IHCL board violates exchange norms

The Indian Hotels Co Ltd (IHCL), the owner of the Taj Group of Hotels, has been unable to fill up vacant board positions, leading to a violation of the listing agreement clauses. The Mumbai-based company, which operates in the mid-to-luxury hotel space, has not found new independent directors to fill in spots left vacant last year due to resignations.

As a result, the total strength of the board of IHCL has declined to 11 directors from 14 last year. One of the clauses mandates companies to have independent directors not less than 50 per cent of the total strength of the board if the chairman is a non-executive director.

Full report here Business Standard


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