Go Unlimited with Magzter GOLD
Get unlimited access to 10,000+ magazines, newspapers and Premium stories for just
Try GOLD - Free
India Inc boards set for major churn
Financial Express Mumbai
|March 04, 2024
INDIA INC IS all set to refresh its boards with 900 NSE-listed companies looking to recruit nearly 2,000 independent directors this year.
Data sourced from primeinfobase.com also show that as many as 23 Nifty50 companies will need to recruit 47 independent directors between them. They include Hindustan Unilever, ITC, UltraTech Cement, L&T and Tata Consultancy Services.
This high turnover is a fallout of the regulatory guidelines imposed in 2013 after the Satyam Computers scam. All independent directors appointed prior to 2014 were reappointed in 2014 as per the new Act.
THE NEW COMPANIES Act mandates that independent directors can hold up to two consecutive five-year terms-a maximum of 10 years - in a firm.
Hetal Dalal, president & COO of Institutional Investor Advisory Services (IIAS), noted that companies have been steadily refreshing their boards to meet the 2024 deadline when previous tenures of independent directors stop being grandfathered. "Nevertheless, the pace of this board refresh has slowed down in 2023, which is possibly why a larger churn for independent directors is on the anvil," Dalal said.
This story is from the March 04, 2024 edition of Financial Express Mumbai.
Subscribe to Magzter GOLD to access thousands of curated premium stories, and 10,000+ magazines and newspapers.
Already a subscriber? Sign In
MORE STORIES FROM Financial Express Mumbai
Financial Express Mumbai
How a travel writer became Timothée Chalamet's ping-pong nemesis
For Pico Iyer, making his acting debut in the hit movie Marty Supreme was the latest journey in a life full of unexpected voyages
5 mins
January 25, 2026
Financial Express Mumbai
A metabolic health crisis
Simplifying insulin resistance, a clinically significant condition that acts as a root cause for type 2 diabetes, obesity, and more
5 mins
January 25, 2026
Financial Express Mumbai
Warming up to wine
Amid increasing climate uncertainty, India is ensuring that the next chapter of its wine story is shaped as much by resilience and innovation as by its terroir
6 mins
January 25, 2026
Financial Express Mumbai
‘US taken oil from seized Venezuelan tankers’
THE UNITED STATES has taken the oil that was on seized Venezuelan tankers and will process it in US refineries, President Donald Trump said in a New York Post interview that was published on Saturday.
1 min
January 25, 2026
Financial Express Mumbai
SNOWFALL IN HIMACHAL PRADESH 600 roads blocked even as snow attracts tourists
WHILE TOURISTS ARE rejoicing over fresh snowfall in Himachal Pradesh, local residents, farmers, and orchardists are pinning long-term hopes on a good tourism season and a productive agricultural year.
1 mins
January 25, 2026
Financial Express Mumbai
How to plan a Caribbean getaway amid travel chaos
The recent military operation in Venezuela disrupted vacations to popular destinations. Here are tips for buying travel insurance and protecting your trip
2 mins
January 25, 2026
Financial Express Mumbai
US pushes for quickest fixes to boost Venezuela oil output
THE US IS in talks with Chevron, other crude producers and the world’s biggest oilfield service providers about a plan to quickly revive output in Venezuela at a fraction of the estimated $100 billion cost for a complete rebuilding.
1 mins
January 25, 2026
Financial Express Mumbai
A new robotic hand that can do what a human one can't
Researchers have designed a detachable hand that can grip multiple objects
3 mins
January 25, 2026
Financial Express Mumbai
INDIA'S STARTUP SAFETY NET
At a time when founders are finding it increasingly difficult to secure early backing, incubators & venture studios are playing a more visible role
5 mins
January 25, 2026
Financial Express Mumbai
Cross-badging woes for Suzuki and Toyota
SHRINKING DOMINANCE
1 min
January 25, 2026
Listen
Translate
Change font size