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Selection of independent directors from approved databanks requires company due diligence and approval in general meeting. Independent directors may be selected from a databank maintained by notified bodies listing eligible and willing persons; the company remains responsible for exercising due diligence before selection. Appointment requires approval in the general meeting with an explanatory statement justifying the choice. The databank must be created and maintained under prescribed rules, and the Central Government may prescribe the manner and procedure of selection for qualified independent directors.
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Provisions expressly mentioned in the judgment/order text.
<h1>Selection of independent directors from approved databanks requires company due diligence and approval in general meeting.</h1> Independent directors may be selected from a databank maintained by notified bodies listing eligible and willing persons; the company remains responsible for exercising due diligence before selection. Appointment requires approval in the general meeting with an explanatory statement justifying the choice. The databank must be created and maintained under prescribed rules, and the Central Government may prescribe the manner and procedure of selection for qualified independent directors.
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