The issue of separation of powers between corporate owners and professional managements has become a hardy perennial in the Indian corporate governance discourse. This week brought two reminders. One was the appointment of Anish Shah as managing director and CEO of Mahindra & Mahindra, flagship of the sprawling automobiles to technology group, with Anand Mahindra stepping back as non-executive chairman. The second was a plaintive reminder from Ajay Tyagi, chief of the Securities and Exchange Board of India (Sebi), that only about half the top 500 listed firms had implemented its order to separate the post of chairman and MD by the April 1, 2022, deadline. “I urge the eligible listed entities to be prepared for this change in advance of the deadline,” he said on Tuesday.
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