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RBI to issue guidelines on corporate governance.
Taking cues from the incidence of corporate governance lapses in the forward year 19-20, RBI is in the process of issuing draft guidelines on corporate governance for regulated entities. The regulator cautioned in a report on trend and progress that recent governance failures in some financial entities have brought to the fore the impact of the quality of corporate governance on efficiency in allocation of resources & financial stability. Read More
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Sebi’s cut-off for separate Chairman and MD is here.
To ensure enhanced corporate governance practices, market regulator Securities and Exchange Board of India (Sebi) has mandated a clear separation in the roles of chairperson and managing director. The additional provisos also say that the chairperson should be a non-executive director and not related to the managing director or the CEO. Read More
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CSR in 2019 – Recap of the Biggest Headlines in India.
2019 was a big year for Corporate Social Responsibility in India. Corporate India breathed a sigh of relief when the high-level committee on CSR recommended doing away with the penal provision of imprisonment for non-compliance with CSR norms. This had followed the recent amendments to the Companies Act 2013 treating CSR non-compliance as a criminal offence, and declaring stiff penalties and a jail term for violations. Read More
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MCA extends IL&FS DMD Bijay Kumar's tenure by one year.
Cash-strapped Infrastructure Leasing and Financial Service (IL&FS) on Tuesday said the government has extended the tenure of its deputy managing director (DMD) Bijay Kumar for one year, effective December 21, 2019. Kumar, an Indian Administrative Officer (IAS) of 1986 batch, was appointed director to the board of lL&FS by the Ministry of Corporate Affairs from December 21, 2018, and then took over as DMD of the group from December 24, 2018, for a period of one year. Read More
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Independent directors must enrol with online data bank.
All individuals who are proposed to be appointed as an independent director or who are already appointed as an independent director on board of companies in India have to register themselves in the data bank and then appear for an online proficiency test. Read More
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Independent directors get the chills, nearly 1,400 resignations in 2019.
Factors such as increasing liability, fear of frauds, higher number of cases of corporate governance and fear of personal reputation getting tainted have been pointed out as reasons behind the exits. Read More
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WITH BEST COMPLIMENTS FROM TEAM AIDI
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