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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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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

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Akshay Kumar wishes director Priyadarshan on birthday with Bhooth Bangla BTS pic: ‘Surrounded by ghosts…

Akshay Kumar and Priyadarshan, the acclaimed Indian director, celebrated their 68th birthday on Instagram. Kumar, who has worked with Priyadarshan on several cult comedies of the early 2000s, wished him a happy birthday and called him a mentor. The duo is now back together for their upcoming horror-comedy, Bhooth Bangla.

The first poster of the movie has been released, and it is expected to hit theaters in 2025. Akshay Kumar wore a black fedora and a green jacket, layered over a black tee, and fans have expressed their excitement for their new movie.

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The duo’s dynamic and deep bonding have been praised by fans, who have expressed high anticipation for their new movie. The first poster of Bhooth Bangla has already been released, and the movie is expected to hit theaters in 2025.

Akshay Kumar, the versatile Bollywood actor, recently celebrated director Priyadarshan’s birthday by sharing a behind-the-scenes (BTS) photograph from their upcoming film, “Bhooth Bangla.” In the image, Akshay humorously captioned, “Surrounded by ghosts…” The photo features Akshay alongside Priyadarshan and co-actor Paresh Rawal, all dressed in traditional attire, with a black cat perched on Akshay’s shoulder, adding a whimsical touch to the scene.

Reunion After 14 Years

This collaboration marks a significant reunion between Akshay Kumar and Priyadarshan, who last worked together on the film “Bhool Bhulaiyaa” in 2007. Their partnership has been celebrated in the past for delivering successful comedies like “Hera Pheri” and “Garam Masala.” Fans have eagerly anticipated their return to the big screen together, and “Bhooth Bangla” promises to be a delightful addition to their repertoire.

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About ‘Bhooth Bangla’

“Bhooth Bangla” is a horror-comedy that blends elements of suspense with humor, a genre in which both Akshay Kumar and Priyadarshan have excelled. The film is produced by Balaji Telefilms Ltd in association with Cape of Good Films. The motion poster released earlier this year features Akshay Kumar in a suit, with a cat on his shoulder, licking milk slyly, setting the tone for the film’s intriguing and humorous premise.

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Anticipation and Fan Reactions

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The BTS photo shared by Akshay Kumar has generated excitement among fans, who are eager to see the trio back together on screen. The playful caption and the presence of the black cat suggest that “Bhooth Bangla” will offer a mix of thrills and laughs, staying true to the successful formula of their previous collaborations.

As the release date for “Bhooth Bangla be a significant highlight in the upcoming entertainment lineup. The reunion of Akshay Kumar, Priyadarshan, and Paresh Rawal, combined with the intriguing premise and the playful BTS moments, has set high expectations among audiences. Fans can look forward to a cinematic experience that promises both chills and chuckles.

For a visual glimpse into the making of “Bhooth Bangla,” you can watch the following video Akshay Kumar expressed his gratitude as they once again united for their upcoming movie Bhooth Bangla. This marks a new chapter in their long-standing collaboration since the 2000s. He shared a picture from behind the scenes of their new movie, where it seems like they are laughing about something.

Akshay wrote,”Happy Birthday, Priyan Sir! What better way to celebrate than by spending the day on a haunted set, surrounded by ghosts…both real and unpaid extras? Thank you for being a mentor, and the only person who can make chaos look like a masterpiece. May your day be filled with fewer retakes. Wishing you a fantastic year ahead!”

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