Corporate governance requirements with respect to unlisted material subsidiary of HVDLE

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....unlisted material subsidiary of HVDLE 62L. (1) At least one independent director, on the board of directors of the HVDLE, shall be a director on the board of directors of an unlisted material subsidiary, whether incorporated in India or not. Explanation: - For the purposes of this regulation, the term "material subsidiary" shall mean a subsidiary, whose ^2[turnover] or net worth exceeds....

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.... the term "significant transaction or arrangement" shall mean any individual transaction or arrangement that exceeds or is likely to exceed ten per cent. of the total revenues or total expenses or total assets or total liabilities, as the case may be, of the unlisted material subsidiary for the immediately preceding financial year. (5) A HVDLE shall not dispose of shares in its unlisted materia....

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....y way of special resolution, unless the sale/disposal/lease is made under a scheme of arrangement duly approved by a Court/Tribunal, or under a resolution plan duly approved under section 31 of the Insolvency Code and such an event is disclosed to the recognized stock exchanges within one day of the resolution plan being approved. ^4[Nothing contained in this sub-regulation shall be applicable ....