Dear Learned Members,
Request your clarification on the below.
A Joint Venture company has appointed independent director (Woman) voluntarily. As per the terms of appointment, the said independent director will retire on September 15, 2021 due to the end of his second term. However the company needs to have a one woman director. Can the Board of the JV company pass a resolution modifying the designation of Independent Director as Additional Director -Non Independent -Non Executive with effect from September 16, 2021 and which can be ratified in the subsequent AGM of the company.? Is this practice correct?