Clause 49 compliance to speed up CPSE listings

by Praveen Kumar Singh, for The Financial Express, February 1, 2010.

New Delhi: In a clear sign that the Centre’s disinvestment programme would be expanded substantially next fiscal, the government has decided to set an early deadline for central public sector enterprises (CPSEs) to reorganise their boards to meet Clause 49 of Sebi’s listing agreement.

“We are having a re-look at the process of appointment of independent directors in public sector firms. We have decided to fix a mandatory timeframe for making these appointments. For this, we are in talks with PESB (Public Enterprises Selection Board),” Department of Public Enterprises secretary Bhaskar Chatterjee told FE.

In normal course, the appointment of independent directors to a PSU board takes more than six months, due to the formalities involved. The move is to cut down the process and also force CPSEs to comply with Clause 49. Chatterjee said this (fixing the deadline) would be an enabling measure for faster disinvestment of CPSEs…(continue reading)

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