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Query on proviso to section 149(11)
can an independent director of a company hold position as an independent director in subsidiary company during his cooling period ?
Replies (3)
No, as per provisio to Section 149 (11), Independent Director shall not act as the Director or shall be associated with the Company either directly or indirectly.
If he is appointed in the subsidiary Company he may be appointed indirectly .
But as per general terms and as per Regulation 24 of LODR Regulations, Independent Director of Listed Company may beappointed as the Independent Director of subsidiary Company
what is LODR regulations?
Read SEBI Listing obligations and disclosure requirements,2015 Applicable to Listed companies which includes reporting ,disclosures,Governance etc.
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