TMI BlogCompany to have Board of DirectorsX X X X Extracts X X X X X X X X Extracts X X X X ..... further that such class or classes of companies as may be prescribed, shall have at least one woman director. (2) Every company existing on or before the date of commencement of this Act shall within one year from such commencement comply with the requirements of the provisions of sub-section (1). 1 [(3) Every company shall have at least one director who stays in India for a total period of not less than one hundred and eighty-two days during the financial year: Provided that in case of a newly incorporated company the requirement under this sub-section shall apply proportionately at the end of the financial year in which it is incorporated.] (4) Every listed public company shall have at least one-third of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ly preceding financial years or during the current financial year; 3 [(d) none of whose relatives- (i) is holding any security of or interest in the company, its holding, subsidiary or associate company during the two immediately preceding financial years or during the current financial year: Provided that the relative may hold security or interest in the company of face value not exceeding fifty lakh rupees or two per cent. of the paid-up capital of the company, its holding, subsidiary or associate company or such higher sum as may be prescribed; (ii) is indebted to the company, its holding, subsidiary or associate company or their promoters, or directors, in excess of such amount as may be prescribed during the ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... (A) a firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or (B) any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or associate company amounting to ten per cent or more of the gross turnover of such firm; (iii) holds together with his relatives two per cent or more of the total voting power of the company; or (iv) is a Chief Executive or director, by whatever name called, of any non-profit organisation that receives twenty-five per cent or more of its receipts from the company, any of its promoters, dire ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... as no profits or its profits are inadequate, an independent director may receive remuneration, exclusive of any fees payable under sub-section (5) of section 197, in accordance with the provisions of Schedule V. ] (10) Subject to the provisions of section 152, an independent director shall hold office for a term up to five consecutive years on the Board of a company, but shall be eligible for re-appointment on passing of a special resolution by the company and disclosure of such appointment in the Board's report. (11) Notwithstanding anything contained in sub-section (10), no independent director shall hold office for more than two consecutive terms, but such independent director shall be eligible for appointment af ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 07 th May, 2018, before it was read as, pecuniary relationship 3. Substituted vide The Companies (Amendment) Act, 2017 Dated 03-01-2018 w.e.f. 07 th May, 2018, before it was read as, (d) none of whose relatives has or had pecuniary relationship or transaction with the company, its holding, subsidiary or associate company, or their promoters, or directors, amounting to two per cent or more of its gross turnover or total income or fifty lakh rupees or such higher amount as may be prescribed, whichever is lower, during the two immediately preceding financial years or during the current financial year; 4. Inserted vide The Companies (Amendment) Act, 2017 Da ..... X X X X Extracts X X X X X X X X Extracts X X X X
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