Narad serves as the long-standing Chief Executive Officer (CEO) of Fantasy Industries Ltd, a company listed on the Bombay Stock Exchange. Narad recently met two institutional investors, who together held a 5% stake in th

Narad serves as the long-standing Chief Executive Officer (CEO) of Fantasy Industries Ltd, a company listed on the Bombay Stock Exchange. Narad recently met two institutional investors, who together held a 5% stake in the company. During these discussions, he provided an update on the Company's financial performance over recent months, profitability and business growth, as the Company's quarterly results were set to be disclosed to the market by next week. Narad also briefed these institutional shareholders on the Company's strategic direction, informing them of his plan to establish a strategy committee within the Company, comprising executive directors and key senior managers. At a regular management meeting, Narad met with the newly-appointed Chairman of the Company, Sarad, who also happens to be his brother-in-law. A number of pressing issues were discussed during this meeting, including the upcoming retirement and re-election process for members of the Board at the forthcoming Annual General Meeting (AGM). Xula, the Company Secretary raised a concern regarding Kurup's designation as independent director, given his proximity to the Company's management. Kurup had served as an independent non-executive director for nearly nine years. Though Kurup had proven to be highly experienced and made substantial contributions during Board meetings, his independent status had come into question. Narad maintained that Kurup's independence remained intact, despite his prolonged tenure. Furthermore, Narad informed Sarad that he had organized additional training sessions for two directors on the Board, one of the non-executive directors and the Marketing Director. On the basis of above-mentioned facts, outline the discernible weaknesses in the corporate governance practices of the Company.