The momentum builds on official efforts to improve India’s corporate culture. New rules will soon require 75% shareholder approval for board appointments, up from a simple majority. Creditors also have used a strict insolvency code introduced by Prime Minister Narendra Modi’s government in 2016 to send serial debt defaulters packing: Tycoons have been stripped of crown jewels, including at Essar Steel.
Forcing change at companies where promoters retain equity control is an uphill battle. Any progress will be timely, though. First-time investors are piling into the local stock market, which is trading at a record high. They may help keep the resistance going.- India’s National Company Law Tribunal on Oct. 5 asked Zee Entertainment to file a reply by Oct. 7 on top owner Invesco’s plea seeking a legal order for an extraordinary general meeting.
- India’s Reliance Industries on Sept. 29 defended its decision to appoint Yasir Al-Rumayyan, chairman of Saudi Aramco, as an independent director to its board. The California State Teachers' Retirement System pension fund has decided to vote against the him based on U.S. proxy advisory research firm Glass Lewis' recommendation, BloombergQuint reported on Sept. 24.Reuters Breakingviews is the world's leading source of agenda-setting financial insight.
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