Companies (Removal of Difficulties) Order, 2018

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....ry director (including an independent director) shall be appointed by the company in general meeting; And whereas, sub-section (10) of section 149 of the said Act provides that subject to the provisions of section 152, an independent director shall hold office for a term up to five consecutive years on the Board of a company, but shall be eligible for re-appointment on passing of a special resolu....

X X   X X   Extracts   X X   X X

Full Text of the Document

X X   X X   Extracts   X X   X X

....s, such stakeholders have suggested for reviewing section 169 of the said Act, which, inter-alia, deals with the removal of independent directors; (ii) in view of the fact that presently an independent director is re-appointed for second term under sub-section (10) of section 149 of the said Act, only by way of a special resolution, such independent director can be removed by an ordinary resolut....