Letter to BS: Sebi's decision on minority shareholders a retrograde step

This refers to the editorial “Fix royalty payment” (April 29). I think the Securities and Exchange Board of India’s (Sebi’s) decision to “put on hold its mandate to give minority shareholders a greater say in deciding royalty payments by listed companies” is a retrograde step. Whether nudged by the government or under pressure from the MNC lobby, the move puts in reverse gear its own earlier decision to insist on shareholder approval for royalty payment. A typical case of “one step forward and two backwards”, not uncommon in our country.
 
Indeed, “cosy related party deals have been the bane