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of <h1>Section 150 of Companies Act: Process for Selecting Independent Directors and Maintaining Databank of Eligible Candidates Explained.</h1> Section 150 of the Companies Act, 2013 outlines the process for selecting independent directors and maintaining a databank of eligible candidates. Companies can choose independent directors from a databank managed by a government-notified body with expertise in databank management. The company is responsible for due diligence before appointment. Independent director appointments must be approved in a general meeting, with justification provided in the explanatory statement. The databank will maintain information on willing candidates, and the Central Government may set rules for the selection process, ensuring compliance with qualifications specified under section 149.
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