https://www.taxtmi.com/caselaws?id=446354 The Securities Appellate Tribunal, Mumbai held that a board of directors can appoint a person above 75 years as additional non-executive independent director without prior shareholder approval through special resolution. The appointment must be subsequently approved by shareholders within three months or by the next AGM, whichever is earlier. The Tribunal ruled that Regulation 17(1A) of LODR Regulations should be read harmoniously with Companies Act provisions, allowing board appointment subject to later shareholder ratification. BSE and NSE penalties for alleged regulatory violation were deemed improper as the company complied by obtaining shareholder approval within the prescribed timeframe. en-us Tue, 28 Nov 2023 00:00:00 +0530 Fri, 01 Dec 2023 15:51:46 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=446354 The Securities Appellate Tribunal, Mumbai held that a board of directors can appoint a person above 75 years as additional non-executive independent director without prior shareholder approval through special resolution. The appointment must be subsequently approved by shareholders within three months or by the next AGM, whichever is earlier. The Tribunal ruled that Regulation 17(1A) of LODR Regulations should be read harmoniously with Companies Act provisions, allowing board appointment subject to later shareholder ratification. BSE and NSE penalties for alleged regulatory violation were deemed improper as the company complied by obtaining shareholder approval within the prescribed timeframe. Case-Laws SEBI Tue, 28 Nov 2023 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=446354