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)
Director appointment procedure: mandated disclosures and Board forwarding require fit and proper vetting and formal approvals and compliance. All prospective directors must provide detailed personal, professional and regulatory disclosures, declarations of non-association with trading or clearing members, undertakings to comply with codes of conduct, and consent where applicable. The depository shall forward these particulars, governing board minutes and shareholders' resolution (if any) to the Board along with confirmation that nominees meet the fit and proper criteria and compliance requirements prior to Board consideration.
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 appointment procedure: mandated disclosures and Board forwarding require fit and proper vetting and formal approvals and compliance.
All prospective directors must provide detailed personal, professional and regulatory disclosures, declarations of non-association with trading or clearing members, undertakings to comply with codes of conduct, and consent where applicable. The depository shall forward these particulars, governing board minutes and shareholders' resolution (if any) to the Board along with confirmation that nominees meet the fit and proper criteria and compliance requirements prior to Board consideration.
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