24 PSUs short of Independent directors
New Delhi   13-Aug-2010

Twenty four of the totals 47 listed Central Public Sector Enterprise (CPSEs) did not have required number of independent directors, as on March 31, 2010, the Lok Sabha was informed on Thursday. Among the 24 CPSEs, which do not have the required number of independent directors as stipulated by the Securities and Exchange Board of India, are ONGC, SAIL, IOC, BHEL, GAIL and PFC, the Minister of State for Heavy Industries and Public Enterprises, Mr Arun Yadav, said. According to SEBI norms, a listed company headed by the Executive Chairman should have at least half of the directors as independent directors. He said that the appointments would be done after the administrative ministers/departments had submitted the proposals and were considered by Search Committee/Public Enterprises Selection Board.