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INSOLVENCY AND BANKRUPTCY BOARD OF INDIA (PROCEDURE FOR GOVERNING BOARD MEETINGS) REGULATIONS, 2017 – AN OVERVIEW

Other Topics - By: - Mr. M. GOVINDARAJAN - Dated:- 3-3-2017 - Section 188 of Insolvency and Bankruptcy Code, 2016 ( Code for short) provides for the establishment of Insolvency and Bankruptcy Board of India ( Board for short). Section 189(1) of the Code provides that the Board shall consist of the following members who shall be appointed by the Central Government, namely- a Chairperson; three members from amongst the officers of the Central Government not below the rank of Joint Secretary or equ .....

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ing quorum at such meetings) as may be determined by regulations. By virtue of this section the Board made the Insolvency and Bankruptcy Board of India (Procedure for Governing Board Meeting) Regulations, 2017 ( Regulation for short) vide Notification NO. IBBI/2016-17/GN/REG007, dated 30.01.2017. These regulations came into effect from 30.01.2017. This regulation provides for the business to be conducted by the Board, procedure for convening the meeting of the Board, keeping of minutes of meetin .....

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ove ₹ 5 crore; Location of office premises; Number and categories of employees and their compensation; Accommodation for Chairperson and Whole Time Members under Rule 12 of the IBBI (Salary, Allowances and other Terms and Conditions of Service of Chairperson and members), Rules, 2016; Any other as may be specifically required by the Governing Board from time to time; Any other as may be brought before the Governing Board from time to time; and Any other as may be required under any law for .....

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provides that there shall be at least four meetings of the Board in a year and at least one meeting in each quarter. Convening of meeting Regulation 4(2) provides that the Chairperson or in his absence, any other member nominated by the Chairperson in this behalf, may convene the meetings of the Board. Regulation 4(3) provides that any three members may require the Chairperson to convene a meeting of the Governing Board at any time. The Chairperson shall convene the meeting of the Governing Boa .....

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cified in the notice convening the meeting. The meeting shall ordinarily be held in the office. The meeting may also be held at its other offices or at any other place in India, whenever, in the opinion of the Governing Board, it is expedient to do so. Notice of meeting Regulation 5 provides that the notice for the meeting of the Governing Board shall be given not less than seven days. Such notice along with agenda shall be sent to every member in advance to his usual address in India or by emai .....

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or more members the quorum shall be 5 members; if the Governing Board has less than 8 members, the quorum shall be three members for the transaction of business at a meeting. Leave of absence Regulation 7 provides that the Governing Board may grant leave of absence to a member not present in the meeting. Such leave of absence shall be recorded in the minutes of the meeting. Vote All businesses which come up before the meeting shall be decided by a majority vote of the members present. In case of .....

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on or the member presiding at the succeeding meeting and taken on record thereafter. Duties of Secretary The Chairperson shall nominate a senior officer of the Board as Secretary of the Board to keep the custody of common seal, register of attendance of the meetings, agenda, minutes book and other documents/records etc., pertaining to the meetings of the Board and of Committees. The Secretary shall arrange meetings, record minutes and generally ensure that these regulations are followed. Charter .....

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ber shall inform the Board if he becomes subject to any of the disqualifications specified in the Code; and in turn the Board shall inform the same to the Central Government; The Chairperson and every whole time member before entering upon his duties, shall taken an oath of office and secrecy in the prescribed form contained in Schedule I; Every member, before joining upon his duties, shall sign a charter of conduct confirming his allegiance to the highest standards of integrity as specified in .....

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any employee of such entities; A whole time member shall not hold any other office of profit; A whole time member shall not engage in any other professional activities which entails receipt of salary or professional fees; A member is to disclose the nature of his interest in any business coming up for consideration at a meeting of the Board; A member shall not take part in any deliberation or discussion with respect to such business except to the extent of professional advice if sought by theBo .....

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holds, or has held in the past 5 years in connection with any regulated entity; any other significant relationship, including a professional, personal, financial or family relationship held in connection with a regulated entity. Procedure for managing the conflict Regulation 11 provides that a member shall disclose a conflict of interest at the earliest opportunity. He shall seek determination from the Chairperson if he has a doubt where there is a conflict of interests or not. If the Chairperso .....

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Chairperson in case of a member. In case of a Chairperson he may place the details before the Board. The Chairman or the Board shall determine if the member or the Chairperson has an interest which is likely to affect the decision by him. The member or the Chairperson shall refrain from dealing with the particular matter. The matter may be assigned to another member or a committee of members by the Chairperson or the Board. Maintenance of disclosures Regulation 13 provides that the information a .....

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