Thursday, April 02, 2015

Wives appointed to Indian boards to comply with new law...

The deadline to appoint at least one female director fell at midnight on Tuesday.

However, hundreds of the more than 5,000 companies listed on India's two main stock exchanges have failed to do so.

Mukesh Ambani, India's second-richest man, has appointed his wife Nita to the board of Reliance Industries.

Gautam Singhania named his wife Nawaz as a director of Raymond Group, his textile manufacturing business.

Prime Database, which has compiled figures on the number of companies that had complied with the new law, said some 1,819 companies - about a third - listed on the National Stock Exchange and the Bombay Stock Exchange had still not announced female directors as of Friday last week.

The percentage is believed to have fallen to 17% by the time the deadline fell. Full story...

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