Section 149(4) read with Rule 4 of The Companies (Appointment and Qualification of directors) Rules, 2014 (Chapter 11).
The following class or classes of companies shall have at least two directors as independent directors –
(i) the Public Companies having paid up share capital of 10 crore rupees or more; or (ii) the Public Companies having turnover of 100 crore rupees or more; or (iii) the Public Companies which have, in aggregate, outstanding loans, debentures and deposits, exceeding 50 crore rupees:
Paid up share capital or turnover, as the case may be, as on the last date of latest audited financial statements shall be taken into account.
Vacancy: Any intermittent vacancy --- woman director--- shall be filled-up by the Board at the earliest but not later than immediate next Board meeting or three months from the date of such vacancy whichever is later.
Where a company ceases to fulfil “any of 3 conditions” for three consecutive years, it shall not be required to comply with these provisions until such time as it meets any of such conditions;
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