Wednesday, August 19, 2009

Corporate Governance : Absentee director etc.

Annual General Meeting of Indbank Merchant Banking Services Ltd was held today (19th August). Chairman of the company, Mr. Anup Sankar Bhattacharya , in his address said, "Your company has complied with the requirements prescribed with respect to code of corporate governance as per clause 49 of the Listing Agreement". This is in stark contrast to what is mentioned in the Certificate on Corporate Governance issued by the auditors in the Annual Report which remarks, "In the Audit Committee meetings held on 16.04.08, 29.07.08, 21.10.08 only one independent director has attended the meeting contrary to clause 49 II (B) stipulation of minimum two independent directors' attendance ".

Needless to say, Mr.M K Narayanan was reelected as a director !

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