TMI BlogCompanies (Removal of Difficulties) Order, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... o as the said Act) provides that every director (including an independent director) shall be appointed by the company in general meeting; And whereas, sub-section (10) of section 149 of the said Act provides that subject to the provisions of section 152 , an independent director shall hold office for a term up to five consecutive years on the Board of a company, but shall be eligible for r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... es and in order to strengthen corporate governance process, such stakeholders have suggested for reviewing section 169 of the said Act , which, inter-alia, deals with the removal of independent directors; (ii) in view of the fact that presently an independent director is re-appointed for second term under sub-section (10) of section 149 of the said Act , only by way of a special resolut ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ficulties) Order, 2018. (2) It shall come into force from the date of its publication in the Official Gazette. 2. In the Companies Act, 2013, in section 169, in sub-section (1), (i) before the proviso, the following proviso shall be inserted, namely : Provided that an independent director re-appointed for second term under sub-section (10) of section 149 shall be removed by ..... X X X X Extracts X X X X X X X X Extracts X X X X
|
