The Hindu Business Line : Cos rush to comply with Clause 49

AS the last day for complying with Clause 49 for appointing independent directors ends on Saturday, several companies called for their board meeting to meet with the SEBI requirement.

Notice with stock exchanges said that several companies, especially smaller ones, held their board meeting on Saturday to comply with Clause 49. These include Dhoot Industries, Ficon Lease & Finance, Konkan Tyres, Sai Cap and Suraj Stainless.

A majority of companies have already complied by appointing independent directors and this has also been informed to stock exchanges.

Officials at BSE and NSE said details of compliance by companies will be known only after verification. Companies will have to inform stock exchanges about any changes in the board of directors. Verification of the compliance details will take sometime, said an official with BSE.

On Friday, SEBI said that no extension would be given to companies to comply with Clause 49.

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