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of <h1>Clarifications on Independent Directors' Appointment and Qualifications Under Companies Act 2013: No Pecuniary Relationships Allowed.</h1> The circular provides clarifications on the appointment and qualifications of Independent Directors (IDs) under the Companies Act, 2013. It clarifies that IDs should not have pecuniary relationships with the company, except for transactions at arm's length and remuneration as per the Act. IDs appointed before April 1, 2014, must be re-appointed under the new Act within a year. IDs can be appointed for terms less than five years, but no person can hold office for more than two consecutive terms. All appointments must be formalized through a letter of appointment as per Schedule IV of the Act.
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