Wednesday January 7, 02:24 AM

Source: Indian Express Finance

Letters to the editor : Bad precedent

By The Financial Express
As argued in FE, corporate governance reforms in India have been pushed back by the lookout notice served against Nimesh Kampani. He was an independent director on the board of Nagarjuna Finance Limited, which is allegedly unable to pay back deposits collected from the public, but quit the company well before it defaulted. Independent directors are widely accepted as the most important institution for upholding shareholder rights, and the pool of well-respected ones is already inadequate. The criminal case against Kampani will not exactly encourage an enlarging of the pool. Swarn Mehta Mumbai Queue up The scandal surrounding the recent DDA draw for allotting 5,000 flats provides yet more proof that most such allotments end up benefiting the property dealers. SC Aggarwal Delhi