Companies act, 2013

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Revati Sathe (Querist)
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13 March 2018 what is difference between independent and non independent directors in case of Private Company.
1. Director is taking salary and also shareholder whether he is independent or non independent.
2. Director not taking salary and also not shareholder but mentioned as executive in DIR-12
3. Director taking salary but not shareholder whether he is independent or non independent.
4. Director not taking salary but shareholder whether he is independent or non independent.

CS Mitesh Mehta

CS Mitesh Mehta (Expert)
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13 March 2018 The key criteria for determining ‘independence’ are
1. Pecuniary interest
2. employment
3. Holder of securities -As per section 149 of the Act a person is eligible to be an independent director if he and nor any of his relatives together holds two per cent or more of the total voting power of the company
4. Interest of relatives -The interest of a relative may be in the form of holding of securities, or employment in the company or its holding, subsidiary or associate company
5. Commercial transactions

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