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of <h1>Public Companies Must Have Two Independent Directors Based on Capital, Turnover, or Debt; Exemptions for Specific Unlisted Entities</h1> Public companies must have at least two independent directors if they meet any of the following criteria: a paid-up share capital of ten crore rupees or more, a turnover of one hundred crore rupees or more, or outstanding loans, debentures, and deposits exceeding fifty crore rupees. If more independent directors are needed due to audit committee requirements, the higher number applies. Vacancies must be filled by the next Board meeting or within three months. Companies not meeting these criteria for three consecutive years are exempt until they qualify again. Unlisted public companies such as joint ventures, wholly owned subsidiaries, and dormant companies are excluded from these requirements.
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