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Network18 Exclusive: ‘SEBI making separation of chairman role voluntary a setback for governance’

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Network18 Exclusive: ‘SEBI making separation of chairman role voluntary a setback for governance’

Sources from the government’s Corporate Governance Committee said that the Securities and Exchange Board of India (SEBI) move to make separation of chairperson role voluntary is “a setback for governance”, CNBC-TV18 reported on February 16.

According to sources, the step back came after “industry bodies and corporates made representations expressing challenges in compliance” and due to “unsatisfactory level of compliance”.

The representations made included constraints posed by the COVID-19 pandemic, they said. Revised deadline to comply with the rule was to end by March 2022, but only 54 percent of companies were compliant with the rule as of December 31.

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CNBC-TV18 reported that most companies were comfortable with separating the posts as long as there was no restriction on the chairperson and MD/CEO being “related”.

Separation of chairperson and MD/CEO roles in listed entities was proposed by the Uday Kotak-led Corporate Governance Committee. The recommendation was approved by the SEBI board in March 2018. SEBI’s intention behind the rule was to implement global best practices in terms of corporate governance and to avoid the concentration of power in the hands of one individual in the company.

SEBI had on February 15 made the separation of chairperson and managing director roles voluntary, after companies opposed the regulator’s mandate that the MD and CEO “may not be related”. The move comes after Finance Minister Nirmala Sitharaman recently suggesting that SEBI “hear if Indian companies have a view on the matter”.

“I do agree that the way Indian companies are run and built over the decade and over century also depends so much on the family and related members being on the board,” Sitharaman had said on February 15.

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The market regulator’s decision comes nearly a year after SEBI Chairman Ajay Tyagi had urged companies at a Confederation of Indian Industry (CII) event to comply with the proposed new rule before the April 2022 deadline, after a two-year extension in January 2020.

“Considering a rather unsatisfactory level of compliance achieved so far, with respect to this corporate governance reform, the SEBI Board at this juncture, decided that this provision may not be retained as a mandatory requirement,” the regulator said in a press statement.

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Laid stars Stephanie Hsu and Zosia Mamet reveal the worst gifts their romantic partners gave them | Exclusive

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Stephanie Hsu and Zosia Mamet talk about their new series Laid, and some of the horrors of dating as millennials.
Imagine a scenario where anyone and everyone you have ever been intimate with begins to die one by one. Is it a curse? If yes, then who is cursed? These are questions that Stephanie Hsu‘s Ruby battles with in the new zany comedy, Laid. Ahead of the show’s release, Stephanie and co-star Zosia Mamet spoke exclusively with HT about their roles, the show’s unique premise, and the horrors of dating as millennials. (Also read: Dune: Prophecy star Emily Watson on working with Tabu: ‘She is a true treasure’)

Stephanie Hsu on her character’s flawed morality

Laid, created by Nahnatchka Khan and Sally Bradford McKenna, is the story of Ruby (Stephanie Hsu), who discovers that all her sexual partners are dying one by one, and she must warn them. Helping her in this unique quest is her best friend AJ (Zosia). The fun thing about Laid is that the protagonists are not the usual likeable characters. “She is totally an anti-hero of our story. I really love that,” says Stephanie, referring to Ruby’s moral greyness. “I am not a perfect person and I love playing flawed characters. But it was difficult. The creators told me that she is a total narcissist. But narcissists don’t think they are one, so I had to figure out a way to love her. For me, playing Ruby was about getting into her psychology and finding the innocent part of her – which is that she just wants love,” the actor adds.

While sitcoms usually add the best friend as the voice of reason trope, Laid diverges from that, with AJ even zanier and more morally ambiguous than Ruby. Talking about playing such a colourful character, Zosia Mamet says, “When you play not-so-likable or zany characters, people don’t believe they are that way. I don’t think AJ wakes up every morning and thinks, ‘I am absolutely crazy’. It’s about trusting the writing and finding an organic way into these characters to make them seem grounded, real, and relatable.”

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Stephanie, Zosia reveal the worst gifts they received from partners

In Laid, Ruby gives the gift of death to the men she is with, even if that is inadvertent. Ask the women about the worst ‘gift’ a partner has ever given them, and the discussions veer into the unusual horrors of modern-day dating. “I got a vintage wooden duck decoy from someone. It was broken, and I thought, ‘What does this say about our relationship?’. They didn’t know me well enough to know if I’d want this but also that they gave me something old and ailing,” Zosia says with a laugh.

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