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Our Bureau

New Delhi , June 1

APEX industry associations and chambers of commerce on Wednesday hailed the recommendations of the Dr J.J. Irani Committee on Company Law, stating that the broad-based suggestions could go a long way in making India globally competitive.

Welcoming the Irani panel report, the Confederation of Indian Industry (CII) said that the suggestions would enable the adoption of internationally accepted best practices.

The chamber said that it would also provide adequate flexibility for timely evolution of new arrangements in response to the requirements of ever changing business models.

The Associated Chambers of Commerce and Industry of India (Assocham) President, Mr Mahendra K. Sanghi, said that the Government should accept the Irani panel's recommendation on board composition of listed companies.

The committee had suggested that one-third of the board of a listed company should comprise independent directors.

Welcoming the recommendations, the President of the PHD Chamber of Commerce and Industry (PHDCCI), Mr K.N. Memani, said in a statement that the Irani committee has taken a pragmatic approach keeping in view the ground realities, emerging economic scenario and role of Indian corporations in the global arena.

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