Office or Place of Profit threshold increased, and selection of director-relatives requires same procedure with committee oversight for listed firms. The amendment increases the monetary threshold in the Director's Relatives (Office or Place of Profit) Rules by substituting the previous lower figure with a higher specified figure and replaces the rule on appointments so that selection and appointment of a director's relative must follow the same procedure as for non-relatives, with listed public companies requiring additional approval by a Selection Committee composed of a majority of independent directors and an outside expert, while unlisted and private companies have relaxed composition requirements.
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Provisions expressly mentioned in the judgment/order text.
Office or Place of Profit threshold increased, and selection of director-relatives requires same procedure with committee oversight for listed firms.
The amendment increases the monetary threshold in the Director's Relatives (Office or Place of Profit) Rules by substituting the previous lower figure with a higher specified figure and replaces the rule on appointments so that selection and appointment of a director's relative must follow the same procedure as for non-relatives, with listed public companies requiring additional approval by a Selection Committee composed of a majority of independent directors and an outside expert, while unlisted and private companies have relaxed composition requirements.
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