Chapter VII - RIGHTS AND OBLIGATIONS OF DEPOSITORIES, PARTICIPANTS, ISSUERS, MANNER OF SURRENDER OF CERTIFICATE OF SECURITY AND CREATION OF PLEDGE OR HYPOTHECATION (From Regulation 40 to Regulation 82AA)
Board composition rules: public interest directors must match non-independent directors and control quorum and voting parity. The governing board must include non-independent directors, public interest directors, managing and executive directors (the latter classed as non-independent), with the chairperson elected from public interest directors. Public interest directors must be at least equal in number to non-independent directors for composition and quorum, and a resolution is valid only when public interest directors casting votes are equal to or more than non-independent directors casting votes; the chairperson has the casting vote.
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.
Board composition rules: public interest directors must match non-independent directors and control quorum and voting parity.
The governing board must include non-independent directors, public interest directors, managing and executive directors (the latter classed as non-independent), with the chairperson elected from public interest directors. Public interest directors must be at least equal in number to non-independent directors for composition and quorum, and a resolution is valid only when public interest directors casting votes are equal to or more than non-independent directors casting votes; the chairperson has the casting vote.
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