Small shareholders’ director.

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.... is lower, have a small shareholders' director elected by the small shareholders: Provided that nothing in this sub-rule shall prevent a listed company to opt to have a director representing small shareholders suo motu and in such a case the provisions of sub-rule (2) shall not apply for appointment of such director. (2) The small shareholders intending to propose a person as a candidate for....

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....;   (b) that he is not disqualified to become a director under the Act; and       (c) his consent to act as a director of the company (4) Such director shall be considered as an independent director subject to, his being eligible under sub-section (6) of section 149 and his giving a declaration of his independence in accordance with sub-section (7) of secti....

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....r becomes vacant in pursuance of section 167; (c) the director ceases to meet the criteria of independence as provided in sub-section (6) of section 149. (8) No person shall hold the position of small shareholders' director in more than two companies at the same time: Provided that the second company in which he has been appointed shall not be in a business which is competing or is ....