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        F. Acts / Amendment Acts

        Section 46 - Amendment of section 149

        Companies (Amendment) Act, 2017

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        Director residency requirement mandates a resident director in India, and refines independence disqualifications with de minimis exceptions. Amendment revises director residency and independence criteria under section 149: mandates a resident director for a specified portion of the financial year with proportional application for new companies; clarifies that routine remuneration or limited transactions below prescribed thresholds do not disqualify independence; sets permissible caps on relatives' holdings, indebtedness, guarantees and other pecuniary transactions with the company or its group; and excepts certain prior employment of a relative from the disqualification test.
                        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.

                              Director residency requirement mandates a resident director in India, and refines independence disqualifications with de minimis exceptions.

                              Amendment revises director residency and independence criteria under section 149: mandates a resident director for a specified portion of the financial year with proportional application for new companies; clarifies that routine remuneration or limited transactions below prescribed thresholds do not disqualify independence; sets permissible caps on relatives' holdings, indebtedness, guarantees and other pecuniary transactions with the company or its group; and excepts certain prior employment of a relative from the disqualification test.


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