TMI BlogInsolvency and Bankruptcy Board of India (Procedure for Governing Board Meetings) Regulations, 2017X X X X Extracts X X X X X X X X Extracts X X X X ..... eans the Chairperson of the Board; (c) Code means the Insolvency and Bankruptcy Code, 2016; (d) Governing Board means the Board of Members constituted under section 189(1) of the Code; (e) Member means a Member of the Board and includes the Chairperson, appointed under section 189 of the Code; (f) Schedule means schedule attached to these Regulations; (g) Secretary means Secretary to the Governing Board designated under regulation 9(1) of these Regulations. (2) Words and expressions used and not defined in these Regulations but defined in the Code shall have the meanings respectively assigned to them in the Code. Chapter II Businesses 3. Governing Board Businesses. (1) The Governing Board shall transact the following businesses:- (i) Regulations to be made under section 240; (ii) Annual Accounts and Audit under section 223; (iii) Annual Budget under section 228; (iv) Annual Report under section 229; (v) Delegation of Powers under section 230; (vi) Operations Manuals for various activities; (vii) Timelines for Disposal of various activities; (viii) Expenditures above ₹ 5 crore; (ix) Location of Office ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... rdinarily be given of each meeting of the Governing Board and such notice along with agenda papers shall be sent to every Member ordinarily seven working days in advance at his usual address in India or by e-mail, as furnished by him to the Board: Provided that if an urgent meeting of the Governing Board is required to be convened, seven days notice may be dispensed with by the Chairperson subject to the condition that Members get sufficient notice to enable them to attend the meeting. (2) No business other than that for which the meeting has been convened shall be transacted at a meeting of the Governing Board, except with the permission of the Chairperson. 6. Quorum. (1) Five Members, if the Governing Board has eight or more Members, and three Members, if the Governing Board has less than eight Members, shall constitute the quorum for the transaction of business at a meeting of the Governing Board. (2) All businesses which come up before any meeting of the Governing Board shall be decided by a majority vote of the Members present and voting and in the event of an equality of votes, the Chairperson, or in his absence, the Member presiding, shall have a second o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... the notice of the Board that any Member has attracted any of the disqualifications referred to in sub-regulation (1). 12. Declaration of fidelity. (1) The Chairperson and every Whole Time Member, before entering upon his duties, shall take an Oath of Office and Secrecy, in the format given at Schedule I. (2) Every Member, before joining upon his duties, shall sign a Charter of Conduct confirming his allegiance to the highest standards of ethics and integrity, in the format given at Schedule II. Provided that the Members already in office shall sign the Charter within two months of the Regulations coming into force. Chapter V Contracts 13. Manner and form in which contracts may be executed. (1) Any contract on behalf of the Board may be made in writing signed by a Member, Officer of the Board or any other person acting under its authority, express or implied and may in the same manner be varied or discharged. (2) Any document connected with any contract may be signed and verified on behalf of the Board by any Officer authorised by the Chairperson. (3) All contracts made according to the provisions of this regulation shall be valid and bindin ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... he Board conducts in a manner that does not compromise its ability to accomplish its mandate or undermine the public confidence in the ability of Member(s) to discharge his responsibilities. Definitions. 1. In this Charter, unless the context otherwise requires,- (i) family means spouse and dependent children below 18 years of age. (ii) conflict of interests means any personal interest or association of a Member, which is likely to influence the decision of the Board in a matter, as viewed by an independent third party. (iii) regulated entity means an Insolvency Professional, an Insolvency Professional Entity, an Insolvency Professional Agency, or an Information Utility. (iv) Whole Time Member means a Whole Time Member of the Board and includes the Chairperson of the Board. 2. Words and expressions used and not defined in this Charterbut defined in the Code shall have the meanings respectively assigned to them in the Code. Charter in addition to other provisions. 3. This Charteris in addition to the provisions of section 193 of the Insolvency and Bankruptcy Code, 2016, the Insolvency and Bankruptcy Board of India (Salary, Allowances and other ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... . (2) A Member shall seek determination from the Chairperson if he has a doubt whether there is a conflict of interests or not. (3) The Chairperson shall seek determination from the Governing Board if he has a doubt whether there is a conflict of interests or not. 4) If the Chairperson or the Governing Board, as the case may be, determines that there is a conflict of interests, the Member or the Chairperson shall refrain from dealing with the particular matter. (5) The Chairperson or the Governing Board, as the case may be, shall assign that matter to another Member or a Committee of Members. Procedure for public to raise conflict of interests. 12. (1) Any person, who has reasonable ground to believe that a Member has an interest in a particular matter, may bring the same with material evidence to the notice of the Secretary. (2) The Secretary shall place the details received under sub-clause (1) before the Chairperson in case of a Member and before the Governing Board in case of Chairperson. (3) The Chairperson or the Governing Board, as the case may be, shall determine if the Member or the Chairperson has an interest which is likely to affect the decisio ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
