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Introducing the “In Favour Of” filter in Case Laws.
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of <h1>Insolvency Board Regulations: Independent Directors Must Outnumber Shareholders, Serve Two Terms, and Follow Cooling-Off Period</h1> The Governing Board of the Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017, comprises a managing director, independent directors, and shareholder directors. Over half of the directors must be Indian citizens and residents. The managing director is distinct from independent and shareholder directors. Independent directors must outnumber shareholder directors, and meetings require at least one independent director. Independent directors must have expertise in finance, law, management, or insolvency and no significant financial ties to the utility. They can serve two three-year terms, subject to performance reviews, with a three-year cooling-off period before becoming shareholder directors. An independent director is elected as Chairperson, and directors must disclose any conflicts of interest.
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