Indian CPSE Maharatna companies have been fined with penalties exceeding Rs 35 lakh.
SEBI Intensifies Action on Non-Compliance, Points to Lapses in Appointing Independent Directors
New Delhi: In a landmark move, the Securities and Exchange Board of India (SEBI) has imposed penalties exceeding Rs 35 lakh on Indian CPSE Maharatna companies for failing to appoint independent directors in CPSEs. This move comes amid concerns over the wastage of public money and lack of transparency in these companies.
Companies that disregard norms face repercussions.
According to sources, the penalties were imposed due to non-compliance with SEBI’s directive to appoint independent directors in CPSEs, leading to a violation of corporate governance norms. The move is seen as a crackdown on the wastage of public money and a push for greater accountability in these companies.
Calls for Government Intervention Intensify
This development raises questions about the responsibility of the government in ensuring transparency in CPSEs. The Ministry of Heavy Industries and Public Enterprises has been urged to take swift action to address these concerns and ensure that public funds are managed efficiently.
