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Four PSUs get Maharatna status
21 May 2010: The Union Government has approved the maharatna status for NTPC, IOC, ONGC and SAIL.
While the four PSUs have been given the new status, only NTPC has the requisite number of non-official directors on its board and is therefore eligible to exercise the Maharatna powers.
The other three companies also met the norms set by the government in December 2009, their boards do not have the adequate number of independent directors. The boards will now have powers to make equity investment up to Rs 5,000 crore to set up financial JVs and wholly-owned subsidiaries in India or abroad without government approval.
Source: Times of India