Corporate governance requirements with respect to unlisted material subsidiary of HVDLE

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....bsidiary 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 income or net worth exceeds twenty per cent. of the consolidat....

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....ll 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 material subsidiary resulting in reduction of its shareholding ....