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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 regular non-executive Chairman, at least half of the Board should comprise Independent Directors. Further, where the regular non-executive Chairman is a promoter of the company or is related to any promoter or person occupying management positions at .....

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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 (Appointment and Qualification of Directors) Rules, 2014 prescribes the qualifications etc. for an Independent Director. In addition, Department of Public Enterprises has prescribed criteria for selection/appointment of non-official Directors on the Board .....

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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 companies(other than PSUs). This was stated by Shri Arun Jaitley, Minister of Corporate Affairs in written reply to a question in the Lok Sabha. Annexure-I Criteria for selection/appointment of non-official Directors on the Boards of CPSEs as laid down by .....

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