Amendment of section 178.
58. In section 178 of the principal Act,-
(i) in sub-section (1), for the words "every listed company", the words "every listed public company" shall be substituted;
(ii) in sub-section (2), for the words "shall carry out evaluation of every director's performance", the words "shall specify the manner for effective evaluation of performance of Board, its committees and individual directors to be carried out either by the Board, by the Nomination and Remuneration Committee or by an independent external agency and review its implementation and compliance" shall be substituted;
(iii) in sub-section (4), in clause (c), for the proviso, the following proviso shall be substituted , namely:-
"Provided that such policy shall be placed on the website of the company, if any, and the salient features of the policy and changes therein, if any, along with the web address of the policy, if any, shall be disclosed in the Board's report.";
(iv) in sub-section (8), in the proviso, for the words "non-consideration of resolution of any grievance", the words "inability to resolve or consider any grievance" shall be substituted.
