The company is also mulling over amending its `Article of Association', which states the maximum number of directors cannot exceed 18, so that it can induct three more members. To comply with the listing agreement requirement, FDI guidelines, other statutory requirements and shareholder agreements, the company is required to broaden its base... displayed 300 characters
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To comply with the listing agreement requirement, FDI guidelines, other statutory requirements and shareholder agreements, the company is required to broaden its base. It is, therefore, proposed to amend article 117(a) of the Article of Association to increase the existing limit of 18 to 21. The existing article will be replaced by a new one, which would state that the company's management will comprise not less than eight and not more than 21 directors, "unless a greater number is required for legal, regulatory, listing requirements or to meet the provisions of the shareholder agreement"... displayed next 300 characters
There is also the impact of visible socio-economic changes like greater urbanization, greater job mobility, growth of the services industry, weakening of traditional family structure, impact of globalization etc...
It was evident that something needed to be done to tap the potential for further growth. With privatization of traditional public sector businesses like banking, power, telecom and airlines gaining momentum in 1991, the Government also realized that the opening up of the insurance sector could lead to enhancement of insurance penetration within the country by leveraging on the rising per capital incomes and rising literacy rates...
These all insurance reform took place when in 1993 Malhotra Committee headed by former finance secretary and the RBI governor, R.N.Malhotra evaluate the insurance industry and recommend its future direction which aimed at creating a more efficient and competitive financial system suitable for requirements of the economy and keeping in mind the structural changes...
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