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SEBI Plans Change in Norms to Trim Promoters’ Sway on Independent Directors

SEBI proposed to overhaul norms pertaining to appointment, removal and remuneration of independent directors, considered to be the flag-bearers of minority shareholders. The regulator has proposed a ‘dual approval’ process for the appointment and removal of an ID. At present, an ID can be appointed or removed by way of an ordinary resolution, where all shareholders, including the promoters, are allowed to cast a vote.

Source: Business Standard

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