<h1>Companies Act Section 149(4): Listed Companies Must Appoint Independent Directors; 90 of 150 Positions Recently Filled.</h1> Section 149(4) of the Companies Act, 2013 requires listed companies to appoint independent directors. Public companies with significant capital, turnover, or outstanding loans must have at least two independent directors. The Department of Public Enterprises manages director appointments for Public Sector Undertakings (PSUs). Administrative Ministries propose candidates, which the Department processes and forwards to a Search Committee. The Committee's recommendations are then sent back to the Ministries for approval and appointment. Independent directors serve three-year terms, and the process to fill vacancies is ongoing. Recently, 90 out of 150 recommended positions have been filled.