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Changes in Clause 49

CHENNAI: The Securities and Exchange Board of India (SEBI) has effected some changes in the provisions of Clause 49 of the Listing Agreement on meeting of the board of directors of companies and sitting fee of directors. The maximum time gap between two board meetings has been increased from three months to four months. Sitting fees paid to non-executive directors as authorised by the Companies Act 1956 would not require the previous approval of shareholders.

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