The Companies Amendment Bill is expected to be tabled in Parliament during the coming Budget session, with a likely nod for one-third independent directors on company boards.
‘‘We are in the process of legislating one-third directors to be independent,’’ ministry of company affairs secretary Komal Anand said at a CII seminar on Thursday.
She said the revised Act is meant to keep pace with international business norms and improve industry competitiveness. But the industry chambers are also keen to see the Company Law mandate a one-third independent director norm, since they believe it will counter the market regulator Sebi’s instruction that 50 per cent board seats must be held by independent directors.
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