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<keyword id="6368261" type="General" weightage="20" keywordseo="raymond" source="Orion">Raymond</keyword> <keyword id="6373267" type="General" weightage="20" keywordseo="independent-directors" source="Orion">independent directors</keyword> say no law requires them to investigate <keyword id="112907" type="General" weightage="20" keywordseo="matrimonial" source="Orion">matrimonial</keyword> <keyword id="6371437" type="General" weightage="20" keywordseo="disputes" source="Orion">disputes</keyword>. "The IDs are alert to ensure that the matrimonial disputes between the two promoter directors do not in any manner affect the capacity of the Chairman &amp; Managing Director to manage the affairs and business of the <keyword id="24975" type="General" weightage="20" keywordseo="company" source="Orion">Company</keyword>," they said. "The IDs, over the last few weeks, have been meeting and monitoring the situation so far as it affects the Company and the minority shareholders; and reiterate their commitment to protect, at all times, the interests of non-promoter minority shareholders, employees and other <keyword id="6396326" type="General" weightage="20" keywordseo="stakeholders" source="Orion">stakeholders</keyword>," they said. "The IDs shall continue to exercise utmost vigilance in watching the evolving situation and shall not hesitate to proactively initiate measures, the moment required, to protect the interests of all stakeholders. The IDs have decided to retain Berjis Desai, senior independent legal counsel, who has no links with the promoters or the Company, for advising the IDs," they said. "The IDs would like to assure the stakeholders that they shall act dispassionately. The paramount consideration shall always be the interests of the Company as a whole and its non-promoter shareholders. Any material development or remedial measures which impacts the Company shall be forthwith communicated in a spirit of complete transparency," they said. "Your actions must protect the company from what proposes to be a long-drawn acrimonious battle between Nawaz Modi and Gautam Singhania," corporate governance advisory firm, Institutional Investor Advisory Services India Limited (IiAS) had written in a letter to independent directors of Raymond Limited. The letter has been addressed to independent directors, Mukeeta Jhaveri, Ashish Kapadia, Dinesh Lal, K Narsimha Murthy and Shiv Surinder Kumar As per media reports, Nawaz Modi Singhania (Nawaz Modi), a board member, alleged that she and her daughter were physically assaulted by Gautam Singhania, the company's Chairman and Managing Director, at JK House (company property) in September 2023. She also alleged that company funds were being used for Gautam Singhania's personal benefit (CEO excesses) - and that she was acting as a whistle-blower of sorts. "Despite such serious and heinous accusations by one board member against another, you have been silent. Investors are worried, which is reflected in the significant erosion in stock price over the past few days. Your silence can be misconstrued - surely you don't want stakeholders thinking that these accusations are to be tolerated," IiAS said.

Raymond independent directors say no law requires them to investigate matrimonial disputes

<ul><li>Former country head of <keyword id="163404" type="General" weightage="80" keywordseo="softbank" source="Orion">SoftBank</keyword> <keyword id="45947" type="General" weightage="50" keywordseo="manoj-kohli" source="Orion">Manoj Kohli</keyword> was appointed to the board of <keyword id="4052133" type="General" weightage="80" keywordseo="wework-india" source="Orion">WeWork India</keyword>.</li><li>In his previous role at SoftBank, Kohli facilitated investments to the tune of over $15 billion in over 25 AI-focused portfolio companies in <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword>.</li><li>Anthony Yazbeck, president &amp; chief operating officer of <keyword id="2918346" type="General" weightage="100" keywordseo="wework" source="Orion">WeWork</keyword>, also joined the board.</li></ul>WeWork India said on Monday that it has appointed Manoj Kohli, former country head of SoftBank India and SoftBank Group International, as an independent director to its board. Additionally, Anthony Yazbeck, president &amp; chief operating officer of WeWork, will also join the board. “I am optimistic about the potential of the flexible workspace industry in India, and believe that WeWork India is poised to play a significant role in this growth story. I am excited to join WeWork India at this pivotal point and leverage my expertise in managing and scaling up businesses,” said Kohli. In his previous role at SoftBank, Kohli facilitated investments to the tune of over $15 billion in over 25 AI-focused portfolio companies in India. He also supported key players like OLA, OYO, Lenskart, Grofers, Snapdeal, Uber, Swiggy, and Unacademy in addressing regulatory and government issues, and helped scale their businesses. Karan Virwani, CEO of WeWork India said that he is happy to welcome Kohli and Yazbeck at a critical juncture in the growth journey. “In the past few years WeWork India has grown significantly and proven to be a profitable and scalable business. Manoj’s experience in managing and growing businesses of scale and charting their exponential growth will be an invaluable asset for the business as well as me,” he added. Kohli has served on the board of industry body GSMA, chaired the CII Task Force on Ease of Doing Business, and currently chairs the CII Unicorn Forum that aims to attract new tech investments in India. He has built businesses in 25 countries across the Asia Pacific and Africa regions. Yazbeck, president &amp; chief operating officer of WeWork Inc said that the performance of the WeWork India business is a testament to the strength of the WeWork brand and product. “Flexibility and community is proving to be a powerful combination and, with a suite of flex space solutions, WeWork India is very well positioned to meet the evolving demand for dynamic workspaces across the country. I am looking forward to partnering with the Board as we strive to achieve our shared goals of long-term, sustainable success,” Yazbeck added.

Former SoftBank country head Manoj Kohli joins WeWork India as an independent director

<keyword id="6358977" type="General" weightage="100" keywordseo="swiggy" source="Orion">Swiggy</keyword> on Monday announced it has appointed three independent directors to its Board - Mallika Srinivasan, Padma Shri awardee and Chairman and Managing Director of TAFE; <keyword id="121995" type="General" weightage="50" keywordseo="shailesh-haribhakti" source="Orion">Shailesh Haribhakti</keyword>, Chairman of Shailesh Haribhakti &amp; Associates; and <keyword id="2257501" type="General" weightage="50" keywordseo="sahil-barua" source="Orion">Sahil Barua</keyword>, Managing Director and CEO at Delhivery. They are the first independent directors on Swiggy's board and join current members: ASriharsha Majety - CEO and Co-founder of Swiggy; <keyword id="2792820" type="General" weightage="50" keywordseo="nandan-reddy" source="Orion">Nandan Reddy</keyword>, Co-founder of Swiggy; Larry Illg, CEO of Prosus Edtech and Food; Ashutosh Sharma, Head of Investments- India, Prosus Ventures; <keyword id="1841701" type="General" weightage="50" keywordseo="sumer-juneja" source="Orion">Sumer Juneja</keyword>, Managing Partner, India and EMEA, SoftBank Investment Advisors; and Anand Daniel, Partner at Accel. "Getting these new and powerful perspectives and strengthening our governance will immensely benefit us as we march ahead in our mission to bring unparalleled convenience to consumers," said Majety. Srinivasan said that she is pleased to join the Board as the "company moves forward in pushing boundaries and redefining newer segments." "I look forward to supporting the Swiggy management team in their quest to build a world-class business that serves millions of customers in their everyday needs," added Barua. Swiggy connects consumers to over 200,000 restaurant partners in hundreds of cities. Its quick commerce grocery service Instamart is present in over 25 cities. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/telecom/news/vodafone-idea-shares-hit-25-upper-circuit-after-govt-agrees-to-convert-16133-cr-dues-into-equity/articleshow/97643006.cms">Vodafone Idea shares hit 25% upper circuit after govt agrees to convert ₹16,133 cr dues into equity</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/4-day-workweek-not-yet-feasible-in-india-but-companies-look-at-flexible-options/articleshow/97642858.cms">All about 'flex': 4-day workweek not yet feasible in India, but companies look at flexible options</a>

Swiggy appoints 3 independent directors to its Board

Kolkata, Independent Hindi films are not earning as much revenue as they did even four-five years back and such small-budget movies should be run for at least a week in theatres for word-of-mouth promotion, director <keyword id="157284" type="General" weightage="20" keywordseo="vikramaditya-motwane" source="Orion">Vikramaditya Motwane</keyword> has said. An <keyword id="3178970" type="General" weightage="20" keywordseo="independent-film" source="Orion">independent film</keyword> or 'indie film' is a movie that is brought out mainly by people outside the mainstream industry, generally without the involvement of major studios. "What is happening is unfortunate. Filmmakers and writers are experimental. They are coming up with new ideas, but the audiences are fewer. Hindi <keyword id="1511709" type="General" weightage="20" keywordseo="indie-films" source="Orion">indie films</keyword> are struggling now to get an audience when compared to the response received by films like Court or Masaan a few years back," Motwane said. 'Court' (2014), Chaitanya Tamhane's directorial debut, is a courtroom drama involving a teacher cum protest singer who was accused of abetting the suicide of a sewer worker. The film won several awards. Another indie film 'Masaan' (2015) tells the tale of four persons who confront personal tragedies. This movie won a national award. "These good content small budget films had got support from the audiences. But the situation has changed post-pandemic," Motwane told PTI on the sidelines of an event. Independent films need theatres to be screened so that people can watch them, said the director of 'Bhavesh Joshi Superhero' (2018). "If an independent small-budget film cannot run for a week, how can there be word of mouth (publicity) after two-three days? People need to watch it and know its contents," he said. In the USA with a population of 33 crores, there are 30,000 theatres and, in the case of India, only 10,000 halls serve 130 crores of its people, Motwane said. If there are more theatres, more people will be able to watch indie films, he said.

Indie films take a hit post-pandemic says movie director Vikramaditya Motwane

Market regulator <keyword id="19901201" type="General" weightage="100" keywordseo="Sebi" source="keywords">SEBI</keyword> has issued notice to fintech firm <keyword id="20253123" type="General" weightage="20" keywordseo="One97-Communications" source="keywords" meta.keywordsubtype="org" meta.entityname="One97 Communications" meta.hostid="261" meta.entityid="One97 Communications">One97 Communications</keyword>, which owns the <keyword id="19898109" type="General" weightage="20" keywordseo="Paytm" source="keywords">Paytm</keyword> brand, for the employee <keyword id="20410988" type="General" weightage="20" keywordseo="stock-options" source="keywords">stock options</keyword> (<keyword id="20043663" type="General" weightage="20" keywordseo="ESOPs" source="keywords">ESOPs</keyword>) allocated to MD and CEO <keyword id="20004114" type="General" weightage="20" keywordseo="vijay-shekhar-sharma" source="keywords">Vijay Shekhar Sharma</keyword>, according to the company filing on Monday. In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the market regulator to make required representations. According to Paytm's financial year 2024 annual result filing, it had issued 2.1 crore employee stock options (ESOP) to Sharma in the financial year 2022. SEBI had issued a show cause notice to Paytm on ESOP issued to Sharma. "This is not a new development, as the Company had already made relevant disclosures on this matter in its financial results for the quarter and year ended March 31, 2024, as well as the quarter ended June 30, 2024. The Company is in regular communication with the <keyword id="19970553" type="General" weightage="20" keywordseo="securities-exchange-board-of-india" source="keywords">Securities Exchange Board of India</keyword> (SEBI) and making necessary representations regarding this matter," Paytm said in response to a stock exchange query. The disclosure made on May 22 and July 19 said that Paytm has submitted its preliminary response and is in the process of seeking further information from the regulator in this regard. "Based on an independent legal opinion obtained by the management, it believes that the Company is compliant with the relevant regulations. Accordingly, there is no impact on the financial results for the year ended March 31, 2024," the filing said. Shares of One97 Communications Ltd, which owns the Paytm brand, on Monday dropped over 4% amid reports that SEBI has issued show-cause notices to Vijay Shekhar Sharma and board members who served during its IPO in November 2021 for alleged misrepresentation of facts. The stock tanked 4.41 % to settle at Rs 530.05 apiece on the BSE. During the day, it plunged 8.88 % to Rs 505.25. On the NSE, shares of the firm dropped 4.47 % to Rs 530. Intra-day, the stock tumbled 8.88 % to Rs 505.55. The company's market valuation declined by Rs 1,534.23 crore to Rs 33,731.56 crore. Earlier in the day, BSE sought clarification from One 97 Communications Ltd with reference to news that Vijay Shekhar Sharma, Paytm directors face SEBI show-cause notices over initial public offering (IPO) breaches, particularly on ESOPs allotted to MD and CEO Vijay Shekhar Sharma. In response to a query from stock exchanges, Paytm said the notice is not a new development, and it is in regulatory contact with the markets regulator to make required representations.

SEBI issues notice to Paytm on ESOPs given to CEO Sharma; firm says disclosure already made

Shares of <keyword id="188355" type="General" weightage="20" keywordseo="PTC-India-Financial-Services" source="Orion">PTC India Financial Services</keyword> declined around 18 per cent in early trade on Thursday as the company on Wednesday announced that three of its independent directors have resigned from their posts with immediate effect. At 11.15 a.m., the shares traded at Rs 21.15, down 17.5 per cent. Three independent directors were Kamlesh Shivji Vikamsey, Thomas Mathew T., and Santosh B. Nayar, respectively. They resigned over some corporate governance issues facing the company. This is apparently the first instance where all the independent directors of a company have resigned together. "We are in receipt of resignations from three independent directors mentioning some reasons. The matter will be addressed at the board level and subsequent updates will be communicated to all the stakeholders appropriately," the company said in a regulatory filing on Thursday. The company is promoted by PTC India, which is registered with RBI as NBFC. "As independent director, I have placed on record many times - specially over the past few months - my deep displeasure about the lack of appropriate information being made available to the Board," the regulatory filing in which Mathew's resignation was attached, read. "Even when supplied, I have questioned the very poor quality of information being shared with the directors as also complete disregard to timelines in flow of information to the directors between the company management and the board is necessary for the independent directors to function effectively and reasonably perform our duties," Mathew's resignation letter further read. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/adani-green-jumped-45-in-2022-so-far-to-become-more-valuable-than-lt-maruti-suzuki-axis-bank/articleshow/89013318.cms">Adani Green Energy stock has jumped 45% this year to become more valuable than L&amp;T, Maruti Suzuki, and Axis Bank</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/justdial-cant-beat-google-and-it-should-stop-trying-to-say-analysts/articleshow/89010438.cms">JustDial can’t beat Google and it should stop trying to, say analysts</a>

PTC India Financial Services slips 18% after three independent directors resign

On March 1, India’s <keyword id="6378893" type="UNKNOWN" weightage="20" keywordseo="market-regulator">market regulator</keyword> proposed a series of changes to norms guiding <keyword id="6373267" type="UNKNOWN" weightage="20" keywordseo="Independent-Directors">independent directors</keyword> on the boards of companies. One of the biggest changes, in <a href="https://www.sebi.gov.in/media/press-releases/mar-2021/sebi-issues-consultation-paper-on-review-of-regulatory-provisions-related-to-independent-directors-_49337.html">the consultation paper from the Securities and Exchange Board of India</a> (<keyword id="35210" type="COMPANY" weightage="20" keywordseo="sebi">SEBI</keyword>), is the need for approval from <keyword id="6418655" type="UNKNOWN" weightage="20" keywordseo="minority-shareholders">minority shareholders</keyword> to appoint or remove an independent director from the board. Independent directors are appointed as watchdogs who are expected to ensure balanced decisions by the <keyword id="136326" type="COMPANY" weightage="20" keywordseo="Board-of-Directors">Board of Directors</keyword> and to deter fraud. In India, one out of every three directors in every board has to be ‘independent’ and they are appointed for a period of 5 years. “In the recent past, some listed companies have faced shareholder resistance in having non-executive directors re-appointed, but these are relatively rare in the Indian context,” Arka Mookerjee, partner at law firm J Sagar Associates, said in a statement to Business Insider. The new provision is intended to ensure that small shareholders are not shortchanged but there may be a way around, still. “The provision may be somewhat diluted in practice through the secondary approval route through special resolution after 120 days,” Mookerjee added. The regulator wants to increase the stake for independent directors SEBI has also proposed profit-linked commissions and long-term stock options for independent directors. In the past, India has seen a small pool of people being roped in for this role. Consequently, their compensation had gone up significantly. The number of independent directors charging over ₹1 crore from a company, annually, had <a href="https://economictimes.indiatimes.com/news/company/corporate-trends/more-independent-directors-earn-in-crores-now/articleshow/72376510.cms?utm_source=newsletter&amp;utm_medium=email&amp;utm_campaign=Marketnewsletter&amp;ncode=a5ac7b13cca2a539099c8159781874b1">reportedly</a> gone up over four fold from 21 at the end of March 2013 to 89 at the end of March 2019. By giving them long-term stock options, the regulator may want to increase the director’s vested interest as a stakeholder in the company, which, according to Mookerjee, “would ultimately change the viewpoint of the directors and their relationship with the listed company.” Independent directors need to earn the shareholders’ trust From the <keyword id="10958" type="LOCATION" weightage="20" keywordseo="Satyam">Satyam</keyword> scam that exploded in 2009 to the one at IL&amp;FS (in 2017), and beyond, the role of independent directors has come under scrutiny too many times. A <a href="https://www.thehindu.com/business/Industry/independent-directors-not-really-independent/article33419736.ece">recent survey</a> showed that nearly four out of every five shareholders suspect the ‘independence’ of these directors. As Prithvi Haldea, the founder chairman of <keyword id="198574" type="COMPANY" weightage="20" keywordseo="Prime-Database">Prime Database</keyword> (a firm that provides data on Indian capital markets), recently argued, the position of independent director is often filled by, what he calls, <a href="https://www.financialexpress.com/opinion/independent-directors-a-new-paradigm-in-corporate-governance/2136744/">“home directors”</a> ⁠i.e. friends, ex-colleagues, extended relatives, and, even, neighbours. “The independence of such promoter-appointed independent directors is questionable as it is unlikely that they will stand-up for minority interests against the promoter,” Kalpana Unadkat and Pranay Bagdi at law firm <keyword id="558469" type="COMPANY" weightage="20" keywordseo="Khaitan-Co">Khaitan &amp; Co</keyword>, <a href="https://www.acc.com/resource-library/top-ten-issues-corporate-governance-practices-india">wrote in 2017</a>. The authorities have brought in a series of changes, in recent years, to the norms to provide some added sanctity to the role. Some of the restrictions in place to ensure the neutrality of an independent director include, <ul><li>a person cannot continue as an independent director for more than 2 consecutive terms. </li><li>a person can be an independent director in, at most, seven listed companies at a time.</li><li>any vacancy in the office of independent director shall be filled by the next board meeting, or within 3 months of such vacancy, whichever is later.</li></ul>In October 2019, an online database of all existing and eligible independent directors was created. The government also introduced a proficiency qualification examination for independent directors, mandating a minimum score of 60% for any individual to qualify for appointment. The move <a href="https://www.moneylife.in/article/independent-directors-exam-marksheet-dikhao/61993.html">faced</a> a lot of backlash from the industry. SEBI has invited comments from the public, on its latest proposals, until April 1, 2021. SEE ALSO: <a href="https://www.businessinsider.in/india/news/new-electricity-late-payment-surcharge-rules-announced-but-consumer-electricity-bills-may-not-decrease/articleshow/81286847.cms">New electricity late payment surcharge rules announced – but consumer electricity bills may not decrease</a> <a href="https://www.businessinsider.in/stock-market/news/how-to-check-allotment-status-of-heranba-industries-ipo/articleshow/81286739.cms">Heranba Industries IPO: Here is how to check share allotment status</a> <a href="https://www.businessinsider.in/india/news/indians-are-heading-back-to-parks-supermarkets-and-pharmacies-but-malls-and-theatres-are-not-on-the-priority-list/articleshow/81271614.cms">Indians are heading back to parks, supermarkets and pharmacies — but malls and theatres are not on the priority list</a>

Companies in India may soon need approval from minority shareholders to appoint or remove an independent directors

'The Kashmir Files' director <keyword id="7973063" type="General" weightage="80" keywordseo="vivek-ranjan-agnihotri" source="Orion">Vivek Ranjan Agnihotri</keyword>, on Thursday, announced his next film 'The <keyword id="10543274" type="General" weightage="80" keywordseo="vaccine-war" source="Orion">Vaccine War</keyword>.' Taking to <keyword id="819905" type="General" weightage="50" keywordseo="instagram" source="Orion">Instagram</keyword>, <keyword id="765" type="General" weightage="100" keywordseo="vivek" source="Orion">Vivek</keyword> shared a poster of the film which he captioned, "ANNOUNCEMENT: Presenting 'THE VACCINE WAR' - an incredible true story of a war that you didn't know <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> fought. And won with its science, courage &amp; great Indian values. It will release on Independence Day, 2023. In 11 languages. Please bless us. #TheVaccineWar." Helmed by Vivek, the film is slated to hit the theatres on the occasion of Independence Day 2023. Based on a true story, the official announcement of the star cast is still awaited. 'The Vaccine War' will be released in 11 languages worldwide. Soon after the director announced the film, fans swamped the comment section with fire emoticons. "Brilliant. Much deserved. Our scientists, researchers and country leadership really fought on a war scale to deliver against all the naysayers, anti-India Lutyens intellectual lobby and malicious propaganda by western media and pharma lobby. Extremely underrated achievement," a fan commented. Another fan wrote, "Wow! This looks really interesting, will ruffle many feathers the way The Kashmir Files did. All the best!." Speaking about the film Vivek Ranjan Agnihotri said, "When The Kashmir Files was postponed during the COVID lockdown, I started researching it. Then we started researching with the scientists of ICMR &amp; NIV who made our own vaccine possible. Their story of struggle and sacrifice was overwhelming and while researching we understood how these scientists fought a war waged against India not just by foreign agencies but even our own people. Yet, we won against superpowers by making fastest, cheapest and safest vaccine. I thought this story must be told so that every Indian can feel proud of their country." Moreover, he further added, "This will be India's first pure science film about a bio-war we had no idea about." 'The Vaccine War' will be facing a big Bollywood clash with John Abraham's upcoming film 'Tariq' which is also based on a true story. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/india/news/pm-to-inaugurate-bengaluru-airports-glitzy-new-terminal-2-fliers-can-now-walk-through-a-garden-to-board-a-flight/articleshow/95421616.cms">PM to inaugurate Bengaluru airport's glitzy new terminal 2 -Fliers can now walk through a garden to board a flight</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/careers/news/list-of-indian-and-global-companies-that-have-fired-their-employees-in-the-last-3-months/slidelist/95423791.cms">Here’s a list of Indian and global companies that have fired their employees in the last 3 months</a>

The Kashmir Files director Vivek Agnihotri announces new film, The Vaccine War

<keyword id="6354512" type="General" weightage="100" keywordseo="infosys" source="Orion">Infosys</keyword> on Thursday announced the retirement of <keyword id="1440" type="General" weightage="80" keywordseo="kiran" source="Orion">Kiran</keyword> Mazumdar-Shaw as <keyword id="6390711" type="General" weightage="80" keywordseo="independent" source="Orion">Independent</keyword> Director from its Board, effective March 22, 2023, upon completion of her tenure. Accordingly, the Board has appointed D <keyword id="120337" type="General" weightage="80" keywordseo="sundaram" source="Orion">Sundaram</keyword> as the Lead Independent Director of the Company, effective Thursday based on the recommendation of the 'Nomination and Remuneration Committee'. Sundaram has been on the Board of Infosys since 2017. Sundaram serves on the Audit Committee, Risk Management Committee, <keyword id="16919243" type="General" weightage="50" keywordseo="stakeholders-relationship-committee" source="Orion">Stakeholders Relationship Committee</keyword>, Nomination and Remuneration Committee, and Cybersecurity Risk Sub-Committee. "We profusely thank Kiran for having been such an integral member of the Infosys family, providing valuable guidance and leadership to the Board over the years. I am personally very grateful to her as she has been a tremendous ally and amazing colleague on the Board, ever since I re-joined Infosys in August 2017," chairman of Infosys Nandan Nilekani, said. "We also congratulate Sundaram on being appointed as Lead Independent Director and look forward to his continued insight and steadfast support as Infosys continues its growth and transformation journey," Nilekadded. Kiran Mazumdar-Shaw was appointed to the Infosys' Board as an Independent Director in 2014, and as Lead Independent Director in 2018. She also served as the Chairperson of the 'Nomination &amp; Remuneration Committee' and 'CSR Committee', and as a member of the 'Risk Management and ESG Committees' of the Board. "The Board places on record its appreciation for Ms Shaw's invaluable contribution, guidance, and strategic vision, which has helped the Company build and execute a resilient growth strategy," Infosys said in a release. Kiran Mazumdar-Shaw is the Chairperson and Managing Director of Biocon Limited, a biotechnology company based in Bangalore, India. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/former-idbi-gm-conspired-with-vijay-mallya-over-short-term-loan-to-kingfisher-airlines-cbi/articleshow/98936880.cms">Former IDBI GM conspired with Vijay Mallya over short term loan to Kingfisher Airlines: CBI</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/banks/news/fm-nirmala-sitharaman-likely-to-meet-psu-banks-heads-on-saturday/articleshow/98936889.cms">FM Nirmala Sitharaman likely to meet PSU banks heads on Saturday</a>

Kiran Mazumdar-Shaw to retire from Infosys board

<ul><li>The non-executive directors or <keyword id="6373267" type="UNKNOWN" weightage="20" keywordseo="Independent-Directors">independent directors</keyword> will now have to go through an online assessment exam to be hired on company boards. </li><li>The assessment exam will be based on corporate literacy including <keyword id="7821650" type="UNKNOWN" weightage="20" keywordseo="Indian-company-law">Indian company law</keyword>, ethics, and capital market norms. </li><li>Experienced directors will not be required to take the test, but will need to register on a government portal.</li></ul>Independent directors will soon have to pass a test before they are hired onto the board of directors of a company. According to the Corporate Affairs Secretary, Injeti Srinivas these non-executive directors will be tested by an online assessment exam that the ministry will design. Testing Corporate Literacy These assessment exams will test the corporate literacy of ‘budding’ independent directors. The questions on the exam will cover the basics of Indian Company Law, ethics, and capital market norms, corporate government standards among others. Aspiring directors will be able to take as many attempts as possible to pass these tests within a limited period of time. “This is a step in the right direction. Anything which potentially improves the quality of independent directors thereby improving the quality of governance is welcome.Government is trying to ensure that Independent directors are qualified to add value that companies today are looking from them,” said Ankit Bansal, CEO and Founder of Sapphire Human Solutions, an executive Search firm. This move will result in many ‘active’ independent directors, experts say. “The independent directors are hired for a fixed time period, which can be extended with mutual consent. Several companies hire via executive search firms or market networks. However, the online test will focus on producing independent directors who are active corporate employees and possess relevant knowledge and experience to serve the industry,” Agamjeet Dang, Managing Partner of Executive Access told Business Insider. According to Dang, the demand for independent directors is expected to rise in the coming years. And, the government will also make it easy for companies to access talent and vice versa. However, experienced directors — who are furnished with the unique Director Identification Number (DIN) — need not go through the test. They can register on a government database. This will bridge the gap between hiring companies and aspiring independent directors. Active directors As the incidence of corporate fraud is rising, the government is increasing scrutiny on the internal workings of boards. In the current system, the remuneration committee of a company tends to choose independent directors after a member proposes a name. Now, the government wants to vet these directors beforehand. Independent directors are expected to bring in diverse experience and knowledge to the decisions taken by the board of directors of a company. In many cases, family owned businesses in India tend to bring in their own relatives, friends or acquaintances on board who tend to sway the votes in favour of them. And, that has led to many indiscrepancies in companies which are passed, without objection from the board. “This will promote appointment of directors on merit rather than network or connections. Government is trying to ensure that Independent directors are qualified to add value that companies today are looking from them. This will promote appointment of directors on merit rather than network/ connections,” Bansal said. Recently, the <a href="https://www.dailypioneer.com/2019/business/corp-affairs-ministry-lens-on-independent-directors.html">independent directors of various IL&amp;FS companies</a> have been in the radar of the Corporate Affairs Ministry due to increasing repayment defaults, which accounted for ₹940 billion of debt. The government directs all publicly listed companies in India to have at least one-third of independent directors onboard. See also: <a href="https://www.businessinsider.in/103-employees-in-tcs-received-over-10-million-in-annual-salary-package/articleshow/69768192.cms">TCS has 100 people earning over ₹10 million-- and a third of them started their careers in the company</a> <a href="https://www.businessinsider.in/business/starbucks-partner-tata-global-among-4-cos-to-bring-former-axis-bank-cmd-shikha-sharma-on-board/articleshow/69927318.cms">RBI may have wanted her out of Axis Bank but Starbucks partner Tata Global Beverages is among four companies which brought Shikha Sharma on-board</a> <a href="https://www.businessinsider.in/nearly-400-government-jobs-likely-for-domain-experts-from-the-private-sector/articleshow/69752074.cms">Nearly 400 government jobs likely for domain experts from the private sector</a>

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