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Our Corporate Bureau
New Delhi, Nov 18: The Company Law Board (CLB) has reserved its order on a petition for appointment of government directors to the board of Peerless General Finance and Investment Company.
The hearing on the petition filed by the Department of Company Affairs (DCA) under section 408 of the Companies Act was concluded here on Wednesday by the principal bench of the CLB. DCA had sought permission to appoint directors on Peerless board for a period of three years.
Peerless counsel reiterated on Wednesday that there was no need to appoint any government nominees to the board. The government, too, stuck to its point that there was need to appoint independent directors in the company.
At the previous hearing, the bench had told the government to determine if it was keen to pursue the case given that the conditions under which the petition had been filed had changed.
Peerless had stated that the CLB should not get involved in the case as Calcutta-based non-banking finance company was conforming with all regulations of the Reserve Bank of India.
Meanwhile, Peerless has already submitted all documents sought by the bench relating to quarterly results, board meetings and attendance at the board meetings.
Copyright © 1998 Indian Express Newspapers (Bombay) Ltd.
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