Over 1,200 listed firms fail to file governance report

February 19th, 2009 - 5:42 pm ICT by IANS  

New Delhi, Feb 19 (IANS) More than 1,200 listed companies have not submitted their corporate governance report for the quarter ending Sep 31, 2008, Minister of State for Finance Pawan Kumar Bansal told the Rajya Sabha Thursday.
Bansal said 1,122 companies listed on the Bombay Stock Exchange and 86 listed on the National Stock Exchange have defaulted in filing corporate governance reports.

“In respect of companies which have not submitted the corporate governance report, (stock) exchanges write letters, followed by show cause notices leading to suspension of trading,” the minister said.

The market regulator, Securities and Exchange Board of India (SEBI), has initiated adjudication proceedings against 20 companies for failure to comply with the corporate governance norms, he added.

The revised norms came into effect Jan 1, 2006.

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