Present directors to lose grade after Clause 49 of listing norms comes into effect.
India Inc will require over 15,000 trained independent directors before the end of 2005, as most of the existing independent directors will fail to make the grade once Clause 49 of the listing agreement comes into effect from January 1, 2006, according to the UK-based World Council for Corporate Governance (WCCG), a global body that promotes greater boardroom transparency.
India has nearly 4,200 Grade A listed firms and each company is required to have four independent directors on its board.
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