minority shareholders to appoint or remove an independent director from the board. Independent directors are appointed as watchdogs who are expected to ensure balanced decisions by the
Board of Directors and to deter fraud. In India, one out of every three directors in every board has to be ‘independent’ and they are appointed for a period of 5 years. “In the recent past, some listed companies have faced shareholder resistance in having non-executive directors re-appointed, but these are relatively rare in the Indian context,” Arka Mookerjee, partner at law firm J Sagar Associates, said in a statement to Business Insider.
Advertisement
Sebi IPO norms: Sebi clears decks for LIC IPO with changes to minimum offer norms indiatimes.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from indiatimes.com Daily Mail and Mail on Sunday newspapers.
Mihir Dalal’s candid Flipkart story ‘Big Billion Startup’ wins Gaja Capital Business Book Prize
The prize, established by Gaja Capital in 2019, carries an award of Rs 15 lakh for the winner. Abhishek Chinnappa/Reuters
Mihir Dalal, a business journalist with
Mint newspaper has won the Rs 15-lakh Gaja Capital Business Book Prize for his first book
Big Billion Startup: The Untold Flipkart Story. The book offers a rare behind the scenes look at not only the success, dip, and rise of the first major online retailer in India, but also captures, importantly, the often tense relationships between the investors and the management, which at many points overshadowed the company’s commercial success and culminated in the spectacular departure of the founders.