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Business Standard
7 hours ago
- Business Standard
Not just 'friendly critics': Independent directors need more accountability
This era of the sinecure may be changing, however, with Sebi and the courts increasingly holding independent directors liable for corporate malfeasance Business Standard Editorial Comment Mumbai Listen to This Article Securities and Exchange Board of India (Sebi) Chairman Tuhin Kanta Pandey last week called for greater accountability on the part of independent directors on corporate boards, suggesting that they should not be treated as 'honorary appointees or friendly critics'. This blunt message was addressed to the 2025 Annual Directors Conclave months after Sebi had debarred Gensol Engineering promoters Anmol Singh Jaggi and Puneet Singh Jaggi, who also operated the BluSmart electric-vehicle cab-hailing service, from the market. It is noteworthy that Gensol's four independent directors resigned from the board just as Sebi flagged that the promoters had been diverting funds raised
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Business Standard
9 hours ago
- Business Standard
Indian govt engaging with China on rare earth magnet issue: Official
India is engaging with Chinese authorities on the issue of restrictions on rare earth magnet exports, and domestic firms have received visas to visit China as part of efforts to ensure the supply chain remains unaffected, a senior official said on Thursday. The Chinese government in April imposed restrictions, mandating special export licences for seven rare earth elements and related magnets. "Efforts are on. In fact, when we last approached the Embassy of China , they had also issued visas to our companies, and they are in touch with Chinese authorities, and they are also finding means and ways by which the supply chain does not get impacted. So efforts are on in that direction," the official said. The automobile industry has sought government support in expediting approvals from the Chinese government for importing rare earth magnets used in various applications, including passenger cars. Critical materials include samarium, gadolinium, terbium, dysprosium, and lutetium, which are essential in electric motors, braking systems, smartphones and missile technology. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
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Business Standard
9 hours ago
- Business Standard
Govt imposes anti-dumping duty on certain steel imports from Vietnam
This comes a year after the ministry initiated a probe on some steel imports from the Southeast Asian country to analyse threats and consequential injury to India's steel sector Reuters India, the world's second-biggest producer of crude steel, has imposed anti-dumping duty on some steel shipments from Vietnam, the Ministry of Commerce and Industry said. This comes a year after the ministry initiated a probe on some steel imports from the Southeast Asian country to analyse threats and consequential injury to India's steel sector. The duty is on some hot-rolled flat products of alloy or non-alloy steel, the ministry said in a notification dated Wednesday. "Domestic steel industry has suffered injury as a result of dumped imports," it said. "The injury margin is positive and significant." The ministry flagged further threats to local mills if anti-dumping duties are not levied on other select goods from Vietnam. In April, India imposed a 12 per cent temporary tariff on some steel imports, locally known as a safeguard duty, to curb a surge in cheap shipments primarily from China. (Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)
