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Lack of independent directors in PSEs a hurdle: Sumit Bose

Kolkata, July 2 (IANS) Lack of enough independent directors in the boards of public sector enterprises (PSE) is a hindrance in listing those in the bourses, Disinvestment Secretary Sumit Bose said here Friday.

‘Most of the CPSEs (Central Public Sector Entreprises) do not have 50 percent independent directors. This is the problem to take them to SEBI (Securities and Exchange Board of India) and we are working on it,’ Bose told reporters on the sidelines of the annual general meeting of Indian Chamber of Commerce.

There are 473 PSEs in the country.

Talking about disinvestment in various PSEs in the current fiscal (2010-11), he said listing of Engineers India Limited (EIL) would happen soon. It would be followed by Power Grid Corporation of India, Coal India, Hindustan Copper and Steel Authority of India Limited.

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