22 Corporate Giants Throw Business Norms to the Wind By ENS Economic Bureau Published: 06th December 2014 06:06 AM Last Updated: 06th December 2014 06:06 AM Email 1 NEW DELHI: Markets watchdog, Securities and Exchange Board of India (SEBI), has found 22 public sector undertakings (PSUs), including ONGC, CIL and IOC, have violated various capital market guidelines, while India’s largest lender State Bank of India filed for settlement of a case against it with the regulator, Finance Minister Arun Jaitley informed Parliament on Friday. Seventeen out of these 22 firms have failed to adhere to the guidelines for appointment of independent directors. The watchdog found that many of the PSUs have failed to appoint independent directors on their boards, that the government has mandated them to do. There are 70 sick PSUs and 43 out of these can be revived. “Sebi vide letter dated November 7, 2014, informed the Ministries concerned about the non-compliance... Sebi also requested the Ministries concerned to expedite the appointment of independent directors in these 17 PSUs,” Jaitley told Parliament. SBI is alleged to have had outstanding loans with certain companies when it acted as debenture trustee for their issues. Sebi had rejected pleas from these PSU regarding extension of time and were further advised to publish an announcement disclosing the reasons for the delay as well as indicate the timelines for announcement of the results, the Lok Sabha was informed. (With agency inputs)
Posted on: Sat, 06 Dec 2014 04:58:23 +0000
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