2024 Revamping: India Inc. To Appoint 2,000 New Independent Directors

The boardrooms of India’s top companies are undergoing significant changes as a large number of Independent Directors’ contracts expire in 2024. Top Indian companies may need to appoint approximately 2,000 Independent Directors to oversee 900 NSE-listed companies. According to a report in the Financial Express, around 23 Nifty50 companies will need to appoint 47 Independent Directors between them.

Experts underline that this boardroom refresh is driven by the 2024 deadline set by the new Companies Act, limiting Independent Directors’ tenure to two consecutive five-year terms. Despite a slowdown in 2023, a surge in appointments is expected as companies race to meet regulatory demands.