https://www.taxtmi.com/circulars?id=52837 An independent director is not treated as having a pecuniary relationship where transactions are in the ordinary course of business at arm's length; receipt of fees under section 197(5), reimbursement of expenses, and member approved profit commission are excluded. Existing IDs must be expressly reappointed under sections 149(10)/(11) read with Schedule IV within one year of 1 April 2014 if so intended. Terms under section 149(10) may be for less than five years but count as one term; no more than two consecutive terms are permitted and a three year cooling off applies. Appointment must be formalized by a letter under Schedule IV. en-us Mon, 09 Jun 2014 00:00:00 +0530 Tue, 10 Jun 2014 10:33:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/circulars?id=52837 An independent director is not treated as having a pecuniary relationship where transactions are in the ordinary course of business at arm's length; receipt of fees under section 197(5), reimbursement of expenses, and member approved profit commission are excluded. Existing IDs must be expressly reappointed under sections 149(10)/(11) read with Schedule IV within one year of 1 April 2014 if so intended. Terms under section 149(10) may be for less than five years but count as one term; no more than two consecutive terms are permitted and a three year cooling off applies. Appointment must be formalized by a letter under Schedule IV. Circulars Companies Law Mon, 09 Jun 2014 00:00:00 +0530 https://www.taxtmi.com/circulars?id=52837