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With reference to “Is there dilution of corporate governance?” (Business Line, September 6), I do not subscribe to the conclusion of dilution of corporate governance now. Instead, the Securities and Exchange Board of India (SEBI) has provided detailed guidelines on the constitution of the sub-committee of the Directors who can approve the results.

The proviso of sub committee of directors (consisting of not less than one-third of directors) was available in earlier Clause 41 also. As an additional requirement, both the Chief Executive Officer and the Chief Financial Officer of the company, by whatever name called, will certify that the financial results do not contain any false or misleading statements or figures and do not omit any material fact which may make the statements or figures contained therein misleading prior to placing the results before the board.

The proposed change is a serious step towards improving transparency and corporate accountability.

Navneet Kabra Chennai

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