Every one, connected with corporate Governance is praising the recent importance given to the position of Independant Directors.I also do appreciate the good intentions behind bringing this legislative changes.
However a question remains as to do we have a pool of such directors? And more importantly, why should promotors and high stake holders tolerate the independance of some one in the Board who has absolutely no financial or other stake in the functioning of the Company ?Just imagine a situation when the independant directors, due to ignorance/inability or for some other reasons take a stand which is not in the interest of the company .