Saga of Independent Director Resignations Unfolds Again in India Inc.

Abstract

The Indian corporate governance landscape has once again witnessed resignations by independent directors in what was a seemingly promising startup. Soon after an interim order was passed by the Securities and Exchange Board of India (SEBI) against the promoters of the Gensol Engineering Limited (GEL), who are also the founders of BluSmart Mobility, three independent directors of Gensol resigned within a few days.