It is reported that state owned iron ore miner Orissa Minerals Development Co Ltd has asked the Union government to appoint independent directors on its board so that it can list its shares on the Bombay Stock Exchange.

According to rules set by markets regulator Securities and Exchange Board of India at least half of the directors in a listed firm’s board have to be independent.

Mr Champak Banerjee director, finance at OMDC said “The process of appointing independent directors is on.”

According to steel secretary Mr Atul Chaturvedi the Union government is yet to take a decision on the matter. He said that currently, the Bird Group is going through a restructuring. Our main concern now is to complete it by the end of this fiscal.”

OMDC is part of the Bird Group, which was earlier controlled by Bird and Co Ltd a managing agency for UK investors. The firms were taken over by the Union government after it abolished managing agencies in 1970.

(Sourced from http://epaper.livemint.com)