The Hindu : Business : Adhere to deadline on governance norms: SEBI chief

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Friday, Apr 01, 2005

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Adhere to deadline on governance norms: SEBI chief

By Our Special Correspondent

— Photo: R. Ragu

The Chairman of Securities and Exchange Board of India, M. Damodaran (second from right), with the recipients of Mother Teresa Award, H. Lakshmanan, Director, TVS Motor Company (third from right) and P. C. Duraisamy, Managing Director, Sakthi Masala (extreme right)

CHENNAI, MARCH 31. The Chairman of the Securities and Exchange Board of India (SEBI), M. Damodaran, today called upon listed corporate entities to comply with the stringent requirements set out by the regulator within the stipulated deadline for ensuring good corporate governance.

"We have given the listed companies a new prescription and set a nine month deadline to enable them to make sincere efforts to not only set standards in their governance but also have right kind of board of directors that functions true to the letter and spirit of the company law.''

Mr. Damodaran made this observation while presiding over the presentation ceremony of the 2004 Mother Teresa Award for Corporate Citizen instituted by the Loyola Institute of Business Administration (LIBA). The Mother Teresa Award was given to TVS Motor Company and the Commendation Award to Sakthi Masala Private Limited in recognition of services to the disadvantaged sections of society.

Mr.Damodaran, who also inaugurated a Centre for Business Ethics and Corporate Governance at the LIBA, said he would soon write to the Government for providing a specialised training programme on practising ethics in corporate governance to enable boards of directors to prepare for their future.

N. Vittal, former Central Vigilance Commissioner and Chairman of the Jury of the awards committee, gave an account of the significance of the awards.

B. Jeyaraj, S. J. Rector, Loyola College, read out the citation of the awards.

Rev. Fr. P. Christie, S. J., Director of LIBA and Prof. A. C. Fernando, Senior Faculty, LIBA and Secretary of the Award Committee, explained the salient features of the award, which was instituted in 1999 by M. A. M. Ramaswamy, Pro-Chancellor of Annamalai University.

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