Good governance could cost Rs 2000 crore

India Inc may cough up Rs 2,000 crore to appoint enough independent directors to meet Sebi norms, but the benefits of good corporate governance would outstrip the expense, government officials said. Indian firms will appoint around 3,000 to 4,000 independent directors by December 31, to meet Clause 49 of Sebi’s listing agreement. The government is setting up a ‘‘pool’’ of independent directors, which can be a complete database in time, said MCA Secretary Komal Anand. She said the government pool of independent directors comprised ‘‘achievers in their fields.’’ This can serve as a starting point for a larger database created by industry bodies like ICAI, ICSI and ICWAI. Anand said the Irani panel’s benchmark of independent directors at 1/3rd could serve as the benchmark for formulating new company law.