Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 Chapter III GOVERNING BOARD
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Managing director appointment rules govern selection, tenure, renewal, removal, and committee membership for insolvency professional agencies. Selection and appointment of a managing director of an insolvency professional agency must follow Board guidelines and prescribed safeguards, including ... Summary
Managing director appointment rules govern selection, tenure, renewal, removal, and committee membership for insolvency professional agencies.
Selection and appointment of a managing director of an insolvency professional agency must follow Board guidelines and prescribed safeguards, including open advertisement, age limits, a fixed tenure of not less than three years and not more than five years, and a maximum of two terms. Appointment, remuneration, renewal and termination require approvals from the compensation committee and the Board, while removal may follow non-compliance, misconduct or incapacity. The Board may also act suo motu in the interest of stakeholders or public interest. The managing director is an ex-officio member of specified committees.
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