As per the revised Clause 49 of Listing Agreement, a person is an independent director if he does not have certain specified relationships, which, in the opinion of the board may affect the independence of his judgment. This definition may harm the shareholders, because it is the board's judgment alone that accords the status of independence.

The definition needs to be amended to exclude any person in respect of whom any shareholder possessing material evidence has raised objections. It will avoid complications at the later stages.

S. Sairam

Chennai

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