On Thursday, Prasad resigned as an independent director from the board of Suven Life Sciences. Earlier this week, Prasad had resigned from the boards of GMR Infrastructure, Delhi International Airport Ltd, TVS Motor Company and castings firm Nelcast Ltd.
Sources said GMR could be the first major Indian corporate to engage multiple auditors. GMR will also rotate the auditors at periodic intervals. The length of the rotation period shall be decided by the company board, based on the recommendation of the audit committee. GMR will also employ the services of reputed audit firms for specific assignments of audit as may be decided by the company's board from time to time on the recommendation of the audit committee.
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Corporate lawyers say the fine on independent directors will make them more cautious and some will be wary of taking assignments from companies with low corporate governance standards.
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