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of <h1>Independent directors can be chosen from a professional databank under Section 150, with companies still responsible for diligence</h1> Section 150 of the Companies Act, 2013 permits companies to select independent directors from a databank containing details of eligible and willing individuals, maintained by a notified professional body with relevant expertise and hosted on its website. The company retains responsibility for due diligence when choosing any person from this databank. Appointment of an independent director must be approved in a general meeting under section 152(2), with the explanatory statement justifying the choice. The databank must be created and maintained as per prescribed rules, and the Central Government may prescribe the manner and procedure for selecting independent directors meeting section 149 requirements.
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