Board independence requirement: independent director proportion increased when non-executive chair is promoter, plus disclosure and replacement rules. Amendments to Clause 49 require that where a non-executive Chairman is a promoter or related to promoters or senior management, at least one-half of the Board be independent directors; set minimum age for independent directors at 21 years; require replacement of resigned or removed independent directors within 180 days unless the Board already meets the independent director threshold; and mandate disclosure of director inter-se relationships in specified filings, with corresponding textual changes to the Listing Agreement and Annexures.
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Provisions expressly mentioned in the judgment/order text.
Board independence requirement: independent director proportion increased when non-executive chair is promoter, plus disclosure and replacement rules.
Amendments to Clause 49 require that where a non-executive Chairman is a promoter or related to promoters or senior management, at least one-half of the Board be independent directors; set minimum age for independent directors at 21 years; require replacement of resigned or removed independent directors within 180 days unless the Board already meets the independent director threshold; and mandate disclosure of director inter-se relationships in specified filings, with corresponding textual changes to the Listing Agreement and Annexures.
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