TMI BlogComposition of the Governing Board.X X X X Extracts X X X X X X X X Extracts X X X X ..... ided that more than half of the directors shall be citizens of India and shall be residents in India. (2) The managing director shall not be considered either an independent director or a shareholder director. (3) Any employee of an information utility may be appointed as a director on its Governing Board in addition to the managing director, but such director shall be deemed to be a shareho ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... der of the information utility; and (f) who is not a member of the Board of Directors of any of the shareholders holding more than ten per cent. of the share capital of the information utility. (6) An independent director shall be nominated by the Board from amongst the list of names proposed by the information utility. (7) An individual may serve as an independent director for a maximum ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e to his knowledge, disclose the nature of his interest at such meeting and such disclosure shall be recorded in the proceedings of the Governing Board or the Committee, as the case may be, and the director shall not take part in any deliberation or decision of the Governing Board or the Committee with respect to that matter. ] ******************** Notes:- 1. Inserted vid ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ny fraction contained in more than half shall be rounded off to the next higher number. 3. Substituted vide NOTIFICATION No. IBBI /2019-20/GN/REG046 dated 25-07-2019 before it was read as seventy years - - statute, statutory provisions legislation, law, enactment, Acts, Rules, Regulations, Taxation Tax Management India - taxmanagementindia - taxmanagement - taxmanagementindi ..... X X X X Extracts X X X X X X X X Extracts X X X X
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