Regularization of independent director

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Guest

Guest (Querist)

30 November 2017 Is regularization of independent director allowable as per section 160 of the companies act 2013??

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

01 December 2017 Yes. An independent director may be appointed by the Board as an additional director in the category of independent director, subject to the approval of the shareholders in the general meeting

Guest

Guest (Querist)

01 December 2017 Can you let me know the procedure for the same i.e forms to be filed etc???

CS Mitesh Mehta

CS Mitesh Mehta (Expert)

01 December 2017 It is necessary to take a declaration from Independent Director that
a. Within the meaning of section 149 (6), he, in his name and /or in the name of all his relatives, do not hold more than 2% of the shares of the company as on date.
b. He shall abide by the provisions specified in Schedule IV.(under section 149(8) regarding CODE FOR INDEPENDENT DIRECTORS.
c. As an independent director he shall give a declaration that he meet the criteria of independence every year as provided in section 149(6).
d. He shall attaching a resume for the purpose of the records of the company and for preparing explanatory note for considering a resolution for his appointment
Hold General Meeting and pass ordinary resolution.
File form DIR-12 for Change in Designation of Director along with ordinary resolution within 30 days of passing resolution

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