Mumbai, July 17: Are we going overboard on corporate governance'
The question lobbed by Confederation of Indian Industry’s chief economist Omkar Goswami opened up a deep divide among speakers who gathered here today to discuss best corporate practices.
While the market regulator staunchly defended many new regulations that have been brought in, the apex industry body and bureaucrats felt that may be things are being taken too far.
According to Goswami, “Some changes may be necessary for corporate governance, but are we going overboard'”
Rajiv Mehrishi, joint secretary, department of company affairs, admitted that several proposed amendments are being reviewed and reconsidered, and the DCA is actively considering them.
However, Sebi chief G. . Bajpai defended several norms introduced on corporate governance. “It is your word against mine. What you call excessive, I call pragmatic,” he said.
“Under the dim light of boardrooms, multiple scams have taken place across continents,” he warned.
Naresh Chandra, chairman of DCA’s high level committee, criticised recommendations like the maximum age limit for directors, which is set at 75 years in the new code.