police custody. An on-duty sentry has also been also suspended. An independent inquiry has been initiated by the Additional SP of Biswanath, following all legal provisions and NHRC/AHRC guidelines. The DIG NR has been instructed to head to the Khelmati police station in response to the incident. The incident sparked outrage and tension in the region.
NCLT order reinforces allegations of mismanagement of Kirloskar Brothers: Kirloskar Industries
The order confirms that a case of oppression and mismanagement under Section 241 and 242 of the Companies Act has been made out by KIL and others petitioners, against KBL, its Board of Directors and Pratima Kirloskar (wife of Sanjay Kirloskar), the statement added.
Making independence count
Sebi recently fined two independent directors (IDs) ₹10 lakh each for neglecting their statutory duties and failing to protect shareholders' interests, highlighting the increasing scrutiny on IDs. The role of IDs has evolved to encompass crisis management, risk assessment, and sustainability, as per CII guidelines. There's a call for robust evaluation mechanisms for IDs and legal safeguards to protect them from personal liability. Sebi's decision coincides with the tenure rule for IDs introduced by the Companies Act, raising concerns about the independence of IDs, especially those with ties to the promoter group or former employees.
Honeywell Automation India appoints Atul Pai as managing director
Honeywell Automation India Ltd (HAIL) appointed Atul Pai as its new managing director, effective May 16. Pai, who has over two decades of experience at Honeywell, succeeds Ashish Gaikwad, who will lead industrial automation for Honeywell International in India. HAIL’s Chairman Ganesh Natarajan and Ashish Modi, Honeywell India’s president, expressed confidence in Pai’s leadership and business acumen. Established in 1984, HAIL provides automation and control engineering services and has a significant presence across India.
Wipro reappoints Azim Premji as non-executive, non-independent director; Rishad Premji as whole-time director
Wipro's board of directors has reappointed Azim H. Premji as Non-Executive, non-independent director of the company while re-appointing Rishad A. Premji as the whole-time director for a period of five years with effect from July 31, 2024, to July 30, 2029.
Dr Ranjan Pai joins JSW One Platforms as independent director on its Board
JSW One Platforms, a division of JSW Group, has appointed Dr. Ranjan Pai as an independent director on its Board. Dr. Pai, known for his expertise in education, healthcare, entrepreneurship, and investment, aligns with the company's focus on driving innovation and value creation.
Swiggy appoints Suparna Mitra as new independent director
Suparna Mitra joins three other independent directors on Swiggy’s board. Mitra is also the CEO of the watches and wearables division of Titan Company, partly owned by Tata Sons.
Yatra appoints Anup Wadhawan as independent director
Yatra Online Inc., via its Indian subsidiary Yatra Online Ltd, has appointed Anup Wadhawan as an independent director for a three-year term starting April 1. With over 40 years of diverse experience, Wadhawan's leadership is seen as pivotal in achieving Yatra's strategic goals amidst industry changes. He holds multiple directorial positions in various companies.
TVS Motor inducts two new independent directors
The two new board members are Chennai-based Sanmar Group’s chairman Vijay Sankar, and Shailesh Haribhakti of Shailesh Haribhakti & Associates, the company said in a press release.
Cybersecurity, tech skills key in India Inc's checklist for independent directors: Survey
Domain expertise in digital, tech, cybersecurity, and risk is crucial for non-executive independent directors. The India Board Report 2023-24 highlights the importance of corporate reputation, stakeholder trust, and ESG implementation. Gender diversity in boards is increasing, and independent directors play a vital role in corporate governance.
Upholding Corporate Integrity: The evolution of independent directors' accountability
The market’s watchdog in the past has gone blazing guns at independent directors by levying penalties ranging from monetary to debarment in capital markets for failure in exercising due diligence. Some popular names include Jai Mata Glass Limited, Securekloud Technologies Limited, Sanwaria Consumers Limited.
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