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Independent Directors and Current Legal Perspectives in India

The term 'Independent Directors' became a part of the Indian corporate lexicon after the publication of the Kumar Mangalam Birla committee report which resulted into introduction of clause 49 in listing agreements. The committee mentioned that 'independent directors' are those directors who apart from receiving directors remuneration do not have any material pecuniary relationship or transaction with the company, its management or its subsidiaries which in the judgment of the Board may affect their independence of judgment. The paper sets forth the prevailing legal scenario relating to independent directors in India post Satyam Saga.