7 months after deadline for appointment

Our Bureau

New Delhi, Aug. 8

More than seven months have passed since the deadline for appointment of independent directors in various central public sector enterprises (CPSEs) on January 1, 2006, and seven of the 13 CPSEs under the Ministry of Heavy Industries and Public Enterprises are yet to have independent directors on their respective boards.

The number of vacancies per company ranges between one and three and the total number of vacancies is 12.

In case of Bharat Heavy Electricals Ltd, the company whose proposed disinvestments lead to a lot of controversy recently, the Government is yet to fill up the board level position stipulated by the Securities and Exchange Board of India from this year, the Ministry informed the Parliament on Tuesday stating the positions are being filled.

In other three companies, namely, Andrew Yule & Company Ltd , Hindustan Paper Corporation Ltd and Hindustan Newsprint Ltd, the post of one independent director each is vacant.

Also, both HMT (Holding) Company Ltd and Scooters India Ltd have three board positions each for independent directors but the Ministry is yet to finalise the names for these.

There are two more positions in Bharat Heavy Plates & Vessels Ltd also that the Government would need to fill up shortly.

(This article was published in the Business Line print edition dated August 9, 2006)
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