"India Inc. will witness a huge dearth of good and experienced independent directors next year," said Berjis Desai, a veteran lawyer and director on several boards. "There are about two dozen professionals who can actually bring value to the table but hundreds of boards will require experienced independent directors and hence we may see a mega churn in several boards," adds Desai, who is on the board of several companies including Great Eastern Shipping, Man Infraconstruction and Jubilant Foodworks among others.
The British business daily said the investments Nasser Ali Shaban Ahli from the United Arab Emirates and Taiwan’s Chang made raise questions over whether they were frontmen used to bypass rules | Latest News India
The reports triggered a political backlash, with opposition parties saying they will could seek a joint parliamentary committee (JPC) investigation | Latest News India
Companies are struggling to prepare themselves for the new regulations, some of which are in place while others will take effect in the next few months, executives said. The new rules include confirmation or denial of market rumours, disclosing business contracts to family settlements, matters concerning senior employees, new environmental, social and governance regulations, communicating actions taken by any authorities, the companies say.