Govt appoints three independent directors on ONGC board

THE government has appointed former IFS Ajai Malhotra and two others as non-official part-time directors on the board of ONGC. The move follows after it sacked three UPA-appointed independent directors on the nation's biggest oil and gas producer’s board almost one year back.
Oil and Natural Gas Corp in a regulatory filing to the Bombay Stock Exchange (BSE) said that...

Corporate governance a far cry? 106 vacancies in 32 PSUs for independent directors

PRIME Minister Narendra Modi might have been propagating the gospel of good governance through a slew of measures but as far as the functioning of the PSUs go, the NDA government has not appointed independent directors to a good number of PSUs ever since it came into power in May 2014. As many 106 independent directors have resigned or completed their terms in 32 companies since May 2014 but their posts remain vacant.

The absence of independent...