Hi All
Was looking for answers if a Director who is a Executive Director in a Subsidiary can be appointed as a Independent Director in the Holding Company, which is listed.
Other facts of the case.
Ø He would be a Non-Executive Director in Listed Company, by this it means he would not be involved with the day to day affair of the holding Company and hence cannot influence the decision making in the Holding Company
Ø He is not related to the Promoter of the Company
Ø He is not a material supplier/service provider or customer of Holding Company
Ø He has not been the executive of the Holding Company in the preceding 3 financial years.
He is not holding shares in the Holding Company, which can be a factor to decide Independence or not.
Regards
Sandeep
CAclubindia
