How Clause 49 can affect India, Inc?
INDIA TIMES NEWS NETWORK [THURSDAY, JUNE 09, 2005] :

Taking a position that is at variance with that of the Securities and Exchange Board of India (SEBI), the JJ Irani Committee on company law has recommended that one-third of the board of a listed company should comprise of independent directors. SEBI had in the revised Clause 49 of the listing agreement mandated that at least 50 per cent of the board of a listed company comprise independent directors. The capital market regulator had made it clear that corporate India should comply with revised Clause 49 by December 31, 2005.