Table IV shows that none of the medium listed companies have boards without any independent directors or with more than 50 percent independent directors in 2006.However, this table reveals that some large listed companies do not have any independent director on their board (two in 2004;two in 2005;and nine in 2006) and also a comparatively higher number of large companies have less than one-third of the independent directors on board (126 in 2004;92 in 2005;and 72 in 2006 ) after the stipulated date of compliance - June 30, 2003.