Can somebody please explain wordings of statement contained in explanation to section 149(10) & (11)
"any tenure of independent directors on the date of commencement of this act shall not be counted as a term under those sub-section"
its say that when the companies act 2013 commenced and on prior to such commencement date any director working as independent director then the earlier worked days will not be counted in tenure of independent director in this act.
In simple words his tenure period will counted from the commencement date of this act. earlier tenure will be ignored for his disqualification.
CAclubindia
