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Law firm partners to lose company director seats as SEBI caps them at 7

Independent directors, many of whom are also partners in law firms, will have to resign from the boards of several companies after the Securities Exchange Board of India (SEBI) last week capped the number of directorships a person can hold to seven, reported the Express.

Among law firms, the likes of Khaitan & Co managing partner Pradip 'Pintu' Khaitan, who currently holds 14 directorships, and Crawford Bayley senior partner Rajendra Ambalal Shah, who has served as chairman of the Indian arms of several multinational firms such as Pfizer Limited, Clariant Chemicals (India), Procter & Gamble and Godrfrey Philips, lead the figures for holders of director seats in India. 93 independent directors in India currently hold 283 seats.

The Companies Act passed by parliament in the winter session was more liberal with the cap at 10, added the report. Wholetime directors can serve on a maximum of three listed companies according to SEBI’s new norms.

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