On January 1 2006, when India embraces SEBI's Clause 49 for listed compaanies, independent directors will come under the purview of a host of liabilities and governance parameters. What must they guard against?
• About 8.3 lakh Worldcom investors will get back $6.1 billion from investment banks, auditing firms and former WorldCom directors in settlements.
• Cendant Corp, the US travel and real estate service provider, paid $2.83 billion in investor settlement for unspecified accounting irregularities. Ernst & Young, the former auditor of CUC International, Inc., also agreed to settle allegations for $335 million.
• Time Warner will pay $2.4 billion and reserve another $600 million to settle investor claims in the failed merger with Internet firm America Online.
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