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Cabinet says that a majority of the directors on the boards of telecom companies with foreign stakes be Indian citizens

News , November 15, 2005

The cabinet has retained the condition that a majority of the directors on the boards of telecom companies with foreign stakes, and the senior management including chairmen, managing directors, chief executive officers, chief technical officers and chief financial officers, should be resident Indian citizens. It has also clarified that no remote access (RA) would be allowed for equipment manufacturers or agencies outside the country for maintenance or repairs by the licensee. However, RA may be allowed for situations termed "catastrophic software failure". Telecom companies have four months from the date of notification to comply with the 74 per cent FDI cap.

 
 

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