Mumbai: The absence of adequate numbers of independent members on the board of Kingfisher Airlines in violation of listing agreement after resignation of five independent directors last year has been laid bare by Stakeholders Empowerment Services (SES).
SES, a proxy advisory firm started by former Sebi executive director JN Gupta, says the airline has not appointed independent directors even after eight months in violation of the replacement deadline.
"Shareholders should note that during the year five independent directors have resigned from the company. Diwan Arun Nanda resigned on Sep 5, 2011, Piyush Mankad and Ghyanendra Bajpai resigned on Jan 9, 2012, Vijay Amritraj resigned on Mar 14, 2012, Anil Ganguly resigned on March 17, 2012. Consequent to resignation of Piyush Mankad and Ghyanendra Bajpai on Jan 9, 2012, the company has missed the 180 days deadline to appoint new independent directors," the SES note said.
22/09/12 Economic Times
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SES, a proxy advisory firm started by former Sebi executive director JN Gupta, says the airline has not appointed independent directors even after eight months in violation of the replacement deadline.
"Shareholders should note that during the year five independent directors have resigned from the company. Diwan Arun Nanda resigned on Sep 5, 2011, Piyush Mankad and Ghyanendra Bajpai resigned on Jan 9, 2012, Vijay Amritraj resigned on Mar 14, 2012, Anil Ganguly resigned on March 17, 2012. Consequent to resignation of Piyush Mankad and Ghyanendra Bajpai on Jan 9, 2012, the company has missed the 180 days deadline to appoint new independent directors," the SES note said.
22/09/12 Economic Times
