https://www.taxtmi.com/circulars?id=9790 The Government clarifies that nominee directors appointed by Public Financial Institutions, statutory entities with non obstante clauses, Central and State Governments, and banking companies are not to be disqualified under Section 274(1)(g) of the Companies Act, 1956; Government companies are likewise exempt. Regional Directors/Registrars are directed not to take action under the provision in respect of these nominees. The exemption is conditioned on nominee directors actively promoting and implementing good corporate governance, ensuring statutory compliance, participating in board and committee functions, safeguarding nominator interests, and on Financial Institutions monitoring nominees, replacing underperformers and reporting measures taken to the Department/ROC. en-us Fri, 22 Mar 2002 00:00:00 +0530 Thu, 09 Jun 2011 10:31:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=9790 The Government clarifies that nominee directors appointed by Public Financial Institutions, statutory entities with non obstante clauses, Central and State Governments, and banking companies are not to be disqualified under Section 274(1)(g) of the Companies Act, 1956; Government companies are likewise exempt. Regional Directors/Registrars are directed not to take action under the provision in respect of these nominees. The exemption is conditioned on nominee directors actively promoting and implementing good corporate governance, ensuring statutory compliance, participating in board and committee functions, safeguarding nominator interests, and on Financial Institutions monitoring nominees, replacing underperformers and reporting measures taken to the Department/ROC. Circulars Companies Law Fri, 22 Mar 2002 00:00:00 +0530 https://www.taxtmi.com/circulars?id=9790