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Appointment of Independent Director in the Company Including Public Sector Undertakings (PSUs)

Dated:- 5-12-2015 - Section 149(4) provides that every listed company shall have atleast 1/3rd of total number of directors as independent directors. Clause 49(II) of Listing Agreement further requires that in case the listed company does not have a .....

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the Board level or at one level below the Board, at least one-half of the Board of the company shall consist of indpendendent directors. Rule 4 of Companies (Appointment and Qualification of Directors) Rules, 2014 prescribe that unlisted public comp .....

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udit committee constitution requires a higher number, then such higher number of independent directors shall be appointed. These provisions are applicable to Public Sector Undertakings (PSUs) also. Section 149 (6) read with Rule 5 of Companies (Appoi .....

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of CPSEs as per Annexure-I. The number of companies, category wise, which have not appointed woman directors are as follows:- (i) listed companies including listed PSUs:- 1707 (ii) unlisted companies including unlisted PSUs:- 329 SEBI had prescribed .....

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after 1st October, 2015. SEBI had requested Government to advise the concerned administrative Ministries to take appropriate steps for ensuring compliance by defaulting listed PSUs. Prosecution has been launched against 121 defaulting unlisted compa .....

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the Government. (A) Criteria of Experience (i) Retired Government officials with a minimum of 10 years experience at Joint Secretary level or above. (ii) Persons who have retired as CMD/CEOs of CPSEs and Functional Directors of the Schedule 'A C .....

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ble to be considered for appointment as non-official Directors on the Boards of any CPSEs. (iii) Academicians/Directors of Institutes/Heads of Department and Professors having more than 10 years teaching or research experience in the relevant domain .....

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nies if the company is (a) listed on the Stock Exchanges or (b) unlisted but profit making and having an annual turnover of at least ₹ 250 crore. (vi) Persons of eminence with proven track record from Industry, Business or Agriculture or Manage .....

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