In its meeting on Friday, the Kumar Mangalam Birla panel felt that the issue should be focused on enhancing shareholder value, while ensuring sufficient protection to stakeholders like creditors and suppliers, Sebi chairman DR Mehta said.

The committee had a brainstorming session on suggestions of its three sub-committees on shareholders, board of directors and management perspectives, but it has not taken conclusive decision on any issue, he said.

Draft report of the committee based on deliberations would be released during the month, following which suggestions from various related sections of people would be solicited, he said.

The composition of board with specific reference to non-executive, independent directors, directors representing financial institutions, vendors and small shareholders and theirappointment procedures were discussed at Friday's meeting, he said. Duties of the board members relating to material default and financial obligations, contingency liabilities, statutory requirements to be fulfilled and shareholders' grievances also came up for discussion in the meeting, Mehta said.

Management reporting at three levels - directors statutory report, management discussion of the statutory report and analysis of the discussion by the executive directors and/or chairman - were deliberated upon, he said.

The need for going in for postal ballot for certain kinds of resolutions was also discussed, Mehta added.