Corporate governance News

Late last month, the bank admitted that Kochhar did not recuse herself from a credit committee meeting which decided to give a Rs 3,250 crore loan to diversified Videocon Group in 2012.

Earlier, Murthy had accused Infosys and its board of failing in disclosure and corporate governance norms.

Submitting its report to the regulator for overhaul of corporate governance norms for listed companies, the panel headed by eminent banker Uday Kotak instead favoured a 'custodian or trusteeship' model for running a company that works on 'Gandhian principles'.

Sebi had set up the 21-member panel in June this year to advise it on issues relating to corporate governance.

Aiming to improve standards of corporate governance of listed companies, markets regulator Sebi on Friday set up a committee under the chairmanship of Uday Kotak, chief of Kotak Mahindra Bank.

The core idea behind corporate governance reforms in India is the promotion of long term sustainability of business enterprises, a top Sebi official said on Saturday.

Markets regulator Sebi has asked clearing corporations to provide elaborate monthly reports with details on settlements, actions taken against trading members as well as information about corporate governance aspects of the corporations themselves.

The new system would use technology for automatic gathering and integration of information from all available sources, a senior official said.

To bolster corporate governance at listed companies, Sebi on Tuesday cleared a new set of norms for re-classification of promoters, whereby an outgoing promoter would have to forego control and all special rights and dilute stake to 10 percent to become a public investor.

To ease process of implementing stronger corporate governance norms by listed firms, regulator SEBI Monday relaxed various provisions of the new law, especially for smaller companies, and extended the deadline for appointing at least one woman director to April 1, 2015.

There would be huge opportunities for the corporate sector to invest once the country reached the take-off stage of economic advancement, Union Finance Minister Arun Jaitley said on Sunday.

Observing that India needs to learn from international best practices in governance, Finance Minister Arun Jaitley on Sunday called the corporate sector to utilise opportunities that beckon India`s economy.

As listed companies gear up to put in place a whistle-blower policy with effect from October 1, similar systems may be put in place soon for all market intermediaries as also for the regulator Sebi.