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Govt says no to foreign CEOs
By agencies
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Monday, 31 July 2006, 19:30 IST
DELHI: All sectors where the CEO and MD are likely to have access to sensitive government information and systems are likely to be barred from having a foreigner at the top post. Some of the sectors where a non-Indian CEO has room include like telecom, media, ports, airports and in certain infrastructure projects.
"The government reserves the right to restrict a company with foreign direct investment (FDI) from having foreigners in top key positions as a part of its FDI policy," a senior official in the ministry of commerce and industry told Economic Times, the leading business daily. Even if a project has 100% FDI, it may not be possible for the foreign investor to have a man of its choice at the top position, he added.
The reasoning behind governments move is that once the company has a foreigner as a CEO, he will be able to attend strategic meetings and have access to secret information. This will pose a potential security threat for the country.