Board Membership Equivalence: UTI and SBI Trustees Considered Corporate Directors under Companies Act Section 303. Local SBI Boards Excluded.

Membership on the board of trustees of the Unit Trust of India and the Central Board of Directors of the State Bank of India is to be considered equivalent to directorship of a body corporate under section 303, as per section 2(13) of the Companies Act. This interpretation is supported by sections 3 and 9 of the Unit Trust of India Act, 1963. However, members of the local board of the State Bank of India are not regarded as directors of a body corporate for the same purpose.