Sebi's age rule makes directors aged 75 or above quit 228 companies

The new regulation is based on the recommendations made by the Kotak committee on corporate governance

Septuagenarian and octogenarian directors on the boards of India Inc were seen hitting the exit door before the Securities and Exchange Board of India’s (Sebi’s) new corporate governance regulations kicked in on April 1.
 
Directors who have turned 75 or more have resigned from at least 228 companies in the past few months. Among them, 34 stated upfront that they were stepping down to comply with the new Sebi regulations. Others cited personal reasons and ailing health, while many quit without giving any reason. Directors who have turned 75 or more have resigned from at least 228 companies in the