Independent Director

With reference to notification dated July 5, 2017 it says Joint Venture, Wholly Owned Subsidiary and Dormant companies need not appoint an Independent Director.

Regulation 24 of LODR says atleast one ID of listed entity must be ID of material subsidy. If material subsidiary is wholly owned then should we appoint ID?

Also according to section 177 & 178, Audit committee and NRC should have majority or 50% ID on meeting criteria. What if that is a wholly owned subsidiary.

Please help.