TMI BlogINSOLVENCY AND BANKRUPTCY BOARD OF INDIA (INFORMATION UTILITIES) (SECOND AMENDMENT) REGULATIONS, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... uptcy Board of India (Information Utilities) Regulations, 2017 , namely:- 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Information Utilities) (Second Amendment) Regulations, 2018. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017 (hereinafter referred to as the principal regulations), in regulation 2, in sub-regulation (1), after clause (a), the following clause shall be inserted, namely:- (aa) Board means the Insolvency and Bankruptcy Board of India established under section 188 of the Code; . 3 . In the principal regulations, for regulati ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... 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 of two terms of three years each or part thereof, or up to the age of seventy years, whichever is earlier. (8) The second term referred to in sub-regulation (7) may be subject to a satisfactory performance review of the first term by the Governing Board. (9) A cooling off period of three years shall be applicable for an independent director to become a shareholder director in the same or ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... er he has attained the age of sixty-five years. (2) The appointment of an individual as the managing director shall be for a tenure of not less than three years but not exceeding five years. (3) An individual may serve as managing director for a maximum of two terms. (4) The process of appointment for the second term as managing director shall be conducted afresh. (5) The appointment and remuneration payable to the managing director shall be approved by a compensation committee constituted by the Governing Board. (6) The appointment, renewal of appointment and termination of service of the managing director shall be subject to prior approval of the Board. (7) The managing director shall be liable for removal or termination ..... X X X X Extracts X X X X X X X X Extracts X X X X
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