"The department of company affairs should harmonise the recommendations of the Irani panel with the SEBI in such a manner that there arises no conflict between the market regulator on one hand, industry and government on the other," M K Sanghi, Assocham president said.
He said that suggestions like non-interference of government in appointment of directors in companies' board, and all other measures mentioned by the panel to make the Act more progressive and industry friendly should be accepted.
PHDCCI president K N Memani said that the panel should have monitored functioning of various corporate entities. "It will be desirable to have a debate on the various recommendations of the committee, to bring about more clarity in the matter".
The J J Irani Committee working on the new Companies Act, in its recommendations presented on Tuesday, said that independent directors should constitute at least a third of the board of listed and unlisted companies.
© 2026