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of <h1>Companies Act Section 149 Amended: New Director Residency Requirement and Updated Pecuniary Relationship Rules for Directors' Relatives</h1> Section 149 of the Companies Act was amended to require every company to have at least one director residing in India for a minimum of 182 days during the financial year, with proportional application for newly incorporated companies. Amendments to sub-section (6) include changes to the definition of 'pecuniary relationship' and stipulations regarding the financial interests and transactions of directors' relatives. These include limits on securities holdings, indebtedness, guarantees, and other financial relationships with the company. An exception is provided for relatives who are employees, exempting them from certain restrictions regarding employment in the preceding three financial years.
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