Taxmann's Company Law Ready Reckoner by Taxmann

Highlights of Companies (Amendment) Act, 2020

l l i B e h T . 0 2 0 2 3 7 1 n o a h0 . b2 a0 S2 k9 oL8 n2 i n do et cn ue dm oa ri t l r n i a sP a y wb 0t 2c 0A 2o ,t l l n i i B d )e t t n r ee mv dn no ec md An (a sd e e i s n s aa pp ms oa Cw so en mr r oe op rhi s f i w ewv e ve soF i r t cp1 . c ene2 e f v0 f f i f e t 2 n eoa 9 otmt s1 od bd ce un et sa ba le1 ee m2 vr a o0 2 h0S2 .3 d0s 2 e n4 i a2 t 2 l , d1a 1 n2 e1 i e f 0 i2p2 t n o o o t 3 nt n 8 i ec r ed1 e f , e1 wft e r 2 t e0 o c v 2 t An n 2 tiot c n 1 h eg n1 e1 , mu doe2 nrb0 ebe2. msv-d a 1 e Anh2 i o f t2i i es n t hi eno v t omon fr t o nde e spoi y nesf i i t h r oT t o i po s n i .mne v 0 i r n o2d ea r0 e n p2 s b a n e2 e o m1sv e i s na o1 i i S2f hv -

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Decriminalization of offences

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Power to exclude certain companies from definition of Listed Company

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Rectification of Name of Company if name identical to trade mark

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Exemption from certain provisions for issue of securities of public company for listing in foreign jurisdictions

frd o e e hr t st e e os s o n phi rcs u us a pr 3 eo1 hs0 t 2 n ro , ot t i c f c A 0 s i 2 d e 0 s i s 2 t e i i i r , r T n uua C cjp A n e ) s gm T i N o fe o E rC M sof f s D o a e N l l ) E c b 3 i ( M hs 3 A cs2 ( uin S m s E ro I ee i N t u pc A sne P s i M is O ysC aed F mge n O b ai sh S r e T c i cs n H axe G per I L mkp. c H d ooee G b t c I i s H f c yt i d a i l emo b t n ut pise m a fr,b o o s e t n spo e s n ia t a t l oc c id hgdm n s ct i i r o us uf r ij Sl I-8

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Exemption from provisions relating to declaration of beneficial interest in any share

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Exemption to NBFC and Housing Finance Cos. from filing resolutions relating to loans and guarantees

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NBFC and housing finance companies

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Certain specified unlisted companies to file periodical financial results, limited review by Auditors, just like listed companies

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Relaxing the CSR provisions

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r nhe i c tub n s . ufm 1 ofu 2 mon 0 d t 2 aehri c s h 1 ut nys aa 2 -2 rd smo d f em ny) bo en5 i r r pa( sp5cf s 0 ym3e 2 r no1p 0 n aco 2 phi et , tbc mcc u os eyA c) ,sat ) rmn e5 e ( h5 se da t 3 n m f1 ,d I ur - -n e n d o ne s nn i w t e m c paA o es l m( l s o ohs rt f e e s i dtcn a nnua uesp e r n mi d a m e e do s r di n nC i ua v o i oqs s rer i r p v a o see t r hy d n p t e l e t t a y r msi r e n c o ei s nn t r a a i u i gn u t ) a i a q 5 t etf( s n r g 5 t u 3 n e n i 1 hod a t n v fmeo e e a o i l ct sc e ss c s r eue e e ccss h xxfo T eeot

Set off of excess amount in subsequent years

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Penalty for default in compliance with provisions relating to CSR

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)fs s d 5 o e n e ( i og ni 5 n r 3ot a ap 1ich t m nunc u t i ot so fi i s t e dC c nh eot e s c b d rrn , e o s a df d )eee n1 s l t ar u( b e y5acs 3 c h n1 i n l c an i p po u ) ps 9 mi a ( t oc n5 ei ce 3 b, 1 astl l r o an yen hi o bdl nlst tu a c n eth5e pns3s see1eny emt on bet i i r a t imc ou p. t tqmem1 e n oso2 0 urCrc e 2 oeyd hh mt t n c1 iu l , as ui s2 b ei ee d 2 f s hp t neom d u o oi er sr pv r r f s h e o0 ot hker c 2 aRp Wl e0 l r ya e 2 t iei, D f c t t i t c f o f A dSio eemdt ) et mrn ca oa e xr eoCom phBd tr o n c e nou he sCs t m e ef oh yA dt ob( Constitution of CSR Committee not required if amount to be spent less than Rs. 50 lakhs per annum -

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tt f so n i ef ) do3 ( nr7 ep9 pe1 et dao nut i q t en nd e aa m gnd i ns n i e e d km ua l a c nmd i rn ,o a r ot s) t 9 i c ( f eo 9 r 4 r1 ip d n eeo k va i i t t c me u cos et o xs ei lt a n of ny 1 . n 2 oa t 0 p f2 nmo oo 3 n8 i t c o1 a i a r t . r e f f e . i n, e s ue n. mdiw ea–3 r m–1 0 r r2 n a oe f , e t ey c nbl A osa i i s a s c i e hn v i oran rona pti p f c eam er o hi nC Td i

Remuneration to Independent and non-executive Director in case of inadequacy of profits

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s esg esc t l n hi n b i f i t o l ai g o a s or t a yi i t pn av n t a poi s c t rs sp im e er j d b oy eer usn fho st a ytw i n f to he g a t ur i n f h bp i w , d o T . ) o u e d 2 nl ec . ( e v 1 nd 7 sc i 2 9an san i u 0 d 2 1h, l res c om3 dyr nno xc aat eca8 c s 1 )pe maa. m r 1 n u f 3. i ( i od st 1. 7 e 0 9cs yp 1at ne2w ,i , act 0 nr x o c2 a oe ne t 0 A2 i o t yy i rs, c te la et ea a s ip rdic n n c e t n nn uaA i ep) ao t dnn urmn eil,me e r o f l ehC ny e a m r i )f a d nhg 5 t on asaf( o n n 7 ya )e nn oi y93 m c, ama1(A gf ip w 7( n r 9 n,mo o1 s V y i i e t h ni eorbc t c o l n o e y t i a s t nuec p c adhe r e e r m e s hti gc d , d o nS e n-C i t e V u d a fu m se no i r l as qt u t o e nd s e t dd l hoa c e o t i e i s nh ehr t r i wv i w ice S to er df s o rr oon Np ao t i or any other non-executive director, including an independent director

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, tht n kc ea A ml s h5i e s2n i .a n usp pRm oo et hp C t uf e o ce) ab5 l ( n8 p ea8 r c1 o n y t t l o da i t enc dee nps eemh t l aTu .a ny f et e el bad n eni ver ape y hr c i sa f f nt oeo n i o t ot c amh0 . s k2 nha 0 at l2 i r w5t 2 .1 yes t R n r 1 i a 2 pfd. r n f do . e eta. y t n a nw l ea e d mpe r nmd fo o on ice ns ordm p i e a s mt i s v 3 i i 1 orl ro 0 o2 Pf t

Monetary penalty for contravention of provisions in respect of related party transaction

y l i r a t n u l o v o s o d t o n . s0 e 2 o0 d2 e2 h1 fi 1 ,2 r of . t . a e . dw i u d qe i L t r ye s nn ai p3 m1 o0 C2 , tt s c i s A s s a e i on t na op sm r o e pC f to c e) r 3 i ( d 4 n8 a2 cn o Ti Lt c Ce Ns

NCLT can direct person to assist Company Liquidator

ey r n a a op hm wo ,c s e e h et yh ot l i p mw d ee t da ni ac o ss r s e ca i r f fo o g ,n s i r t oc t a c r eo r i d y n ,a s r p e t m o o mc oe rh pt ef ho t t ,n s e g nm i y d eo el cp om re pn pi un e ge nb i d e nv i a wh r no I

s n o i t c n u f s i h f o . e0 g2 r 0 0 a 2 2 h0 2 c 2 s 1 , i T d 1 C 2 A n. i ) f T . r e N o. E t w a M d d D i e N u t E r qe i M L s A n ( yi S n t E ac I A p N A ms P e o i M Cn O a C ep hm F t O o oC S t T H f n G oo i I ) t L 1 a H ( r 4 G e I p8 H o2 on ci o lc t l u e fs dns ei e t t x eu ld l ad hn sa I-11

nns ooa i i , t t 3 c a 1 ei c0 s l 2 rp e pt , da n c unA a s re e ok i t n a aa dm p i u ym qa i o L mC y f nro o at ) pa 2 d( mi 4 ou 8 Cq2 ein hLo t yi hnc t t a i e p wm s eo t a Cs. r 0 e en2 o phi t 0 otc 2 o,e cer 2 t i a rr 1 d oe 1 tp y s r2 i oa s m os s cso a r oref t oct e dtn c s ei e rf f r s i o s e u f qal h tat eo i r nnnw u osb d se i e r r o t e u pdTt ) i et y1 h s n( t b 4 a8 u os f2 I t

t gc t h c t n ei e i f r wg f i re d ya l , hh rp ct e dmsi roiw ocdd ne noi t t ar r m e yo s in bt h a i ,d l hs l i t a a hui, w q 3 si 1 lL e a 0 t 2 nya unrt , e a bp pc i A r o Tmos e eoci hCon t ta e , hdp )t nm (ha 4 t o 8i r C 2wo f t nea o ot d ) a i i 3 t r u ( c e 4 q8 ep i s roL2 o e y n cn dr o i no a t ut pc e ms ns i os s oi t s aCe a coet i thi l u t p df d pe o ai r . d0 s n nu 2 n a0 aqo s2 gei n2 nrto c i n 1 ut iv or i st c1 e r sn2 ce n ep u i r fm eei o sr nh hh Ot f t 2

r o t a d i u q i L l a i c i f f O r e d r o o s l a d n a C o R o t n o i t u l o s s i d f. o e rm e da rs oe h ft o d yr po oc ce dr rl l a i ww r oC f o l lR a . ho ss To Ld Co Nt

NCLT and Company Liquidator shall forward copy of order of dissolution to RoC

) yrf o o e (tnt ) -gas i( 3 p n g nt i me 2 oa r0 i o l t e Ce3 u h r l n eto o rh se nt i s ttic i s de tr d i c g s fe eoo r c r i ey red r e n la dh)l rt a p on(h m eidso hdnoc r t oahe fc ywh o enrt eraa t f lpro l a t dams h i n esog . o0 i hocet 2 t heRu0 mwhel2 o t h s orf 2 t s ra o i 1 od f r t st n 1 s y ore2 i e h ag i . tdt f de u . r e yRlof. o o t ese w r e s i h h t i d h t t u d t e f n t fo o e t i u o hym t rt i p t de odfoas i rocyb r u o e ean s petda u 3 hn rp1 at a 0 nfiwm2 m i o ro, h t y t aocc i f e p wo yoh A , lcntte s a r l o a a ot pt i hdm n aga sr dnp Taoi i t Lwcu m a ql rei Co o eC hLr Nf t a

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df no ) a2 ( C6 o5 R3 on t o i dc t i o e vs yne am pa ms oe ch ft o d r no oc i e t r u l l. o l i 0 sw s 2 i 0 d C2 go2 nR1 i r .1 o a l s2 c . f eo. dd. e row e t d d r ro e ot t u at fd o i it yus pqb oiu cLs y3 dn 1 ra 0 a 2 wp, t rmc ooA f C lts l e a c i hr en si a Tdp L m o Cl so Na C

NCLT shall forward copy of order declaring dissolution of company void to ROC

) ey s2 d hnea( i t af 6 d5 io mpt 3 omri rn roee f o Ccpi seart y c eee ahi l hs dtf t t r yc o t etue f r r i ,h m i h e d a t dcs u n)as i e (m h h t dsrt i wnaod awfr , o o r;re e c e deerr e rmdh a r os l l ota ee eh et hh t has fttdo o dneh oh yri tw pot c r oe a ma cr c r i ot l al lp ri s dapfg h rs ase a yR ea wos rh ode ow h. hyt f 0 t 2 )rwi r h0 a t (r nh 2 tio -t w l s l 2 n i n , a i 1 l hgoh a 1 sest n2 i r )Re u w T . b f Lepr ,r . i h e Ctee . h Not dTw red (t l,rohe f t o a t no e u y r h e ur bi o t t t be t fds a i h r doeb Tti u euyws et o p qo l ha i s l TdL a ca b

s i h T . r o t a d i u q i L y n a p m o C y b e c n a i l p m o c n o n0 . r2 o0 f 2 en2 i 1 f f1 o 2 nf . oe . i s . i w v od re pt t ai dm ao hn ne oe i b t c s ea s h b o us si v so i h r Tp

6nn 5ie 9te h 1g b s ,u t a c oh Ar] bU sn e Z i e8 n ae7 pb3 o mwt ooA Cn8 e7 nv3 i a s ehn bso i ont o t c i s e di s evg uon nri p i n t e i n s a oe t ch n o ’Tc y .[ n3 a1 A p0I m2X ,X ot Ccr A e t rsp . e 3 e a1 ci h0 un daC2 opf ., t r l c Pme A o ‘ s t s oCi e t f3i 1n go0 a nn2 p i o, t i a tm t l c c o e uAC r dsn so e i nr i n ot d n i ae s i pr t i r v me e ot s on rf Ci Pa

Insertion of provisions relating to ‘Producer Company’ in the 2013 Act

t s r i F – 1 2 0 2 2 1 . 1 12 .0 f . e 2 . w2 d1 e1 t . e f l . e e d. nw ed et e bt ei vm ao h3 t1 c 0 A2 6, 5t 9c 1A es e hi t n na i sp nm oo i s C i v f oo r) p1 ( g5 n6 i d 4 nn oo pt i sc e e r r s oo Ct

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0 2 0 2 , T C A ) T N E M D N E M A ( S E I N A P M O C F O S T H G I L H G I H

A m3 o9 r3 f sn e o i i t n c ae ps mon co i t na gc i i e f r i t oo f fn o g n si s u as l s c i yy nb a] 3 o9 t 3 no ot i t 9 p 7 m3 es xn o ei t tc n ae rs g[ I nI . aX1 cX2 tr0 e n 2 t ep 1 manh2 rC2 e m vfo oor s Gn f d loe i a s t ri r t v e n os er n Cp i

. sys sref e e . be ne i t an . n p yw api p saad h m m uCme o b s t ocffa r ceo o e ns nheso n gtc n oI i raos e . l i e r A is3 ohps a t v a f 9 , )e,ol 3 h l r a ( hp s w n i h l o f,b es i o a h t c siatne t d o s nsfi s a e t o I l a tyc c eo t i yd n n na fe ni i s t y at o m tuamn a p omoh i l m r r r d ee ofca u , xt P n s eayo a f r y ,o i o n r t a e pmc or s i d ve t i oef es a ifu cm cn t i oo o r f i i t onyH e f p o eo h nbnh t yoetco bthnab ,rwi e d o y r d r no ado ea f i me ,f ]e t d i ta ec3b n 9 r e h d eo p3i ss mpi a ol l nrb ete roab 9 c b t e 7 n s vi y3 , e e os tasd Ge m n o i ln oa nsi a . tm1 a s a r t a p ,cs2 i e n ha 0 s t emr i [ i 2 d Coo I r n I 1 e ecsI Xf t h)a 2 nXa T(hi 2 a

, ew nt oa i o l t c lN eas . n s o -os i i t si v nd o odr i a p s a r e ch e ct h ot t o a eh r r e otd mdn e t u ra ot d e osb i w r t c s n e o r t p l r e u e e i al f f rl e daa E n r.o d i oe . t t f i n td eu e d l t b am i t as n er yb he au t ps ev co e3i G b1w 0 o l l2tt i w,nn t a c e hv sA t e i esrg e f e s n i ln s e a e e nal p eb om i bs t a i oth d o dCn y afl t ll i roa i ) e hb 1 h( i s x g3 ee i 0e l H4 ff . rherf e. ot bh e . , gi3 gw i nw1 , i ,0hd r y e e a2ht t s m,cu t u i t c g st i t Af ei s r o , s b d ,e e tu g i n s nbn es i i am l r i a p f c , ) s my1 g ( ne a3 o r p i pCn t 0 t i 4 meeon b h , b te o y b i ua r t e sm c ye d as nsn i mo sauet n,t ys n oo a ic i l i s ib at caae cmih orltd r s a r eoo, f i r n h ndt oi oe mrt i d– oc rd rta o e oc cb l i oaaer f r g c wt ,e rs tn lo e nerdr e omh ep r e te tuo b l c t u o sy y i ad f nga. e e m d dhar e c o,sf i a d sut i i s , e t el e o efc ie f r n o i f , e d le d hgu a en b t njt o eietot d i i r rrm t e i e opb d t hc t u uda eo Wr sad . 1 2 0 2 , r e b m e v o N l l i t e v i t c e f f e e d a m t o n d n a d e i f i t o n t e y t o n s i n o i s i v o r p s i h T

ln a o ri t t n c ee Cs ed he t v to a m he t r sn r e e be b ms ea mh ) lT a cA i L n hC N c( el Ta n du nb ai r lT a i e c t i d a l ue l Jp fp o A. re1 e 2 h0 bt 2 mn1 uint2 n i 2 eo . hp. f t pe na. oyw ad n e omd i tn t n c e e i r mm t s a n e r) r e ( ev0 ho1 TG4

. n e v e l e d e e c x e t o n d l u o c T A L C N f o s r e b m e m f o r e b m u n , r e i l r a E

n o i t c e s r e d n u d e s s a p . n1 o2 i 0 s s 2 i 1 m2 m2 o. C. f e n. ow i t i d t e e pd n me om Ca f) o r0 ( e d1 r4 on to s i nc t i a e gs alt a ec pA pn ai o ri t a t ee hp nm ao cC Tf Ao LA C3 N5

r e d. r) oT tA s C n( i a l ga an lu a b ei pr pT ae ,t r a e l l i l e r p a Ep .A t n c o Ai t nt i oe i t p i t m e po mC oe r Co nf i e nb og i s n i i v y ol rs pa lw e l l n a o r i a s ps yi dm am eo r l C a n so i ei t r i t e e hp t , m t c o aC f f no I

n o i t u t i t s n o c r o f e d. i s v n oo ri ps i ov t o 3r 1p 0d 2e ,t t c a l Ae sr e d i n n aa p) mT oA CL eC hN t ( l na i dn eu t b r i e r s T ne i t na el l ee bp sp a hA e Ah 8t 1f 4o ns oe i t h c c en s e wB ef No

Enabling provision to set up NCLAT benches

I-12

Exemption to any class of foreign companies from provisions of Chapter XXII by notification

Relaxation in higher additional fee for repeated default proviso

proviso

Removal of restriction on number of Judicial and Technical members that can be appointed in NCLAT

NCLAT can hear appeal against order of Competition Commission under section 53A of Competition Act

yr be. 1 db2 em0 t e 2 u Mt 1 i lt a s 2 i nc 2 oi . f cd. e eu. bJw e on 3 t 1 0 fo0 t 2 o s 0 2 e a 2 r , et , e T l c tA ha C t A ses ) e T e v i ha N n cha E nl M lp ea D B hm N so E el C ha M t A f n ( y uo S bb ) E 1 i( d I r N e TA s A 8 i e P c 1 t M r a 4 l e O l x n e C ep o F i epc t O bAe S e y T s hat H mf G r I L Toe H Ahb G Lcm I Cne H e NBM l eAa h.i c t nn foh o sc r se e r p T e re i wa n oh o pCd e en hh Tt a I-13

y hf ci t uo sn r, on io h s l r e e Dp r wa i eh NC te a h tt i s h yt i l i w r a n no . i i 1 d t2 rt a 0 ol 2 lu l s1 a hn2 so2 )c. l n f a . i n, e . uy baw i m3 r 1 Tt0 en2 e t , a mt l l c n e prA e s pv e Ao i (G n a Tl p Aa rm Lt Cn o NeC eCf heo h t ) 2 ft( s o A a ss 8 e he1 cc4 a n nl o ep i Brt c e eh e ht s To . 0 2 0 2 3 8 1 . f . e . w d e h s i l b a t s e s a w h c n e B i a n n e h C , t n e m d n e m a h c u s t u o h t i w , t c a f n I

,r y n n e c ot od i ss t p ic r u e ner pos k. rc n 1 n i a yia2 ha o 0 CmtB2 d e dn t 1 e hi a2 r t s r y 2 e haf c , . t )e nf i . T r e. wA e vw rl nLe oCdo3 s i r t n1 No a I ( 0 t re2 lo l a u ht , sn t nunfc o ooA b i s i cr 1s i6 e c rT i e e nn ed t f oa t ,t i a a p n l ,e l cm oe n i t opc so i p rC t a Aeef r cei do i d n f hy ) it u2 t ( o fndA noan 8 ysta1 s ben 24 0 ,hi c n a y 0o ang2 i t mea,c B t sc e tfl A a s n eoe o n r p t me o pi o nbai t s rmr ti e v vuaeo onepr Ghhmp lcoot C u a 6 s, 1 r e y t h hrt 0 n 2 es iaf s l , Cb s oe e ac et Ad hs e3o Te n5C

NCLAT to hear appeals against order of Competition Commission Adjudicating Authority under Insolvency Code

se ) ct y nr ee f p f o o r yp r t f oo t g tn o i d nl lo l a h hh st i tw . c 1 Al2 u 0 sf 2 e g i n1 n ao2 pr2 mw. f f. oo e Ct . w fc o ed pe 5s 3e d 4r n nne oim ( i a t t c c s eA a s , st re c e diA n na s up e i dmn eoa t p C u t fm i o t o s n2C o5f c4o ) tn1 r o ( ut i 5 oc 3 Ce 4 lsn a ro i e c i t edc pne Sus

Special Court not to try offences under section 452 in respect of wrongful withholding of property

. s t r u o c l a n i m i r c l a m r o n r e d n u d e i r t e b l l i w s e c n e f f o e s e h T

,enhB y a k 6 nhh a4 att l 4 pfe 2n mor .o so s on i Rt Co m c i fe ri s e o s e b cvt mt uoo l uu drn opl ma rhl ie f Pi x taa h d ,w smn y n i ayyas t l l pp i a oo mmnt th ooec w ccPe p . sjr o b e e uti ui c ts el t . f1 r r a uasf2 n o t l en 0 i s o n a p 2 i aaf s i y 1 fv nnr 2 ooaoo2 t r e pef s dyn . a eno . hc s e . oa cnw ppmui mmsshd iotn e k c i t eca au d l l r bl t t e i 1 a t i lm t f a .s l i i s b wshc u ceRs ri p d yo hsn t 3 l wya a 1 ny t 0 n l y 3 ea 1an2 pp n a, 0e t pc ym2p r o, mA t a e c CA os t hc e e t i nnsf an ooe of a msi o p r f n l e aa em rP ph s e o a s m-c e C e s non e f no LOCoi

Lesser penalty for small company, OPC and producer company

lrl teo fn3 rl o oa i 1 b f s0 ,utmi a m t 2 l f es o l u e , nuot b ,ad ayf lmhc ynenliwA aadiaxrs h a r e ppne e s ci mi i smr c n h fa i i oef cao f fi yCc o p h t o i t l nm f nf a swta o t noo cfC i ye s er ,l t sy jof pe t i nabeo fPf i anusB ,eopesa6 c p 3 s 1nym nn4 0Onoaoi 4 2 ac i n o s a s e , y ti h o v t b e y e i c c o p t l r ub Abo c ru t e pr a ,si sc s hhe Aynl i e n eckn h s a u b ae ai t sl php,ln l eb t m y a mf iny nh oa oo doa s CsCp, edm i r e ne f m e nnc i as o i c obe i uc y ya s di d apnc ev h oc msae no r y p i r h u a t el pPs mt t s ao rfa s n oeoo cnca. h e , ct yte pan 1 gfnch 2 efo0 s noaet o h p p r i 2 s t y s e h e nmeafsp t 1 r y a o ,oc r2 nac n n f e f o 2 l ao i n p h. a s i t unr gef hs . o oenc e ts pee . i r y e n r d n a ro e pnw nat e a i p s d al hnu e r p , r t rt y s a t hmneohhou t k t oah t t l y t i i a u t wcponel s a r m tn o yao b f o oonrm e wd u Nnc ao t s

r yo r e y vl t ea dn ne ap c yi ni f ac pe p ms oo cn on t e th n ew mn ho ss i r n e up pr le a h ut do i h s e c r u ,s 3 r 1o 0t 2l ,u t a c f Ae sd e n i i n s ai po mh ow Cy fn o a 0p 5m 4o nc oe i h t t c f eo s r re e c pi f sf Ao

Residual punishment under section 450 converted into penalty

, . eten r s s s e r o a a i v s cf cr e ene nh w i ip o dt0r r H ne 0e . at 0h y , ,f t l 0 a 0 n 0o 0y, o y 0a 2n t , d. r 0 sa u 1hR r o .c s fo 0 C Rao t 2 e l l 0 a f u r m 2 o n ou a , i T f y f m t e C 0md l i A 0 a i r ) 0xn n C T , a e1 i N y p. s b E smi eR M ao d s D e ofoh s t N po w o t E m y p c r M t i ee l m A j oa c ( i t i nbf e S eeuf E b dpso I , ars d N n l e A e mh a u P o f ntuo M n c eri O h eut e C f n c b s aoa i F s h c O c h a w t n S h n i , T o i nwi e H 0 t . n o , G e n 0 i n i l f I s e 0 o i L , sb v i v0 t a H a a o n 5 d G r w r e I t . s v H n dn pa oR eu ,r e o cd dp nt i i nen v f oha om ro fcty pc oghn d ts a ca ni a n i eu h p ew t n w s m me n i t o g hc i n sn , nc o i i e wc a n r f ofu uf f po Nodo I-14

. 0 2 0 2 2 1 1 2 m o r f e v i t c e f f e e d a m d n a d e i f i t o n n e e b s a h n o i s i v o r p s i h T

. lln l u a o fh i g t nsa ots n re n e wm p rnm oo o f s ic tr e n p e em y mi o l nhp oc m su i se r ptr mao y iht t i rd u oe t f a dr si g nv, oon r i s o pi i v s sn oi rte pip , , swF e P kod aNl .e my h nh ta c t pi Am w s s o e ca i n . fhs ao y p nw y a o mt l p l orm e o Cp f os foca r o pi fs i )fd 2 o n e ( o r 2 ge i 5n s dv i 4d ir o nlor ooep h i b t h e c th t ei o SwnT

No imprisonment for wrongful withholding of property of company

. terf1 tn da o2 o h eh ut r t0 n t e oro c 2 d erdmoi tp1 e f a of a i s 2 s e d y es 2 r n i n bt nu enf . aaf ts . o , pie nserm3. libeo2w l h 9 t c 3 yt a r )11 huao , 0 somy(t c2 ,c e , enyAt bes a n c n yha ao A atcrpi s f eo t m mi e a hdo i ,t s t n ncn ei a s s u n a a feep p cu, hm m yt eget o e n i hi o t lyuy C f slotbCo e a l ’ a wprds e ,d e ) mgn e 2 e( e e,i y d 2 a yar o5 nt ofo l unp l 4 o i p rfa mn ge mn o cnmEi ei o i t f , i ec rdf s s e hs olo e n o rhteeto y r a e p h t e o ct h,l i i d o f wtdpni f s o n m o u t v ue hrdf o r coi rnp t o unan ot i p o si esa td t fs rsn o s o i e ne e nvc ts e o i n m p s f rf esa o e l mphpomb o ) sc nly( a t i ouns i sfa ofrd g o i r nptofr po mg e o y mronr t i h ai if iwc l t t erel a l b a e ho ae ew hr i Tf d t l b

se i h or he wv e rr e e ch i f w f o , t rl ou a ,f y ne ad pe h mt oy cf i tt c c ee r r i d o t n, ae cb ry e ca i fm f Oe s ga nc i t e a h ct i d s ua j , d n Ao s tr a e hp t r se e t h a t t o s )y n (a ) 3 rt . ( of i 4 ,s 5t 4l r u e na d of i i es t d c n eno Si c

No penalty if annual return or financial statement filed within 30 days from notice of Adjudicating Officer b

le na c oi i i c t t no . c d eane s n ,imd ]f l u o n f rc rof n ugs o t y e na c r i e idb ll f a u[0l n)3l i 2 w n n( i a7 h r 3t f1 e it t o gnwa em ni od i l t i ad c f [ n e ma )s 4 sd r ( 2 oie e 9] s co nM n p oG a i i m l t i p c A e me s r b ot rec t e f o da fn ntil dl un a senh a i tm,s ] l e y u d t t l l at a e a f shn e dlte faop i i n , c r tn e a Mc a hn i Gf t i f Ao df e n n dfe o i o v ht i og a rnwc pi i t l i n f d w[ e u o)mj d n1 e ( a t s7 i a y 3t t1 sb I

. s w o l l o f s a s i n o i s i v o r p e h T . e c n a i l p m o c y r a t n u l o v e g a r u o c n e o t s i s i h T

nede ha rb ot i t o gt ,e c f eo rd s si se ry oa hm t )d e 1 e n ( . yid1 7 t d 3r 2 ee0 1i b 2 nhslt o l onp a 1 i t h i m 2 c h etis2 t i e s . f bl. u rwl e a. orl f )oa w e 4 ,hdd ( s o 2 e 9tyht c t r r l no ue a or i s nsn i t f p e i c o erpt d s e oc e hne ft s o o , p i r sp eee e o cdc r ne irp f ai n f i lf ioi) t p n g ( c ) me o ni 3 orit ( t c 4 cna e 5 c ei s n 4 oed s n i nbj uh o s t oa i d t t arc she ee e t ds t l h no a u t l ut a y e f r bso e s g td en i l v ci u o ahid t c f o er u e ep dsnc e od edh re hnt pd t af lu e o l ) s l 2 eac a ( udn c7 sno 3s n1 I iac

Chapter-heads E G A P

Highlights of Companies (Amendment) Act, 2020



Contents



Section-wise Index

I-5 I-17

I-35 1

INTRODUCTION

MEMORANDUM OF ASSOCIATION

INCORPORATION OF A COMPANY

CAPITAL OF THE COMPANY

ARTICLES OF ASSOCIATION ISSUE OF SECURITIES

FURTHER ISSUE OF SECURITIES

: : : : : : : :

1 2 3 4 5 6 7 8 R R R R R R R R E E E E E E E E T T T T T T T T P P P P P P P P A A A A A A A A H H H H H H H H C C C C C C C C



113 123

PUBLIC ISSUE OF SECURITIES

MEMBERSHIP OF COMPANY TRANSFER OF SECURITIES

155

NOMINATION AND TRANSMISSION OF SHARES

180

194

DEMOCRACY OF SHAREHOLDERS

215

PROCEDURE OF GENERAL MEETING DIRECTORS OF COMPANY

262

DISQUALIFICATIONS AND REMOVAL OF DIRECTOR

309

RESTRICTIONS ON DIRECTORS IN RELATION TO COMPANY

323

DUTIES, RIGHTS AND LIABILITIES OF A DIRECTOR

MEETING OF BOARD OF DIRECTORS

REPORT OF BOARD TO MEMBERS

CORPORATE GOVERNANCE

I-15

: : : : : : : : : : : : : 0 1 2 3 4 5 6 7 8 9 0 1 9 1 1 1 1 1 1 1 1 1 1 2 2 R R R R R R R R R R R R R E E E E E E E E E E E E E T T T T T T T T T T T T T P P P P P P P P P P P P P A A A A A A A A A A A A A H H H H H H H H H H H H H C C C C C C C C C C C C C

REDUCTION OF CAPITAL AND BUY-BACK OF SECURITIES 100

340 358

390 402

S D A E H R E T P A H C

I-16 E G A P

KEY MANAGERIAL PERSONNEL

451

CHARGE ON ASSETS OF THE COMPANY

483

435

503

PUBLIC DEPOSITS

518

ACCOUNTS OF THE COMPANY

532

DEBENTURES

DIVIDEND

559

FINANCIAL AUDIT OF ACCOUNTS

581

COST AUDIT AND SECRETARIAL AUDIT

602

PRIVATE COMPANIES

614

HOLDING AND SUBSIDIARY COMPANIES

623

COMPANIES LICENSED UNDER SECTION 8

630

636

GOVERNMENT COMPANIES FOREIGN COMPANY

645

OTHER TYPES OF COMPANIES

652

MISCELLANEOUS PROVISIONS IN COMPANY LAW

667

688

INSPECTION, INVESTIGATION, OFFENCES, PENALTIES

697

OVERVIEW OF NCLT RELATED ISSUES

724

ADMINISTRATION OF COMPANY LAW MCA-21 - E-GOVERNANCE

738

PROCEDURAL COMPLIANCES BY A COMPANY

745

SUBJECT INDEX

: : : : : : : : : : : : : : : : : : : : : 2 3 4 5 6 7 8 9 0 1 2 3 4 5 6 7 8 9 0 1 2 2 2 2 2 2 2 2 2 3 3 3 3 3 3 3 3 3 3 4 4 4 R R R R R R R R R R R R R R R R R R R R R E E E E E E E E E E E E E E E E E E E E E T T T T T T T T T T T T T T T T T T T T T P P P P P P P P P P P P P P P P P P P P P A A A A A A A A A A A A A A A A A A A A A H H H H H H H H H H H H H H H H H H H H H C C C C C C C C C C C C C C C C C C C C C

RESTRICTIONS ON POWERS OF BOARD

755

Contents

E G A P

12 1.9

INTRODUCTION

y t i t n e l d a e g e m l r e o t f n a r o y e a i n b p t a a n e s p i a S t n m c c a o t ’ A g c a n r a s o h o e t s i s o r s n s t e ’ i e l p i k a e n n ‘ n n e e o p i o z a e v o m s i i t t p t b o u a e a i t m l r c s C b e a i o a r f f r ‘ h a p c o o o t e p n t y f f n i s o m t o r o i l o n l a o i e d i r a o c t b e s s p f a i i n r s a y e i u t y y y h o s n n n l t n t o s d r i a a a u g n e m g p p t o n k i p i i i m t c m m m m m r f a a d o o o i o i V C L B A C C C L

INCORPORATION OF A COMPANY

t n e m e c n e m m o c e r o f e b y n a p m y o n c s a e a l p c f i m t o r C o n a c O o d R i a t n f a a h n r o o t o i m i t n p a r o u w r i o t d d o a c e n l p n m a fi r i o r r y r o n o e c e a b f m n f t p e i o f n m a t i e o m s o n s g c f t e os n t i e a f o t e a t n a o g s c i r s fi a l e n m i i u u a lb t c m n i c r t g o i a i e ef n N S D C Do I

I-17

10 1.8

2.6

7 1.7

2.5

6 1.6

2.4

6 1.5

2.3

4 1.4

2.2

2 1.3

2.1

2 1.2

I-35 Section-wise Index 



1 1.1

I-15 Chapter-heads

I-5 Highlights of Companies (Amendment) Act, 2020 

E G A P

MEMORANDUM OF ASSOCIATION

44 3.12

46 3.13

e c n f o a a f s l o e g l c n a i o t t i y r a t a n A s i a n c p d o o n i s m a s s i o A v c m o f r a u o d n f P n o o m i a t u n r n a n d o i o o o y n i c i m t i t o a m n t a a e s i i a r a s c c M i u o p m s c d o A o n o m m n s u f s o f s s a o s s e d o i A n r m o a t c s M f a u m f eu A o f e l i f o e m r o d u o p o o m h s e n o d m e m o t a n ce m M a c r u u m n n r a fi n d y o r d e n u g f f e i i d e i n e o n n M n o a s O a s n i a s m m t a a u t e u a d b r r p u e e d r a r a n g e o oe o a M l m l l o n C e r c m a o c n M m oc m m e t l e t h s C e i n e td e c a A c M i e t f c s i m dn i e a M g e j fi e r r o p l s e b f o t o s o o y f a t i t n o u u R O f f t n o f C s o d a a r n a o e e l f f i e l n n e g r r C e t p o o y C b e o o r u u u n n i s l i sm i e e i n e t r t t d d n t a i i t a c t c r s oo a e e g g gp a t t n n n s s r r c i i e c c s c e e n g b p j r o o a a am t e t o o e b a u e r r h h ho l l h A C R O C S Pt A D P P C C Cc

44 3.11

ultra vires 3.14

S T N E T N O C

40 3.10

ARTICLES OF ASSOCIATION

y n a p m o C d e t i m i L e t y y a n n v a a i p p r m m P o o f c c o n f o s a s e o i t e f l c t a l o i c i n t i c s r e t o r e A m l s A s c s o l e s i e t A o f t g e c r a l e i f n c A l t o n i a t o n b r s i A r a i e m A c t f l i s a l c o l f e r i p a o s t e t r n e u p f t l r r a a a A a e r l s u t c D f y a t o n r a e i s d o r n v n e n l s i o o g t t o s i f u c i t n s i e a p s i i r g r e v t d m e l s o g t n e u o i r u l R B R P S A C

CAPITAL OF THE COMPANY

’ s d n u F n a o L s ‘ e d r n a a h ’ S s d e c n n u e F r e n f w e r O P ‘

5.2

38 3.9

5.1

38 3.8

4.7

37 3.7

4.6

37 3.6

4.5

37 3.5

53 4.4

36 3.4

52 4.3

36 3.3

50 4.2

34 3.2

48 4.1

33 3.1

I-18

E G A P

ISSUE OF SECURITIES

FURTHER ISSUE OF SECURITIES

s e i t i r u c e s f o e u s s i e s h a s h e c r f r ) u R f o p D e k G s c ( a o c s t t S n p / i i e n c ’ t o e n i e s t R p m e O r y t a r o k o l h l t s c i A o s s y t l e o t e a S r u i p i a u t e e s n h q e D s s e e i y l s r s t o a e t l a u e f b p h n e o g r o w m l i P B R ‘ S E G

REDUCTION OF CAPITAL AND BUY-BACK OF SECURITIES

l a t i p a c f o l n a t o i i y p t c n a a c u p f d e m o r o n e c o t i u a t t f c i t u s o s e d n l e r a a o r t c h i r p s t a e o n c d n r w f o s o o e n o o s t o t d i T s i l y i t e L a c t u C t u r i i b p d N a t u n e f c o r c o e o i t f n s r n s c o o r a f u f e n c o d e w o e r y k i o t r n c l u p u a a d a n p b e r i t e i c h p m m y o t a r i o u C P O D C B

106

8.6

t n e l m a r e t e n r e g a C n y a b o n l e r v e i p g s s a n y an s o e a s r lp t a h dm h n g i s a o r o sc l t a ee n i r h t i n s ut e n tf t n l r s a no e e a e e s s o b f t i f l e i t m e ee i i i p r r r r t t d a a d i o u o u r h c m h u f l t c l s i s o t a e g u i e e c i y s f r n m w e r r i u nt f s o a i s o s t i l o u e e i f n f s a r u d q o r r e s r p a u e g n t e ee b e f t h n s r r e vo o a a a n s s e r t d i i h s s y m s n r s f oi e e c e d r t o o e i d r t f n a yn f c n r o o a u a a h e e o t o m h q l r s s r e s i m t n s e s l s f f p r n n n u e p o u e d u o o t e pr a e m o s o e e a r e v r t c o i l v n mv r o p l u u i r l m s s s r o oo a r a a l s V I I P C CG W P A I C

105

8.5

80 6.11

104

8.4

79 6.10

104

8.3

78 6.9

102

8.2

77 6.8

100

8.1

76 6.7

98 7.6

75 6.6

96 7.5

75 6.5

94 7.4

72 6.4

89 7.3

71 6.3

88 7.2

68 6.2

84 7.1

65 6.1

S T N E T N O C

I-19

E G A P

PUBLIC ISSUE OF SECURITIES

MEMBERSHIP OF COMPANY

TRANSFER OF SECURITIES

165

11.5

g n i k a t r e d n y u t y i n t r u a n c p a e m n s i o m f c o o r d d r e d e e f f f e t s o s s n e n i l e a d a s f a r r r t e t o c f e s r e n r n o s i a a h a f c r s r y e n f f t n i e s a o r y n t s a p i a n h m r r t o s o u i c c n n s i e o y o v s s o y b f n r t e o o p u r i r l d u e t a c d f p i r e s r e m t c n s n a o a e e t r r G S P T R

164

11.4

? y n a p m s o y r n c a e d a p l f o m o p h o i e r c h r e r a s e b a r h d e f m s s l o b e o e s y f r h r o t e n m r m a e e s e a e b h u s p r b t s r a h m m m f t m m h f g o o n e s s i o e o g i m d e r c c m r n n d f n a n f e o s i b l a h i o o i a e d t l h r s n r n a r r o o a e e n i e n o s h c t b o t b i e n s a t r i m i o m n i m n a g r r e i e h m e e a i h e o M L V M W A T J S R

162

11.3

s e i t g i r n s u i s u u c u t y s t s e c s t s c e i e i i e r f p t e o u i p i l s r s c h o u . c o e w r c t r s p e e p a d f s s , n o n u e f t g o i t o t c n i c e c i t g l e e r i e p u s n l u p s i i s s o s o s t u i o c s e q i l r r e c l s c p l s i r d a s n n i h i o n u d i f s t w r u o r c s n s f t e t e o d f f n n i n p i p s a e e o s o o i p i r o v m m n t r p e a e e o p o t i r b n r d t a i f p t a o n n u o s s g s a i a q l r s n i l c e e e t t i l s r t c t p u u l a e a f a c h e r p l f i g nl o o f s t i f o n ob r a v d a s u n t o e l f r n h n p o n s l a o i e u u s u c o r s f t r e m o x io s u c i y r e tt i t c n d t e h i s m i g l e e l p s r e i k k t i d c a b s r m n c c e s l o o o n a a o a t o u r r e i h C Rs B S P P G P P L

160

11.2

S T N E T N O C

155

11.1

150

10.10

121 9.10

145

10.9

121 9.9

142 10.8

120 9.8

140 10.7

119 9.7

139 10.6

116 9.6

136 10.5

116 9.5

134 10.4

115 9.4

133 10.3

115 9.3

132 10.2

114 9.2

123 10.1

113 9.1

I-20

E G A P

NOMINATION AND TRANSMISSION OF SHARES

DEMOCRACY OF SHAREHOLDERS

214

13.6

s r e w o p d e t i m i l g h n s i t r t i e e w b e t m m u e a b l m r , s e r f n e o n e g g w n a o i t f e e s e o t r m e a g e m d n c i i f t i l t t o o o e l t u h s n e n m e e e n f r o r m o a i l e a a h s s i t r s s t v a e r n o f t e s d o r e n l e l s p m g a o l e l i a h g r r c a n i e n e i u a u t r e n q n n a h e e e n i S M G R A F

211

13.5

d r a y w n y A a n p n a o p m i t m o a c o r t c a i b a n r i f A o p i r n h o s o i r r t e e b a r d n m r o n m o j o a o e a s g i t r s l m r m e s a u e c o p m g o l n c t l C a i u d i f f m y s y s r o l e a s o o l t e r e i g a e c s e t r i u t t e s e a a u t t n i c r a b c r n e s c h r n e u e e m t n o b c s t i i i n e e f n w a y i y D s o i t t f f t m f i i / o o o n n r r s e o a u u e e e r s i v s c c s r e n l a a e e s f a o e s h s i c s c s h f f s n m n n n w a i o o s f r n i n i o t n n n n n a o a o o o i o n y r i i i i f s o r t s s s s a i f i s o i s i s s s t t i i o a n m n m m m m n u s o s s s s i i l e s t n n n n n m o d i s a a r a r a r a v o r o n o r M T P N I T T T T

207

13.4

/ r e f y s n n a a p t d r e m s t s o e y i ? c n y n l i n d l a f a e c p o e n p t e i m s d o m m o a i o t o i t c c l c c e i s d y n p s i t e a b e u s a s d i r y v i d e r g a i c b r e u n y r h a t j i s d P e c h t d s i e a d e s r a n r y s f e i s h f f u u n n f r w c e o s f i a T n e L e y t e s p r e b t r s o a e e e i m C r n r r e r m d f t e N e b a o n o y u r f t h c o c e r r i u e m s t t n s e f f o n e s s s f s u f n f i i a s c h e o f n r n o d s y n e a o w t e r r a u r n a s e e r w t o c f e a r f e f t t e l f o s s p t o r f i r b l i e n e l m n r s e l g a f o y n a l e e s f o o f i r n r a e b a r n a t c y s r a e l e r f a v i n b n t f p o n e a r a o t e g a f s v m o t n n h r r o n a e s t t o o a t o o o r n s w f c r e i n i f n n a e t s t o r o e o f i f l t a s i r o i e m f in h t ui i c u s t o c l a d a f m c fi i t s a s u n s e t p i r e c s e t u r n e l e t c h t n p i t m c s f o o a f h g f v s a p e e e i i r ro W rr n R R P T E R I Pc t A R C

200

13.3

179 11.17

195

13.2

175 11.16

194

13.1

174 11.15

193

12.9

173 11.14

193 12.8

172 11.13

193 12.7

171 11.12

193 12.6

170 11.11

192 12.5

169 11.10

191 12.4

167 11.9

189 12.3

166 11.8

184 12.2

165 11.7

180 12.1

165 11.6

S T N E T N O C

I-21

E G A P

PROCEDURE OF GENERAL MEETING

245 14.12

248 14.13

251 14.14

254 14.15

258 14.16

259 14.17

259 14.18

g n s i t n e o e i t m u l g o o t n s i e d t e r R e a g g n M e n o i t r l s e a s t r e g n e n e t n i m e y n u i r s e l m t e n a a g G i n e t r e t g e e i a f M C n m r t n t o i n e O l c e S d e a o e s g s g R k S g d n r n n n i 5 t g m e o n b i a i o h t t l n n y a a t S i e e t e a i e n g s o t B S w t m e r e a e n g o e n n g l m e d s p i m g e n n c g l t o a t r s i i m a o i l n u e n n m e i t t a t n a n t b i v g e o n o h t n d u i r o e e i e i t l e l e C f e d n t r e h e a o o M t f e m m u n m a t n t s e l t c o l t m f t a a a e o e l s e e f S o o g e o n b f s R n l o e h s p p e l e o n h e e e o n f n a ’ r t d o s g t r s s m s o i r a t y y y o o r t r r f n i f b b b u a s n i r e t o a e t o e e u i p e a d r o t t g g g g c b t t l e g r p y e u s c e n n n n a u o i e m x c r o n i i i i p e v a n l n s t t t t j c o o d i i s e u i l h n r o o o o u e e r r i n S C O P P A R F R M P V V V V M I F

241 14.11

S T N E T N O C

241 14.10

DIRECTORS OF COMPANY

s r o t c s e e r i i n d a p e v m i t o u c c c s e s i x r l r e e b o t u d n c l p o o e f h n r i o e D d r e a n f s h a n o a o c s t t i l n n t l n a e e a ? i t d r r n s m n o m o r t e t o s e t n s c s t y p c i e e c e o e b r r s r e r i o p d i p r r d t D p n i D e o c e r t e d t i a a s c o c l t r d a e i a t e e n n r l D n b g e n i e o n D f d r o n a i i i n t a n t t f o e o r s o c t o d p o i e c e c t t p e r e e t o c n a l o o h r d i e o o o n r W r l R B I D P E C P

280

15.9

239 14.9

279

15.8

237 14.8

274

15.7

237 14.7

274

15.6

237 14.6

273

15.5

233 14.5

273

15.4

229 14.4

264

15.3

223 14.3

264

15.2

221 14.2

262 15.1

215 14.1

I-22

E G A P

15.15 De facto

290 15.16

290

304 15.24

306 15.25

307 15.26

307 15.27

r s o r t o n c t o e c i r t e i y a r D t s i r i e D e c n i n i a n o p u e a t a p m s g s s c e n r e m r o a l s r n o o a t n o h t l c s c n e c a i C p e i r g i e p t o r / r e a i t o r h x i n s e c r i t n d s e i s e g D n c r e k e l n a o T e a o f n t m e e u l t n L r o a i g c r a g t m v C d b e a p m n n P i a m r i N a r t e M i t o i o t n o e t r t l D a p y f K i d l a r o t g f l p b o n a ’ n e h d t i n o a g a r r y o o n r i fi n t w i t o c r s r i a t n o a - s e o t c t g e e e a e r l n c f a a s a r e r r e b s e l i c u e r o f n P e r r e r s o n o t a n d r r i g a e r s m d c t u o s o n o t o d v u e i c n t m r N c t i t f l o o n c c e t t m t n ‘ c e a c l r i t n o f e n i n o a i a i e r e o u t s i t r r s c i o r r D o s t o r o i p p s e i v D i i n i o a f t t l r n l l o f t D l D e c n a v i o a a a a o r o i o o f r r i i i t o e a e m f d p r i r r r e e t r t n e e n t t o a a p a l e a n n o c n g u n i t t a t i g n i u e g l a r i i e e t u n s r m e c i t i r r m i r o n c n m h m y l i d e g p e s c c l i l a e t t o d l l p i a p e e e e e a e N A A A F S R S S R R P C C M R O

301 15.23

DISQUALIFICATIONS AND REMOVAL OF DIRECTOR

r o n t o c i e t r a i n d i f m o o l n a n v g o o n i s i m g s w e n e r a r i s r t p f d r e o p o e o h t t t c m c i o e e w t r n p i o t s s y d n r i e b t o e r u r i o t r s e t o c n i r n o c i u m e o i t e r t c q n a m r i c e e o e o i r r n d i i r t t n D r i d c o r n a n d i f a t o i c e e d r r a o f c t n e s n o e o o c i r f n e t t a T r e i i o o c c L u r c d i m e e m C i j t r n a fi r r y d i o e i f o c N s n b a d d p i a t fi o y h f n f f f f a f i b o o o o o o t c l o r i fi a l a l a l a l a l u l t n u i a a a l o n q i v v v v v o v a s t o o o o o c o u i g q d a i m m m m m l m i c s s o a v e e e e e e i e i D N V R R R R R R C R

322

16.11

300 15.22

322

16.10

298 15.21

321

16.9

296 15.20

321

16.8

292 15.19

321

16.7

291 15.18

321

16.6

291 15.17

318

16.5

289 15.14

316

16.4

289 15.13

314 16.3

286 15.12

313 16.2

285 15.11

309 16.1

280 15.10

S T N E T N O C

I-23

E G A P

RESTRICTIONS ON DIRECTORS IN RELATION TO COMPANY

DUTIES, RIGHTS AND LIABILITIES OF A DIRECTOR

346

18.11

348

18.12

350

18.13

350

18.14

351

18.15

351

18.16

352

18.17

355

18.18

357

18.19

, d u a r f n s i n i d a e g v l l o a v n ’ y n o t n l i s y u a r y s t n a e s p l r n l f a e o e m e p p u a t n r d o c m m o c e n d o e f s s o t r i ’ g r e i c c y e d r n d h A e n p y t a t e e a c s b r r f t v fi t p o r e o n i t s f t v r m n t a i n t e o u ’ u c g n ‘ d e o e f c m o A e e n v s e n c i e i g t i u C r x o r n n r g a s l b r o o e e o f o u t t t e t e v i o s n r o o t e c h m c f p e t t n A a r t e t n r t o I r e a ‘ o p o e s r o n f s i n s r o o e o l t r e e t a m a i r t l t o a y m b c t f c D e n i c b c c i t s o s s i e a e r d A a n a c l e f t t e p l i r t r y r l i i e e a i u o n e t r i n d t a a e i t i r p u D d g i a o t d r r n m y i o D m t l n t c m f e n c l i t r o a d fi g o s o h a e e e e u a e r a l i n t n t t f r a i o o t b f a m m r C o y c t r N e f o r o f o t o o t a e n e b s o o i r n i t s p s c o e r i l r e r e l d e l s n n o i yg p e e y C e b e f n d i d d o n r b s a s a t i e n i i a al u n a a p o c o t i l t f u d c i g s i m i f i h h e l u u e o i l s b i d s e n s f t l c e o r r r r r r a n a a o y y y y a i c n i i o t o t o t o r os o i p t t t t t t l n t i i i i t o fi s l p l l a l l l i l c l i t o c c c c c r i i i i i a s e e e b e e e e p c h a m b u b b b r e g r g r g r r r r r h a e a s i a i a i a o p e i e o i i i i i i i i n L L f D L D D D D C S R L C L L L P Di I

346

18.10

s n o s i r t o c t a c s e n r i a d r t g y n t i r v a d l . o p c e t v t s d n r e e e i e r , t e s b e a c l t n m e n fi i o e r i f s t M o e r o c r o t f a a t o e s g c l s e n s n o r i a s t S o r s i r n o a t t d l s o s l c r t e i r h e o t i e r o s t r c t h i a d f c s a s t d i r r i n s g o a n h a n w e t d a c l o r r o C c i n e n P h n T d a r w o y n t i n O d S a o t n s r y s o g i n n a b e t n s i o P r o i t t t t i u t t n c c a c d s n e c r a e i i u o r r r t l t t o m t t a c n n s c y s l s o e e c a e o i C R R D A P R C

344 18.9

S T N E T N O C

343 18.8

339 17.8

343 18.7

339 17.7

342 18.6

337 17.6

342 18.5

337 17.5

341 18.4

335 17.4

341 18.3

327 17.3

341 18.2

325 17.2

340 18.1

323 17.1

I-24

E G A P

MEETING OF BOARD OF DIRECTORS

372 19.8

373 19.9

375 19.10

377 19.11

378 19.12

381 19.13

381 19.14

382 19.15

383 19.16

385 19.17

s s y e a i d n a n p e m v e e o c s c n n s o e d r i n r t e e y o g u e t p n n i s f l a t i i n a o t a l p s s p o o l f t e u c d o m n R c v e t o t o s e r t n c e u i d a m e C c e d l o r e p e i m f a y m v r e s o b i e o r e h h B g t g t g n n r g g a n n n a i a o n i g a n u n e i w g i t i t d f t o a m e e n n u n i s r o u g i t M e e t a l t g e n g h n g n e s o m e i y a m g t s n o n e e s e t g i i g n e i t e n n e i d r n r m d M n t M i e n i o e r e a a h r l a u i e a i t t t p a m t d e t r m d l q e o i m e u r l t e e r a m e o c u e e B d a B r o o n a m M d q r n i o n o m d C e d o s e a r e a B B s e r e h n a r d i o h d c r a r t t n m o r o f o t s r B e o a u i i r a g f d g e f a o h t l o B o B o o en t d r o t r n o B u B i a r p a h i s l n t t f r B s t a n u o f n te r e o e o e o e o f s o s f e o c e R B o f e e o s m s e i o B n n f t m t r m n f m r t s R n m e c i a a f i o a o t e r o o r d i d l d m d u p de u u d n g r s r r t d u n u r m e no i e r i o o n r c c n a a a a c n e e l j i f e r u d i o l o e g o o m o h g o l e i i M R B D A C B C A C C Ab Q A F B E

370 19.7

REPORT OF BOARD TO MEMBERS

e s o l c s i d o t s s e n i n o i a s i s p v e m i o n o r a p p C h e m c t i o n w c a g d n i n d e F i y r t s g l i a l p n o f i m s B o u o f e o c o s H t a t c o r / t o n d r n n s r o p i t o p e s us i f e R t Fo n t R f e tp n i ’ o m e e h s s Cd m r t e o n / r d h t i i e u Ca s c t i e n q Fp n r o e Bn u i D C R Nu P

CORPORATE GOVERNANCE

t n e m e g a n a m y n a p m o c n i y t i r g e t n i d n a y c n e r a p s n a r T

402

21.1

370 19.6

401

20.5

363 i.e.

19.5

401

20.4

362 19.4

400

20.3

360 19.3

392

20.2

359 19.2

390 20.1

358 19.1

S T N E T N O C

I-25

E G A P

RESTRICTIONS ON POWERS OF BOARD

439

447

22.15

450

22.16

r o t c e s r e i i d r d n a i m u d r F i o o s r e s b f r c e u e d n g s u n e r t e n d u f e f n e a e t r D m e t o b l s n m r e o l n a r t e d s a g t r o o n s t n s i a f f n f e o s o u a i o i u v i y t i t r v t n g t s a e d t y i i o / e r e r e a n r r N n e h e o v u l m p i i a v n b g c o t e f o o a u e n c l o i c t t u u s e e i n b m s o / r r i d t n r g r r r o e a h n r o n e t i r t r h t a g n i e i n t l w o o d c u t o n i s m n i f n i b o a o e t B e i c v t k i e i r p a e s o r v l n f a s e m e t a r m r t a o a g n n v e r c a t n p l r i e t e t o i h p s a t n r e i n m t d p i c l g v o n m y n o a o o v f o o n c m u e i c n o e r p n o i o v e t t n i p r o y n f c o c o p f g o s n n t o n n fo b e o m r n n o o n a a t p n s e oi o o s s s s r s n s a i i o t t g o i ta t o a n n t n e u e i n n g t c c t o o o u r n e em i o m e i i i c i i n u r l r t t i m m t n g m u r b t t w a c c c t i h i s s g t i s i i i t t d o g o r i t e e r r r s s n n l o e t i i r m t t t r r e e a i a n n r l r s s s m v v v t n u o n e o o e e e m o i a n i G n R L U P S I a B R C N R R N I I

445

22.14

e r e u c s n e o a c l n e c n r c e s a e c i n n D v e n r a o n e e e a d t g r e v t n n i t e o r a e t m i t e v G a s o e m m e r e v n e c o g o t o o m t t i p e a n G t C o i r t r a e a C o n m t t g5 o a i r ? p c 1 r a i y d n e o m l t u o c r e r b0 f p i o 2 o o l i n o v p r A O i t , C s o b a C o r a o r i gs t c n n f G o p s n t n e i r o e C i o e f n g n h i e s t o t o t s m v e n s n a u a p i e n l i r o p l e t s m c o e o o Lu r G i a ( s i n i e p l c t t R Ig u e a r e n e R a n i BR t q l l i o e e r d l e a r e p a E e s C r i t ) r m t n n R c o P f m Ss o p l o e ft y o i o a s S i r r m n r o r a s i t n c s a e i u o n o m se n v e g d i m C e n q t t o o l o t n o a o r a s m i e he i i t C t g r t R r i p h n a a e i r i o i l t t d e t r I h I u o i i p a m k r c B B d q p n m E ge h u s a e u E o t o i i i S W F HR D R A S N S C L

444

22.13

S T N E T N O C

444

22.12

422 21.13

442

22.11

422 21.12

442

22.10

419 21.11

442

22.9

416 21.10

440 22.8

412 21.9

440 22.7

412 21.8

bona fide

22.6

410 21.7

439 22.5

405 21.6

438 22.4

404 21.5

437 22.3

403 21.4

435 22.2

403 21.3

435 22.1

403 21.2

I-26

E G A P

KEY MANAGERIAL PERSONNEL

475 23.12

476 23.13

478 23.14

y n a p m o c r r o o f e y t r s a r a u s o s t q ? e c r e e e c t d r n e g a i e n a D n n m i s f a i s e o i t r n i t d M t y / e fi y r r e n r n e a D r m a o o a g o t T s r r n p p a B e r D o r ? e r m n o W e r c P n W e / v e e e o a t c o g h l D / c M S fi e a a G / t w y f D i f r f n r o r a M D o l o M r o e a a W n s a f o t t D t t g i a r M o c t / n e o n d t a c r t e r e r / W n d D n s e c e o e M eD / a e s m e m i r o t l b y i C D T l t S e D u b M n d s f n i g a r r i M a g W s y o a o o o a n o t w f o n s p n l/ f t t e n i p a i o p r a g n c l p p r a o aD o n n l v a e i t o o o m n a a e m i e t oM n i i a g t t t S r s y y a a b c a g e a o a e r a y s fi p n m r r n C t o p n i i i d M a n n t e e s s t at a l s f f n n a e n a i n o o M c a o i u uo u p p d n i u t l eo o m mn e / o q e q m m n l y l p p r o D h i s hp a o p e ei e o a o D R M W D Wa A R Rs i P C C M R

474 23.11

CHARGE ON ASSETS OF THE COMPANY

n o i y t a n m a y r p r n o m a f o s o i n t s c i c e e e a c f s h e s l t n t a i f y t a g b o s n y n d i d n s e v e n i s i a n e g g i p r C a g a n n a r m O o h o t a C n o R i c s i t h O c a a f e c h c R o y t g m f i fi b r y n a w i e o b d o d r h b e i h o e t e c t n a c o s t i m g r g s ’ r w i h t e g n s g s a s e i n o g w t e h i l i r g i g r s a fi f , c e r w t f t a e h o e f r o s o C g g o - o h n r r s ‘ r n a n n n c o o i o a f l h o r f i b n o fi i n o o t c t a d o n s f a f f s c y d e e o e o r o t fi t i t r i g g r l o t g s c r a t u r a n i e a g n c c c a e h i f l e f e h r e e e i R E S C C C F P R R

500

24.10

471 23.10

500

24.9

467 23.9

499

24.8

466 23.8

498

24.7

465 23.7

497

24.6

463 23.6

494

24.5

462 23.5

494 24.4

461 23.4

489 24.3

460 23.3

485 24.2

458 23.2

483 24.1

451 23.1

S T N E T N O C

I-27

E G A P

DEBENTURES

PUBLIC DEPOSITS

ACCOUNTS OF THE COMPANY

547 27.5

549

27.6

550

27.7

551

27.8

551

27.9

555

27.10

557

27.11

557

27.12

s s x e t i a n n T e a m e p t ) m A h n m c C e o R o a O m c F c t e n N R t t r I a a e ( h t h i & h t y s t t t i t l i o w r n w w a i a o o e s c t y t t L h m t n n n n e y u e l a e e a t n b t p m m n a n a A a t e e fi g c p u t m t S t i i d n o a o l a m d l i n p t t c t a u c S a S p c c o r i a a l a n a C o s l t p d f a a f r e s s a n o i i n o o d d n c r a r i a t n c u s f R a n a n o s F a k l s e c t d d f a t n n o n i n m i n n o i c o c a F u F a a s u e b n t t o f t o t f f o i a S t S f c n c a o o d n c t g g e g u o c i a a S n y n F n n n m A o p l t i i i o i r a l t t o n l i n t e a o i n n t a c a e e r c f n c l u u i n r p n u g e o d a e o o u i n o r p c f e e n t c c q i f r s i t l a e i e c c e i i n n D N F R I N A A R C F I

543 27.4

s e s a c d ’ e t fi s i s i r c o e e p p b e s m d ‘ n e f i m o y l n m n o o o i t r i c f i n l y fi b l e u n d p o m m s t i o s o s r r r o f e f p b s d t e e m i d d e s t o u p m p l e c d e c x n d c s e a d a t e i r c e n s r i a o a l u b p h c c e s u e c i e d h p s i m f n f w o o a o p s t e r c g n m e f n n o s a i m w t c i t y o s p r o e a e r p c p r h e e c o t D A O R B

539 27.3

s r e d l o h s e s e r e r u r u t u t n t n e n e e b b b e e e d d d f o o f t ’ t e s s o g e r n u e s e i r u r e t t e s a u e n t s t l n e t s i b n u r e i e e r o r f d b t f s o e e ‘ e e n u f d r r o s o f u u s i t t e o n d i c r s e r e u e e c e t t p b o h o a t y e r r N T D P O P

535 27.2

S T N E T N O C

532 27.1

517 25.6

529 26.5

514 25.5

526 26.4

510 25.4

521 26.3

508 25.3

520 26.2

505 25.2

518 26.1

503 25.1

I-28

E G A P

DIVIDEND

577 28.14

t e s s e a r a w n t i o i s t a a i , c d e e r r d p e n t e ? s e d i d l d g e i d e v h r n i d h t a d s s t n o i f e u n w o v e d F s r s n n e r e s e n o e o b s y f l o i d e s t a i y r i r t n a d v a c r f e a i v e m 0 a o r d t o l t 3 t d o c o s u d n r e r t n n e e i e o P g e h i h d b r d n r d d d d t r w i i m n i n o n n t v e f d w i e a e e a a d l s d d c d d d n n m i e t s n i i e i f e r n v v s v o a i o i e o i d d i e t d s d p l d t t d d i i fi n n t v a t f no f n f m v e n i i o e c u e fi o r i d o e d b e d d u r s o o i t i i f o m f i d r n dp n v u w v n v o o t p o nt o i E y i s o e q e a i i d t t d d a n t f t r l e d r m n n i a a p o n p i t o d R m e e e s e t i e r va r r n i l g a i a s a n I m m d t r r e l l d e a i i e i B p e c c a t y y h n a h v v t f e n E a t h e of i ag n n D I O U I E S P D W Pa S D No

575 28.13

FINANCIAL AUDIT OF ACCOUNTS

y n a p m o s c r o t t n i e d u m r a o n t f r i o e d v u m o a r G f fi o n s / s s i t r r r o r s o o o t r t i p r t t o i d i e t d i u d o r u d u p A a n e u a i f f a f r o d t o o f e d i o n t s d m r o n u u r m i e e t b l a r fi a c m fi r / g r m n n o r s t e / i t r o n e i s n i i e o t d r d i u o M b t e o r i u m p d t c a d o u o i p g fi t u a t a d ’ e a r f e r r a s s u e e r f r o d r r r a f h o o O o t e s i o t t n h r t f t i n y d o n o d c i t o c u a o n i t t t o n u n d a s A n n a n i a A a u m v i ‘ t A l o n e e c e a g f r B f a n a r m o a m m v o i r e n p f t t t t s f n n o o t n n n l r o i r a i i i i u r t o t e o o o o i i u p e e p m p w d p d p s l h o p p a p e p o u e d t R A A C A R A P A R A O

597

29.12

574 28.12

596

29.11

573 28.11

594

29.10

572 28.10

593

29.9

571 28.9

593

29.8

569 28.8

590

29.7

568 28.7

589

29.6

567 28.6

588

29.5

565 28.5

587 29.4

564 28.4

584 29.3

563 28.3

582 29.2

561 28.2

581 29.1

559 28.1

S T N E T N O C

I-29

E G A P

COST AUDIT AND SECRETARIAL AUDIT t i s d e u i n A a t p e s t o m u C o t i c t & s r n t e i I g d e g u i n b o A e f s o c y l e i a t l i l c n t s c u c a d n R o e r r a f p P a t n o i s d i n e n F d e s i r u d c a n A y i n r r t t e a t S i c i a d e d t a d t i n r e u g w n d n a P r t a i u t A t e c s A f S e t n b d o s u n r a l a l S e o o y t o o i i C c c i a t e r r n c a a f c c a t t R o A n fi p i e e i r r e s t t t c t m r l s c s o o o i e e o e R C D C S S C C

PRIVATE COMPANIES

620

e m s i o , c y n n i a r p o f m y o t c i l i c b i l a b i d l u n a l p a n a y o p f n s i o a r h p e s y r r m p e a s i n d o a t c h i r s c y a b i p u l n b d s a u p e s p m fi i i o o h r t o c i l e c h g t e a t s w v a i , i v y y r i n n y p r a an f p p pa o a T m mp n fS o om o oG o i c cc rd s o r e t ec t e t n c i a a v a l e v i vb n r i x r ru o i a P Pp C Dt

HOLDING AND SUBSIDIARY COMPANIES

s e i n a o p w m t o n c e e y r w a t i e d b i s p b i u h s s n d o n i t a a l g s n e e r i i n d y l a o r p h a i m o d i o t s c r b e e l d h u b y s e t a r / t o s a c g i i i l g n l d p n i f p i d i s o l n b e a u w o h s s o a n s f c o d y o i e n i n s s n i a n v w s s p oe o o n i i m t o r y n p i o aa s c l r l c i i p v l e o e p m o h n mo r t h O I c P O W

629

32.5

t i d u a o t g n i t a l e r s n o i s i v s o e r c p i v f r o e s n n i o i t a n t r e e v c a r r t e d n n o e c r r o o f t s t r t n o o e t n m i d r h u o s t i ia d n d u un A Pa

628

32.4

S T N E T N O C

627

32.3

612 30.8

625

32.2

612 30.7

623

32.1

611 30.6

622 31.4

608 30.5

vice versa

31.3

606 30.4

619 31.2

605 30.3

614 31.1

605 30.2

600 29.14

602 30.1

599 29.13

I-30

E G A P

COMPANIES LICENSED UNDER SECTION 8

GOVERNMENT COMPANIES

FOREIGN COMPANY

OTHER TYPES OF COMPANIES

661

36.6

661

36.7

662

36.8

s ) e C i P n a O p ( s y s m e y e n i s n a y n i o e p n a n C i a a p e n p a y m a m p c m m p n o p o n o a C m C a o m o p C C n o n i C e m o y e F C t o s t e c i c C r n t n g g i n e n n a a s a r i r i l P m l t r k a c u u a e r n e s o a m n o u n l H B E S O D G I

661

36.5

y y n n a a p p m a m o i c o a d i n c d n n I n g i e g I i e d e r m o i r s o o f t f r a u y f o o n l y d t a o e e p r b l t t s b m n a e a o r r o c c c o i u p l t h n r p n t o p g i e i c a e w b n s r e y I d n o n e i / o f a t s s n p a e i o r r m a o v p o s h r r n o s o p o c f i n C n t o a g i t i a y t e i e d r u r m s o e o s i F B C L I

660

36.4

e t a t S / ’ t e n t a e t m S r a ‘ e i s l i d r l t a o u P h b e o , r ’ t t a s n h e e s i n m r a o n p j r a e m v m y o s n e o i s a c G i n ‘ t p t a t n m n p o e o e m n m c m o s n t n c i r n r e e d y e v e n v m o g a o n G a p G r n m e e n a o v o r m C o e t r h G o t n t w f p e n e y o er e m u m n s rt n n a r la r e r p o al e t s u i i m d v v ng o o o u ne C A AL G G

658

36.3

s e i n a p s t m s o u c r t T fi l a o r r o p t c n e o l N E

653

36.2

650 35.5

652

36.1

650 35.4

641 34.5

650 35.3

641 34.4

649 35.2

641 34.3

645 35.1

639 34.2

634 33.2

636 34.1

630 33.1

S T N E T N O C

I-31

E G A P

MISCELLANEOUS PROVISIONS IN COMPANY LAW

OVERVIEW OF NCLT RELATED ISSUES

s e r a h s f o % 0 0 1 g n i s a h c r u p w y t b a n t L e n y n y m e a n e p m n a g e o p a g m y i n m a o n n t a a s c a o C m r m r r p r e s a i a g e m r m g h r e l o t d a e d o c n d n m m n f u n a a r a o d a e e f p n s d n i n o n d o u o r m u t i r a o i g o c e s o r a n s v i r r b o e g e p s d s g r k s e n s p m r o c a k i p o e r a l a W O C M C T B C

693

38.8

s s e n s i r s e u b b s m e i e r e n m h a t p f o o m r r o o e c y t t s r e i o i g f e c o r 6 s 1 m r 0 2 o o r , P f e L d s L e o i C r n a o y p n c p t m i s o p i h r t o s u a e r y r s c e i l t n g i k f a n n c a n n t e o r s a n p a r o m e a B m e m c u m P u d o c a fC d d l n o n o n n a a v a a d f a d y f o n o n o s c l o t i r o e n r a s n e i e v e r i e t v a t c o e v i y s i i v l e i t v m n o i c d g r t s e on e e e n e S R Ce R M R I

693

38.7

) s C F B N ( s e i n y t a e p i c m o o S C t l fi a e i s c n e n e y i n a B n a n l a p i a p m F u m g t o n u o C i s M C r k d n e n r p c a u o u u B f i t h d - t r o n i d a r o h i t P N C N S

693

38.6

S T N E T N O C

692 38.5

INSPECTION, INVESTIGATION, OFFENCES, PENALTIES

n o i t a m r o f n i r o f l l a c o t r r e a r u t z s i i e g e s d R n f a o h r c e r w a o e P S

699

39.2

691 38.4

697

39.1

689 38.3

684 37.7

688 38.2

680 37.6

688 38.1

678 37.5

666 36.13

678 37.4

664 36.12

674 37.3

663 36.11

669 37.2

663 36.10

667 37.1

662 36.9

I-32

E G A P

717 39.13

717 39.14

718 39.15

718 39.16

719 39.17

y f l o t s n e y o n r i t o o c h s a l n d u o a l e i p t t n m a c i t a o i m y c m t i d r i r a r l c e o h f p s s f o n e i o e s s o r h s e e a i p e s t d c f e i o y a i f v o p y n r n g i o i o e r a t g l a r c u p s t p t n p e fi r p r i m v e m f u e d w o n c l c o o r e o o a c i fi C f n o l d h g f t i a n e f O n n c h ’ i f s e i a f r t t i n r l i d o l n s o i u l w u o a e e r t e p d i i t f a t c o r s l i r f f u t t u h e o s s a e e t c c f g r s e c f e n e i i g g e r o n d c e t a d s r e n n n s e n i r t o i i n y e f f o e d c o g r o v f r r f f w l e u p f n e o w o p d y t o p n o c o i s t t u e r f i f m I r fi t b o n e n y s l e r o o o i l t r o o d f f a r n u b f o b i f n n f u s ‘ n an n c t a o a t t e i c o i o o a n i f o d f cm n y l Cn e i s o an i t t n r e n o o t y F n f o i a a n n g la g n s m s i o oa g g t s m a n o o n ap o a i r i i n h h c r u i i e s s s t t e p i m t i s s p i n n e e o r s s c a r i i v t e e i n mp m a mo i wd n fi m r o o i v v r e c u f e om r on u o r e i P n I n P S P O M Ci P M Ca L a P C I

714 39.12

ADMINISTRATION OF COMPANY LAW

l a n u b i r T e t a l l e t p n p e A m d n r n e a v l o a G n t u l r a b u i r t o r n C T e s y w C e n a a i d y n L r b a p y a s p d r m n o o m B e t o a r C p c o C e t e C O w s & m r i f R a i o n t C D o o L i r t y r m l a u l s n a o n d a r a n n t a o r p C o s I i i u l i m B i w g g t t v a a e e e o E i N L R R R C S C

MCA-21 - E-GOVERNANCE

n o i t a r t s i n i m d a w a l y n a p m o c n i e c n a n r e v o g E

738

41.1

712 39.11

737

40.8

712 39.10

737

40.7

711 39.9

736

40.6

709 39.8

736 40.5

705 39.7

731 40.4

704 39.6

729 40.3

703 39.5

727 40.2

702 39.4

724 40.1

699 39.3

S T N E T N O C

I-33

E G A P

PROCEDURAL COMPLIANCES BY A COMPANY

747 42.3

748 42.4

755

y n a p m o c y b m r o f c i n o r t c e l e n i t s n e e i m n u a c p o m d o f c o y n b o d s t i e t c l n e fi e s p e d s m r e o n b i r o c i d t e n u s q R a n e r d r e u e n c t c a n e n s a r a r n r i e a e l t l t p s u n i m g i g o e a e C R M R

745 42.2

S T N E T N O C

745 42.1

SUBJECT INDEX

I-34

fg co n ee i r d i s n d a o mcp ns ui e r mer ino n oC i md[ 3 en1 ha0 y2 Tn , .a t s l c pA a ums doe i i cn v i ea d t p na i vm fi o r o gpC f nfo o i t ) s e1 is s ( na9 oc4 cn1 sin r oi o ow t t c te c ey ,s r i nn Da e fpe o mf t d o fi rc a e. oi cb ] t Bl nc abaA euc6 vps5 afr9 o hot 1 ec ls l e eh a r hai t scd f ynmo niu 2 e ae 5 pr m2 mhin otxo ceat i M r ya c .e r C s e s r Po vo Ot Et

t s r fi n o i t u l o s e r l a i c e p s y b y n a p m o c y b d. e3 s 1 a 0 e2 r c , t nc i A es be i nn aa cp sm r oo t C c eo f r i ) d 1 ( m9 u4 m1 n io x i at c me fs o o rt e b m u N A An C Co M Md -e yd y l nn p ae p pm a ma t o o3 n. c1 0 l3 )2 1 l t a 0 fi , h2 o t s, r c dt pA c rA n s a e os oi e n n Bi .a e nn . p oa i p dm sm eo r s o C o t n C e c f ef c o r i2 o l i d 2 (6 n6 84 e4 nn o e n i o t t o f i t c i fi t c ee c fe s o os ts t r i r ee me l d i ld bn a en c u hu i l d t ,d pe e y p u nu as s as s ti pi o 5 m5 n1 o1 s0 i 0 c2 2 sr t6 n 6 oe- t5 m5 cd e d r ne e i rt t d e va 5a od 1d Gn fn. o o o 7 ft i i tt o 1 a ia 0 m ec c2 s i fifi l a i i 6 t et co ho3 nN TN1 I

t s a e l t a e v a h l3 . l a 1 h0 s2 ,, d t ec bA i r s c e s i e n r pa ep bm yo aC f mo s) a 1 ( s9 e 4 i n 1 an po mt i oc ce fs o o st e s s a l c r od sn s a o l c c e hs cur So t -c e r i d n a m o w e n o h t i w y l p m o c o t , t c A f o t n e m e c n e m m o. c3 1 f0 o 2 e, t t a c dA ms e oi rn f a ep mm io t rC a f eo y) e2 ( n9 o4 n1 en vo i i g t c ee r s a se s i n n o ai s pi mv o or cp ee hh Tt proviso Woman director

. 3 1 0 2 , t c A s e i n a p m o C f o 2 7 1 n o i t c e s r e d n u e l b a h s i n u p s i n o i s i v o r p e h t f o n o i t a l o i V

f o n o i t a c fi i l a u Q d n a t n e m t n i o p p A ( s e i n a p m o C f o 3 e l u Rs w no i l l do ef ns i a a t e n r oa c4 s1 a 0 ,2 s t , s n e el mu eR r ) i s u r qo et r c e er hi TD

yr 6d d o r r e e n t a i vsi o h eed B t e u i pa t wx ut rs re y e on t net e c ara l r o e pr o f r f i mco e d ode b t cea n d r a d e dd l ml t en s t fi o u s a i we hl l b n yeo e r d ns v l e a u voa h o efe h o r d s l lo u a y m -t oc i hn r rp sa oao t c cs ya c e r eee ov r rp i gt a d n u e h t e nsr a t . t a e ci p r mu m o d r i od r c a e wa i s t d e n epe r I n r o. ) d f n oa a n o e(u i ra t v-h e age r do hn n e i p tv r u s r h , o uat g s c f h nn mho i t y i n m snr fo e ae. oo i pvt m c n n e oe amn yte po e rm nar mc ue adh t p t oc) mt a cl ibt mor ro gb(s o nurl cfg a s i i n hi wpoc wt ; r e t n en oe r e l a l ho oe o n nm t m fi A m Fo

n41 a79 m=m o o w4c 2 . . ) n T a1n L gLaC nC N m S i t x( 8a n 5 i 3 t5 o 1 42 p) 7m p6 a1 =o t02c 2 o . 0n N(1 n - La Cm x .Sa v 8 3t 17 )7 6 = 12 02 23 ( L C S 9 3 1 ) 7 1 - 0 e 2 c ( n e f f o e* l ) b aT dL nC uN o( p1 m0 o2 cm ao sc . i * rn) n oa T t L c mC ex r i N a( d t

Not appointing woman director is a compoundable offence Jalpower Corporation ROC ICOMM Tele Ltd. In re Tejas Networks Ltd. In re

whichever is later

262

(ii)

(i)

15 DIRECTORS OF COMPANY

15.1 ROLE OF DIRECTORS

proviso

) ns at n me om we r ei nu oq te s R a ee l r tu a s o el vc ai s hD d l d u on ha ss n yo ni S t a a R pg O ml i T ob C cO E R dg I en D t i s F t is L O i L -( E L I O B R E S f o ) a ( ) 1 ( 7 1 n o] i t 5 a 1 l 0 u 2 g, es Rn [o ri t ol a t u c e g r e i R d

Para 15.1

263

SEBI requirement of woman director

. s. f mse l. oe Ctw yo3 n r 1 e 0 f vo 2 E , d t -o c i A r e s pe i ln a a t o p t m ao rC of f o a) i 3 d ( n9 I 4 n1 i n do ei t yc ae t s s sa r ha oe hy w r o t c e r i d s u eo ni v oe tr s p a ee l h tt a n ei vs ay ha ld l . a 2 8 h8 1 s1 0 2 ynna 5 ah pt 7 ) r3 o( p9 o4 r1 pn o yi l t p c pe as lo l t a h s s y a d 28d 1e t fa o r o tp n r eo mc ei n r i s u i qt ei r h ei c hh t ,w y nn ai pr a me oy cl a di ec t n a a r on p fi. r 8 of1 co0 nd2 i n5 yel 7 we. h f et . nt e . faw o y d ele e s t t a a r cn e s on nt i I i f o w e i v n i , 1 2 0 . 20 02 20 d2 n0 a1 00 22 9 d 1e 0t 2a sd Y0 2 F0 r2 o/ f 6 y3 l . p po aN r ta o l nu c lr l i i wC )a l y r ae t s n se y aG dA 2C 8M 1fc o i ( m te n d en ma ep r i 9 u 1 qeD r I sV i O h TC . 3 1 0 2 , t c A s e i n a p m o C f o 2 7 1 n o i t c e s r e d n u e l b a h s i n u p s i n o i s i v o r p e h t f o n o i t a l o i V

en). biB] r sDa ti o e eCy nc d fiH r ef a eomd n on d Be se( l r r a oe 9 t t 1c s c 2s i eg u r emo i r d i ov ls. ce l an A r -gnp n an om i l s oxy saa t ,9 d a i 2 18 d n=1 I r 9o n9 i f s4a s Ld i e Cn r dSI d n a2i 1 l1 d a e c)y 2 o1 a l t e0s v2e a(v h a t h o t n s d u e e.m r nv o d c t n e a r i a d i d e n n I o f , o e s s r t u n e-o a c di i df s O e n[ r I Registrar

Dmitry Rosnin

t’ rr s r ia t o d o a i f h ‘ t a nd t c f ge md f ei A re r s s ie e uy fiD t i De n er e . a a b hl d v p Tc i r t . t a m o 0 -su o 9 n a o c 9 B he C d 1 xeu l tE n h f5 e‘too9 fht2 mso n s tar e sm d r don a e e t t ot pt c ra i ea t ea a d dnr p1 n ,gi e1 i d e gD csas i . nes o e-N edi He ddr e r b h h a .t a t co s l c u AosuBc s n e r s l ei d n d h e l nt c ua iu n . n aoc cni o phti e d l se ms’b r t oynuo a Cnoptr i a c t e de rpa t a e i r r i e t e dms d r l non i s , t3 i uci o 8 gammn9 nf o 1 d e o i Atr1 n r y a ae ,l r ec eo0 ok 2 m fit ihd f c l w ro ei sse a r t ri l e r a o u Do vd ce‘ i t i t , c t 2 v’ u r r i ec 8 or t a / t u ie2 pc c x. ede ae o sxrs N i a r e a D o hrlms r a oi ’i a er r l cheu on t c e t ep c fir c gf s ea i no Si c r ‘ -

Persons who is not director on Board should not be designated as ‘director’

proviso

One director must be staying in India for 182 days in previous financial year financial

Promoters/Directors of company need not be residents of India

’ s r d e e o i t t n n c ai e po r i mpd opd Cae r fo m o t e c )e e 4 r‘ d 3i ( ds 2 nad osr i t no c aw ee e s h [ m y T ” nr ao pt . r mco e t orc i cD e a“ r i ftd o ad dhe rtm a d oe e te Ba d et hsa t ts oce t A d d u 6 ] e5 l t t c c 9n n i 1i A o ped3 phn1 ata0 rf,2 y oon e t )ah c 3 t pn e1 r ( m i i 2 d o d nc ao e v si ao nt fm c ae o es e dr m[ .rn a ] ”3 r oe o1B e t 0 b c 2ee e, hv r tt i a Dcoh “At 15.1-1 Definition of ‘director’

. gs] e 3 nl i 1 c t ii 0 t r 2 r wA , t ne lc i A dds eoe nMi i n mfa rop 0 e t 6m e o n do C et i f ba o ll I l ue a hgl seu sRd r [ e omh t c c eS eh r to f i f d toF s y r e t i fir l b eo a hjT a t fmn o i a sr d e e n moi ama t nun edo hnc t as dra nos ame ser r a omh t e s c ehy t r b i f d o d ese t hr i t em fi bi o rl rc y e sn bb a mup s ue m nh o et c hyf Tbo 15.1-2 First directors

tehoe s th t bi r t df fio w ft eo o dem4 tece5 n e n ad 2 emd n mereo teobt i d c n lc i l eca o e pbahs n li pl so aa rt d e g rhe bn ost f i snmd l i ya en o nu p o ad pmp pi als a v e . mi yur s d l on r do e u ci l i c dv C i t ae i[ d e r r f r n3 a A o a i 1 sose0 n e i rh2 lho t, d c w t t ,c e i t c C fi r meP A i A r c u i s Oe e ed d p h i n efn s t ahoa n nr tep e i oi lsm t a e t f co dmn o e am u C n e m I r f y . a o t enc sh ) a 1 d i n ntpA( fms2 a o o e i 5 e s oi sc n1 b i v r n n oeeao p hm bt a ri i t c pr c foe co s os r s o nbsCe t eur c r r ho ot st e e r t ec h f i c e h o d w e r t i r s t r . ,s ,d i ] s nd t r t o c fi e r s tA v o i s s , etri r s c fi 6 v fi ee u wr 5 oe h oi 9 rb hp T Hd 1 t

nt on i i t o a p r op pa rr oe i ch nt i , fs o r o et mc ie t r ei hd t t s tr a s fi e e l h c t i t e r a m ea hn t ns. e i y vn dl ee a msp amm neo h c et bs e e yl h t ac f io mt yrn nao aet i h pt a mer o orp cer eho hWc t n .i f” o s e r so h r t o t c t m e c r o ei r r d f i d ts s e tr s t fia r fi“ d ,et s hn ut e hs m Ta

f rsto i a oh h t ) c 4 eht( s n r 2 i i o5 n d i rt 1 su a a frn a o tol i c t c ate c e odd e s t trai n u 3 d1 eq n0 s ea nr 2 oo , cs t c sa l . i A8 h 1 s s0 fi e o 2 i ge n 2 nH ai . p9 Y l fi3 N m . 1 f ,0 A . oe s P 2 C e . l M w , c t e O i c t h d C r A t e As r F t r O e e e e hi ds S n t n n R na ui O p i s T rm ri c C o o l o t E t a c C c R t e i e I r f r D n i o i i d d ) s ed 5 s( a mr 2 d5 oo e1 cw fin ee i c o bh ei oT pt t . sc d e 3 ss 1 e0 i e r fi2 i e l mp , a t a c ns uA q a s s, i s ’l d n a e i oi tn t sn o r a np e e s ps sm i N aeI eo fi sDh C I

) ec e r h ( i) t t 6 e t ( r a 2 l5 e l a r 1 i h t n s e o r d i t rc t i s h u e t s m e n ni s r o d o ,e t g c d ni e i v r n i o i d r a t mp s s r ea fi r , fo e o h s l t t a u t o s a r h do t n t n c a e o tr i n s i i ed v nt o ar s r p m fi ro o e n pt s y el i bp e r np e aa h cd T l su r oo . t g n cw e i n t r i e o . 3 i e ds 1 m fi 0 v o l do2 a r , r t r pc i e h s A n t i e h s g eT e i l n.n o a ra ,a u r ep n e n vym a eyo rC t we s ovf r fi H e o e h t n i . dg en i dt i e v oe rm pl a er s i e wn re e g hn t i o y sn a ea vp am s o tc a e hh t t sy e b t a d t s e t yn l i e o r p e p ma 3e 1b 0l l 2a ,h t c s Ar o st e c i e n r ai pd my r oe Cv fe o , t )c 2 A ( 2 s 5e 1n i na op i t m c eo SC . t c A s e i n a p m o C r e d n u y n a p m o C f o y t i r o h t u a g n i l l o r t n o c e h t s i s r o t c e r i D f o d r a o B

’s ys e br i oc dt n ec a t e c a r i a nd i v mtl ona u e nn s . a d eac r r mla a rl o se fi r poB o‘ a t stm c s ear r er i d o wf d eo t en y l mipe oooi v p s sp l t a ,a c n s e oea l l i r h o t a i dc d s derr amao o t noBc S I e . ..g r s s i n r r d i oo t t e te c a s ee er r omh i t b d l a l ar l tl l A c eoe. n l Ce s e r o yngt g nc ni i ae e ni pr r od moi oFta l c/un s l enoo s o hi i e t t t r i u ft d yd o i stba s r r t no e n dIso i l l e a o l p i c hc p i en t a r ard a nAn hi na SF i yetsdd r n ava e n i o dt a m pi u t s r oc ea e o t k r e f yxaeen t t p aeto i i t dn t o p eme honn t noimk i o t e wr du Ce r dasosa r r t so er i t ttr y u s o c e ut eooh rcr b s t t e i r a n r d , o i y ed e t e l g c l erv a er dr ie r et a ie hu l otcwDn O e e h. . xof t s G o n w’ e s r k . d r s o eo n r i ea s p tov s oc e a o n a r eh hr hbbl t a rictfec oDuoomi e Snsi d tv . gti o o n i y n t t eu i r r ndt e a mc ade yepnepp ox a h l Em mng y o p o ‘ el u mscnh o a a t r eaep vh h d d r ee mn t t e mmeoe t y dctnn ir t i t i a e ea s et cp t hyi l eut o m d l r o fn ha oo o i o wy ms c r e nnoeyeh r i a i tept f h i t epev Ta f r m i r o t . a y a o y c s l ocoann s e hfhyaor wowapkg s o ,dmr sns o r o o r or p t c oi w o t t ye, t t a c c u a h r so ee e d t ub r r i pi fha no Do di t d a o r b s i d r. a s r oo Bt tc a e r hi t d ot sn se r d on t c e ep r e id d n ei vr i t o u f cs en xo ei s n i v oo nr dp ns ae ek va i t m u o cs el xa e3 f1 o 0 x2 i , mt c aA es ve ai hn a op t sm i do nC ee r h t nT rd . e e ds oa Mb

sc r fi oi t c c e ep r s i , d s r eo vt i t c u e cr i ed xt en n e od nn e dp ne ad ei n vf i to u ce es xa ecy . nni t eii l , er b wea tvl i e e r bwi e noh oHt i . t f r c oo nt t i c t c s ee i r p d is yde nar asn eai kse aed i a mt i l m i tb o n ae ni e slb f e ooe t dc v te a c ph As s 3en 1ri o 0ns 2iv i n ee o hv r Te p

s nn oo i t i c t i en s fi ne i dD ef no fin eo di t sa a c r fi i oc t c e ep r S i ( d s ee mn i ia t e p l o m ho wC af so n) ak e) ( m1 r( o2 t e c l eu r R i De3 v1 i t 0 u 2 c, et xc EA -

s4 . e i 1 n 0 a2 p, s me l ou CR f) o s l i )a 4 t 9e ( D 2

Executive Director

264

Para 15.3

or such other number as may be prescribed under section 153

Retirement of first directors

15.2 BOARD OF DIRECTORS

15.2-1 Executive and Non-Executive Directors

. sed3 a e 1 sdn0 n i r 2 i a of t , t t on c c eroA r e c i s b d ne i on fmi o uta rncp a e r m bmf o muyC umnf i Ao nn . li s ) a m 4 e t i ( o e n 9 t ha 4 et 1 hepn t bmo fi oi r o cc t c dsc e is e rr l i b h pu t e yp n e nafo omos ttsa n e s f s e a f s o ema l l d nc tr e a d eern vvou s aos o hGa r l l la c l e ry a b t hn l nl se aa yC h fs ne o ah r ee pT s b m. a cm os r co nu i t cc n s i l r d e b oi r r ui t h pdct e dtr n e i ee n d t dt o s i n le n h ec yp d r u e e ns de vn n Ei pi

15.3 INDEPENDENT DIRECTORS IN CASE OF PUBLIC COMPANIES

m o c m o r. 3 . f 3 1 r1 0 a 0 2 e2 y, , t t c ec nA A os s e e i ni i n n a h a t i p p wm m to o n C eC f f o mo e) 2 r 5 7 i ( u 1 q9 n 4 e1 o r i t sn c i o e h i t s t c r he e t s d i w- n yn u o l i e p t l b ma a c o fi h ci s t i o on n t u ef p vo s ae i hu n s o ls l i i s wi v i r o o st e r i c p n aA e h pf t o mt f on o ce n gm o i ne t i c a t l n o s i e i x Em V

. e m . i do eC s f no e2 c6 i l 4 ( n 8o i nt oc i e S t s c E I e r N s e A d on P t M eu O l d C b e au C cs I i L s l B i p U p5 P a1 0 F t2 O o n6 E S e5 A r d C ae N t sa I r od S t R c n O eo T r i t i C a d E c R t fi I n i D et do T nN N e E pA D eC N dM E n P i E s oe D t i N n I ga np . i tm 3 a 1 l o 0 e c2 r , s)t ntc o fiA o i r s s pe i v i o n n roa Pnp f o n o i t a c fi i l a u7 ] Q1 0 d2 na7 t5 n . ef m. e . tw n i ) o p1 p( A4 (s sa e d i e n r ae pb mm ou Cn fe o r )e 1 l ( u 4 R e[ l u s Rw o nl i l do ef ns i a a t e n r oa c4 s1 a 0 ,2 s , t s n e el mu eR r ) is u r qo ec t r e er hi TD

-ed d e d r e n i r o t a a i r e pc d s h u g e t a ndr , u e s i t t r v r s dn a an e e e t hu b a y l e hd . ey f v o -e, i n s n t so a e n u r t a cp ofo a em t d ol s c no t erg s n r e oc i i a vd ch d l c eu ton n n a e n o r s t r eu s h s o dt t t t a n u r y ego s l op t pne i f ei v s t p sa daa o nt p nhg i e oo e i d o r t n g i w g r d l l tra o na tog oh s. s ;n t cs e a e n r i er er s u u l ov e a t o tm o r n h a t c h ec c s t ere b e voi r ea ei a n o h d s d t t a he ,n t fn s ep t . sp ni oe me uu r an o d o oe yn mrc n k l r ecc a a e , sr rt i p l e l o e y i fi e rbf t ve l n d ob u a c u fi n l fi nl pnPs ri me R o uw ot t t ot t f s g g co , n e r l n n e a s cloi i t i t a d a m i l e a e t e p b r l e c i e oe at up r pa c ca yt m t x nn gc e es a r r l neo e s a a pm r i t i hc wasi me s e ohe o sn or s l e a p pe cu i l hn f o pu Fur d T fi I q a p m o c d e t . s l i i l a fv o e r ep s a l l ci nw i s In Bo Es i Si v eo kr i l p ( e ws ao l h rt e , s hr t o o t yc e nr ai rd ot n ee ed t t n i e mp me d on ci to i d w ut an sa t i h ft o e nr oo i m t u e t i r t i s u nq oe cr , e) hs t e i fn I , s h t n o m e e r h t r o g n i t e e m d r a o B t x e n e r o f e b d e l l fi e b d l u o h s y c n a c a v t n e t t i m. r e t n I

m o C f o ) 6 ( 9 4 1 n o i t c e s n i o t d e r r e f e r . ] r3 o1 t 0 c e2 r , i t d c tA n s ee di nn ea pp em do nC i nf ao ) s7 n4 a( e2 mn o ”i r t oc t e c s e[ r i3 d 1 0 t2 n e, dt nc eA s pe ei dn na I p “

g n i g a n a m a - n s a w h o t l r l e o f h t s o a r r o o t t c c e e r r i i D d a t s n — e n, d ar n eo t e mc p e e ,r d yi n nd a I p e s m e e n n oi fi c m e ao d o n 3 t a 1 0 nr o o 2 i t , a r t l o c t A ec r e s i nr e i i ,d ” n a re p om t m ct i e o i r e C d l o f th o n ) ew 6 d ( na 9 4 er 1 po e r n d o o n t i c ie t “ c r e ni S Ad

e s i t r e p x e t n a v e l e r s e s s e s s o p d n a y t i r g e t n i f o n o s r e p a s i , d r a o B e h t f o n o i ; n e i c p n oe i er he t p nx i e , o d hn wa ) (

s d h a e ct i th a n ewd mtn o tni e n t i ma o c p n fi r pe i t av o roN oG f fA eo C l b tM an t ieu my st . n3 r s a1 iap 0 npm2 e od , ot sr cc r e otA pyn s r e e et i hi smn t n a n ri rp e e m hMv t yoo e hbGC f deo we h2 ,d y it6 nc f4 aeo pd n e meg o i obrc t clae l h ic tw s n r e -e n r oid mt y n nc l u re e e r v d vi i e odt a u tr Gn s ts s fei i o d 5 n eni1 e m s 0 p a 2 d ea cd 6 nns5 I ii

e t a i c o s s a r o y r a i d i s b u s , g n i d l o h s t i r o y n a p m o c e h t f o r e t o m o r p a t o n s a w r o; sy i n oa hp wm )o (c ) (

y r a i d i s b u s , g n i d l o h s t i , y n a p m o c e h t n i s r o t c e r i d r o s r e t o m o r p o t ; y dn ea t a p l m e r o tc o e nt a si i c oo hs s wa )r (o ) (

, p i h s n o i t a l e r y r a i n u c e p o n d a h r o s a h o h w ) (

rg d i n e e i t hr a t u d rd or n o ,o i y t s nr a c aa fi pe i t my. o l ] oa 8 i cc 1 N 0 A en2 t a- C a n5 i M c fio 7 sg. n f s . y i a e . d n3 re. a1 ocw p0 e d m2 r yp e o r , t t a yr cc i e l d s tA e i n n t s s i a ee bi s mn i ud c sel i n a rp ,ma g e t v m nmi i in oo d i GC os l o f hwd oo t r t seo e 2 t h w 6 i l t ,g e b4 y a n nnh co i T ai[ l r i p t pu c r pe mda o,e as s y tr cr ol oe et n a d hc i n s c t e i u r n hi e a d d t s n u ir e wo fi u as ,,t ls s c n i r e b e 5 r t r u 1 o u s0 mc s2 i6 oe h rh T5 pt

r el y de i he a h t t pg a ni i fh i d o te h s %c m e 2u r m e rs t i or n i o so rw hy ot kn aa ye l p nh 0 m at 5o pg c mn. f e oi rr t cua oa i ede ec h y uo y l l t a s na v i s fa c a o pn er y a co m t ion ay f fi r r uc o t a t ct en i p ea e u d s i r i s ycr sb e nou i u asc t s s i e , r gah g u nrt n ci i og e d d n l sl yr i o o r dh ha u l sid o s d i t i r hi ss . , o y b e d y s an vur e i m s b a t a i a pr , e e l g c e vms ny i r l i o t e eda acr i l l s p c e e oon r h e hha t b wsn ef h t y f i fit o a l , , g o y r a m n t e eni i s v p nad e aa ope w c cm nme opu )or (cp Hus ) (

other than remuneration as such director or having transaction not exceeding 10% of his total income or such amount as may be prescribed

Para 15.3

265

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ed ys nioe l e t b e oc e i a i b owy t n i t t i s c a c r ea s ia oc e . p d h a m 8 ss nr t em1 s e n s a g r 0 o m o na rp C2 o i c y m t oe r rn 5 fna uu yb. io i i o r r ya )7 yddo . a w i ae t 2 f y i i s m . ( r d m n e y t5 b i e a . u a s sl h ew cup a s ba h l t e, i c utc mu gud sg sn e n n R y os n t ,ua i i c n r g r o d r n r e a nm g l o fi u a s i o n f d n d at dei , ehir l y d n e o d s he 4 l l1 a i t ma hc o r i e v i i h 0 o , sur t y c y t u s 2 r l nha Y i f c y n , p , a n s acc o i N y nsg ane A l rpun o n s fi P t asi u m fa per atR eoo M c n e u n , O mx e ) t c s fi d s n e C s r oer e t r aern r o cno h F o r p u t i t O e t a c o u c , s c r s t uoer ree r S r gtru a do R r i s hi n e h ec ty O t D nodc t k e T r b g g s el a f vr C on r e n a i e E i ,r dii lio g ps R ndc yrn r s t u u n I r i f o a de D s o a fid i h rtd t n , i i o ra r s h st fi o sr mo c e e s e g fi s s v i vt yor i r i n i r o l n t da t a i a pe a a a e m d eu l l r by e i y f e oc e i Q r o r r e l l r a epe cad eshi r i s t s s r s c n o c e rn oip en a h no heo ra a h p t d w n wtw tnn y e rt n fi fi e n f t . fo d o b e a m u o g g e e h p y ont ed nb en t in n mi i na d i n g md r ec opn aeo oioc n c p n i c s h mr ee p )i er e t er )o u hr t A (cd Tp( (wapp ) ) ( (

. s efo. ye f l hote e i t ed. t n a a hrew i r o . p t d r d 8 i e em1 e wmf d mo0 re 2 i n po re mCs 5 h ifs%nm 2 oo7 o n a )f i . o w2 ot s t i . t( c a t e a g e5. a 3 s l nn hl ew e 1 i t t 0 gud rna2 t, nRe r r u t o i t r ohc -e r r tA n ua m i s de n o ws a i i t ey4 e yni c l ma n o a 1 n ii saia 0 t t c npa p yn2 amn m ro i na, s t b ane o l c m y C t fiu r a e t o f ,nR atc o i a s e ) i n ) e n s r uci r er o ( r puo cs ) o6 uct es ( r c pa y e e 9 r sh rl yo g4 i ht 1 n n kgD a yin s an f r l ,i o io sa e r yu i t n ad mc t f o hs ioe di fi s rt sbcoa eun) v c i i s s fi tsl i , i a r a l ( g da t l a e o nt ee r u r i o by d Q i r l e l r o) a c d sor i ( s c n ohe , e h ) s n a v( r t a pn oe t wi n ns t fi e frr o n o u u ugm ,t a. ont eys l 8 c 1 min nns d a i 0 aeo opob2 u cp n rs m g ee ) p 5 hr sn ot A Tp ( (ci i7 ) ( `

,a l y g 8 ebn i 1c kui 0 d s n 2 a, e a c g fn 5 n e o fi r i 7 ndp e . l e f oo y .r i e thl h e . i t s t w s a ot g i pi d n d re i ed eo t hy r m e t e c s nm e da nr i l . i ’ e s r ,po hpr g m 3 t s a 1nc o e i a y. 0r e hcl e d 2ur i e a , rh d t d t i ot c c n yt i An sfno n do ap sae l n p d e o e p i mn h e fia n e yee o ac so p e e e vlrb p d e p m h i o hn t mtt ot a i e ‘ l e fs e hd Co e r nt fe a s o sefo e d e i o h b p )ye o y ( o fi ) fdn r l i e o l p p ( a a a )mu yhni s 6 nri (eq ao ye 9se 4 i rsnh 1 rb oi h a o l nr c p nt l i i c o t fomh i s l e t low c e r e n i s cn e a mnei sdc n f t io r oon a h a s i t e o c re r vs e oe y i r t hpsl e a s t a l i l p a i a e e e r ni rrc n o h a e ,g a t o yn rf, i har e s fi n a r pe wni a e sv dh e )ai t Aey (ms ) (

rr eer o oaet ho w a t eri t , t e t ycc i h e n s r l o t S e e pa si v c w oiys i rcna r t pna a rne l rapoop e i t on r fi m y n c e r s ae i eeoa h yhCist otrdno a h i t g l s o t r p n i bt g su i w md n r yi eeosnt r t , ci an e ne g d r h u ar d n t o i ao e npud ; m h g e al y y f o on ee lo ra t ho bt a y sp si a s m sn dm t a a a l hdrih fi o o re rtp hc m omaoa y s ) e o h smA e n h i v t si(atc i s e m p e t f — r t a va o ra m fi l i fo i t e eo r c a r e y g c ; l o , l e sw n sm i d ei a r s o i eht r hp a l sc t i n n t u fi f g r h f s o i h a o o o n fn n c yi o p s o y u t n o y fip r c r s o a v neat aa f r io aeei l d r r d a i bu rh os r ot ot o oalbe nt net f a uv l t o gs hds ft e e l e, n s h eol e f r t g s c s o ynu mf i mop r t n i y o h in ooads h e re)ls rr o e o rap c Bh e r ho n i ( t s i t h, m c sg e i i t art e ir o e i r e e r h no ; ,t nnhpy y ,t t hnn ,r nf on o ci aao he hai sppe wc wphe r m m w a i r o )e r )r naoo m c c t (oi (p ) ) ( (

yt,g g n be n n i i t ,c d r o orlv o t e l c pha ee so t r t i v i t d fi r e r-oh y ot s t nr ee f o o vw t i t e tcr e u csro i e ev d m xi , s Ee r r o ce fe t t e r o n i t h e mc a Ch or re atp n p s ot so ii iw st a e ft s o vi i s tnyd a anl l ga e o r r o,h y s t tna i fi h a h o pt fr o r pmo o yn cy no an en r ha oytp nnmmr a o oc ffr o l o e f ; e , y s s t d n t me a p a i l il i c p h e a om cs rce so e herac m s t re i t a o i e h nnfyt r ,roa f e o o ei hvr r de weos i t mbw a )h ruo (wosp ) (

iii

266

Para 15.3

t t n n i e o m J t ) n i ( o gpn s pi r aw o t roc ol le f r soi nfd , or t e i n s h e i t v d r ou . r n d e e pFp .e b ey i r hnd c n Tai s po e r m t p o g e c n b i e t t y a a l a e v m r i r s pn s a o o s t i s n i ev o l i b o t ar a cp c i fi l m p i l po a a r u tf q o d r nt e e h ep t r m o a e h sx r c e o u t s e c r s ea e r i s d s e t s n s e o d p n o e h p e w d n ) i ( f o

Exemptions from appointment of independent directors -

unlisted a

public companies

proviso

iii

Thus, a person can be independent director even if his relative was employee of company during preceding three financial years.

te7 s a e h1 i hT 0 n t 2 a ./ st p e n 9 i m t e. r o o m a C. p eN f7 r ega 1 n o h l a )0 t u r 2 2 y r c ( ba 7 4 r i e S e 5 ec r l. e E hA u I f t h . N Re fC w A o -. , M P s yw g M t d n n e O s ae i s ts C d pt i r r C me raa w I s t d L on e o n B ci n t a U t4 n t e P n i S h a1 d 0 F t g eo m2 r O n r, E i s ett o t e S sn n dl t A u C au eho g , R t i )) N c r n I c ( s e eA S dr vr R no mae t e O ac ghd T e , a y C r t n r nn i E u a D ae R i t I d f mma D i o s teh T bn i n gt N uo o ao E i st n t j D ar a d N a ec aml n E fi a ni i em P wl eh E a i ou mts D fs yQ do N l I l lli o d u om hn o rr. wa wt e7 n t t 1 e An o 0 e r ch )e u 2 m t t t (t 9 n ni fen eo o 5 r i vj uo ed teg tp n e n vat p i eA oasa V( Jhud c

rsen e,r d s e i e t o v o n e d a t i h e i l a i t g t a ncr r c e i , e psot e r hrs y i o, n o t r d rtre t e r c pnom ) vae e pest 6 r Esvi ( amnn ae 9 eoi d sg 4 o i snt1 s t e p e a e a n t h p s nr n e a s e A w o d p oap i ( i n t pmo r c c s oee i l , e t l p l i w s re r a a n a a haca n edi i p sl . n r,np8 eyid e h l oc e ha nd cm1 t 0 o a i ne c hc 2 i eatC5 sv cn r i ne ,fo i aar h fi d nsp co7 w u fn)f to . fi t s n a1. n a a y e ( esn i t . r 5 s e dd r d e c e sn nl rv ew i v l ee a d e p fio u e oehd e gRr Bntn c i e de r e e e e b df no f t hr p i sm a t a a e s nmr u fo d e y on Arp o n n Bai ori g f eose nemo h i ncur ha t t o b4 c e , i 1 f i s h e r ’0 o h nc e mgw i t ry2 n i , eaa nsr ti s gep s e ec. t r s de l e ce3 fie mu er nh1 l e t 0 a w,oR hmt s2 onc) t t tse s , o e s ni t r tr mec ho a tt ka fiu A t m l l r dt oc ec s a r e e ns t i h e h r hi i c an i ste dD n t ta ei e r a h cmt oat f hp a t ndl o rn t c m e ea en et ino i r f r eoC ,ro i a e i i s g g t t d e pn e a a f n r xi t n r o c aa e n et i l fi e ) ehhl p ,k i 7 l s dtcc( i r l a c l ndye9 a i s u ennd4 i k paaa1 smdQ -

Declaration by independent director after appointment and then every year -

s dtee rnci e a nt odi eu nr Be d ed yp pn be x a ede n, ni s og s n l dn o li i ei k t sc bt c n le fu l l o a e f hs es se ct rl ni oi e a h t g l c r . eWaa 3 r .bh 1 ) i ? e 0 d c s t s 2 tn a i n i , d t ear depoc nmotA r etp s de pa ri ehpan dtaoa nssBp i i e em f o e o h dr o t ntee C oahl f t i h b t c wtao a e(h V nI l t e e e Snt l o e e t -m u r d euse gsah anoc nesS l df al a r mh o a ) yso1 ndB( ar eV pa hI mot e s oBnu ceia el fh o tgC d tfe n eoll y dswe nrov eont i ptkc c ee e df di rn f nd ae i r ae nr et d ps n ei u dnd nie m i sdu a s as tsi n i5 eh1 c0 mi 2 th n 6 wi o pt5 pnd aet e rma ond f r e n ev l o b ot i aGa t i c f u fi o st i t sn o i neN omA sr tC r a e ppM eehdy t rn roa e p hy r m t t e o s i hn c3 . t1 wi ,Mn0 e y nym2 ab , t p nc d r meeA s odve i o cc i eGn td n a e ep h e t mb m f lo nl o ri C e wef g vr r o oo a Gt 2 h6 cc fe 4 o r inn ed i s o y a i te l t cn c ve ei nd I ts

. ag f3 t n o 1 a i r 0 d l l p 2 i , aw n t oc md , nA o n .s r e a e f . i i e dn db l ea ei t p s g nm ci e l eo l e cC e i s e l ( r 8f ea o n2 bo y o6 a h i 4 t w c n ms eo r s n i ot oo c t t s c e e r es e l r r b i p ae d f d c t o in n l u s p e n pd d o ae nt i tu ea o s p ni c s e fi e5 d i r l na 1 i a u r0 n 2 o Aq t 6 d c -n e5 r a d i d e s t e ta n s . s s ed r e dn r o no t dc i et de pa ar ec i ,d d fi s ni e t t i o mn oN e t ad g nn A nC ge i t n M p a i l e n e d i r y a n sn t i n na s oa op i ct sm i kc o v na oc ao r ) t Pi bt

. r3 o1 t 0 c e2 r , i t d c tA n s ee di nn ea pp em do nC i sf a o t) c 3 a( 0 o5 t g1 nn i o l l i i t wc se ns osd r e e b pr i fc o s e ar t a p de nb i y a t a n m i a s ma s de nl au er t h a c eu r c s lh l t a hi sw ke c nn aa bd ar t o a c dc ea hn Ti

) e6 h( t 9 ,4 k n1 an o bi t ac t e a ds n ei hd t e n fi i i c se i rp os t s c a e’ r r i o d t sc a e r ki rd ot wn e od t n ee l p b e ad l i n a i ‘ vf ao st nn oe sm r e e pr i fu o q ee mr e3 . ah nt 1 0 ey2 hf s t , i t ft c i a nsA s ete vsi eun ,ma r e rp vom eto wcC e oi r f Hd o

a t a d et hn t e mm ot rn f i o np op sa r e h pc au gs ng i n t i c k ea l e m s ey r n oa f p e bm eo cc ne eh gt i l . i h3 d t 1 ei0 uw2 de, i t gl c l na l A i s h s i e si c r r n e oa xt p ec em fr o io ydC t tf i l n i o e) b i d1 s nn( oe0 pp5 se1 d e n n r o i i en t ha c t e ,ss r ao e ,t hk t r n ua Fb

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267

Qualifications prescribed for a director -

Selection of independent director

Databank of independent directors

a t a d a m o r f y l d n i l b n o s r e p a t c e l e s o t h g u o n e h s i l o o f e b l l i w y n a p m o c y n a f i t b u o d y l . l ] a k en r a Ib [

, y l p p a o s l na i h n t ia wc r eo nt i c le n r oi yd l t p n pe ad ln l e a p he sd 9n 1i 0n 2a 2 s 1a 1 d e nt on i so a p rp oa t t c e eg r i o d t ts n d en de nt en pi eo dh nw i sn i o os hr e wp nA o. ss r h e t pn Ao -m

Registration as independent director and passing of examination by independent director thirteen

f o n o i t a c i f i l a u Q d. n0 a2 t0 n 2 e9 m8 t2 n i d o pn pa A0 Y ( 2 s0 N e 2 A iP n 6 a3 M p2 O m, C o0 F 2 C0 O S f2 o R 4 )O T 9 (2 C ) 1 E ( n R 6 o I D ed l e u rd -n Ne Im Da es va a4 h1 0 t2 o , ns e sl e u oR d) e s hr o f t ic ne er vi eD

268

Para 15.3

. e m i t e f i l r o s r a e y e v i f , r a e y e n o r o f e b y a m n o i t a c i l p p a e h T

. s k r a m % 0 5 n i a t b o d l u o h s e H . s r a e y o w. ts ne i m h i t t i wf o nr oe i t b a nm i u mn ay xn ea sn s a o i pt oa t n di em r a i x u qe r eo r f sr i ta n e ap cp i l a p pn aa ec he TH )en s ha r h ott t s c s s ea s r e pl i Dot o ftn o d f neo r ou i i d t qi o a er cr i e f i ep l a b l, a utt k Qo on nt a dl ab nl aara t thoa f s n ldd ea e e mu vh td r t n ie i v sn o i pdsi pnae Aihm (nea sahn e ,ns i 0 i n eh 2 a0 hf p2 wo m- n t 2 s o1 o C-es i t 8 f1 tu o n l . ec f ). n 4 e m i ( . sf 6 w s o e e d l s e u e s t t a a Ru d otf le i t e t s h s ob t yn su i c s v no o e s rsi pai ca 4 s 1fr 0oa 2re p r, y e s e e n e pl e i l r sun h ARot first

; ndyrengps i edehonui e etobtii t t s v t f i bmo i a e ml v zas i h an)ern i t sc nu(mo a a s)r tainl a o g a d o i i ( a h t slrna ; u i r ei c gOIr fo r h l r e o e oe ;oc a dp r i ns i nymh eo rm onrw ht a itom i t s po auco um eydnoyc l r n r c d r r t oo ae nc eon n t t i r t o fccugnaug n o i I r t l o i n c a o n b r e ea t i eu e hps t y t r d t psnn r a o)r fc ddei a o u e n(c ra eep r r i t o hs e L e u eor i t lre bt ; y u e a n)fge m t r r o onn a ( e o a o lh l om s-a pmi s a g r t M c g i np x aore ,i l en co s e a L nwckoisne e e e no c e oa t l t i c l or oo r i a d l t sf a t lS s otoi r e eh FSbmy s d r ph ) n eke p t 2 z lf sb ui ($ a a na i o m r r r d gTe oSo e ei o n grac t m;Un o s aope f i t no n e h o amarcc m i l g y r A s a us mo nnl a t i i a sii a l yev p r m n i enanc aa i m kohont P eocf rnydak e n oine o r rCa i , as t a F t rk sh c iemi onpl e sA t m a h t c si pn boet t r ea e u f a c a r i u t t i o r cd i c a r d o r i e ie dl p uea t ae br a cS d uo t sh efpnr a tpcSsoauo ) A ( e

s ye r i t r s t i s n u i Md n eI hy t v ra oe sH r i f a o f f y Ar et s t i a n r — oig pMn rei oh l d Ct n fra o o yyh r r n t t i s s i e uc n i dn Mne Ii ed r hn e t p nax i ee ec g vr n oei bmv a a rmh ood rCn ofa t o c s eye r r s i t i Ds r ip n fi r o e eMt l arn coE s c ei yc l anb pau enP i hF d t n fa no i ) B (

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ds nw al a As e Di t Ri r Fu Pc re os r Ao Ds Rw Ia ,l I Be t Ra r ,o I Bp Er o Sc no i et vg n oi bt a al re or s rr e e gt at na am Me lh a t r g e n ni ed l Gn fa e h i h n Ci fes o cw ena e l l i a r c ce i s ypm axo pen g o en c hi e v t ar nh o i ) C (

led a mn i r a at e gsn aee nhm t ta s t t m r a n i i f so y eenp o hki p t tA aa nsr ( i s o a o pe r i t r . n o 0 oa drc 2 p eo 0 r tym2 r r c e eoo2 t f r C1 e iu d r t f 8 saao1 t ) r s . s 4 f a r . ( eao e 6 . yge ew nt l ei taud ec r r e haoRt p o t u sr t t fao i t o w os c s i b sv dle u oai os u i r d r do ps e i a pi v b r 4 ed 1 no 0 hi t s 2 e ni fa , o n-s e nhael ocpcu i i m n h R t o o a w ) l c s y u l g r e cn n o r l o t i o a r c cu d me e r fdrt i o donD ei oouf s orwoo petcn rpneo u ibt i y l l pne l a a c eanh i f h,ns e i t l voea s ror mu obe iQ Fapt

; f n lt s o i r o a Fu)n f o -oDl ( c e i t rsa ao y c f; i o tci f n n l ea ea t i tc a u cni oufQ vood dcrn acpa e a nt nt i n as l e )on Ac m ( ot —aei n :sho satp s r es p a ca i et A p( yc os nat e r ep di t en tnr s i a p i a ) u eC m qo l (e . tr 1 a orC2 r; f0 teo on b 2 f t)8 ao ,t 4n enn(9 eul l61 e boa . l f . echu e vcsR. , aay w hdr od reate ortot e e sr t er r i e v r c s ae a on ohsri hcyp4 1 wan 0 a s ,a p 2 s l , m s e a co-e ui l ct .u dt c i asR a v e i r st d ) pa s tr nn eno i cet gii mc n)t B c i e sr ( as wr i r eD oo ps l

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ead t n a na r i . oa 9 pte1 l n ri b 0 i oa g 2 Cm i l0 f e 1 o de2 enr2 a a t u d e o t i e t ht t a s a ewd nr I cs) n nE aoo( t i s 1 d r 9 ee nt 7 I up3 -t ifT o t s S s nn G i . oo ni tN aa scn aio f i i dl t a eac u t i qf n i i o dt pno paN ass ner s es o ee t br c sde adr i had ,t s )e n a e n d amn yae rnp a e g Hn d (i n n i ri at a s sn a e t noc aca Mko nt ,a s g r bn i i al a t f l i f a Adw

Indian Institute of Corporate Affairs to Create databank

e r a p e r p , s t s e t e n i l n o t c u d n o c , s r o t c e r i d t n e d n e p e d n i f o k n a b a t a d e t a e r c . c lt l i e wl a er i t e u t t a i t s m n I y d eu ht Ts

r no of i t s a n eo r i Cs (v i so e i r n p ae pk ma S o m E C I 9 N –1 A 0 P 2. M ,r s O s C e o l t C u c I Re L r B i ) U s D r P t on F t c O e e d E r n i S e D A p C te n N d en I dI S nf R eo O pk T en C da E nb R I I a ft D o a T kd N nf E ao D be N a c E t n P a a E dn D f e N t o I n ei ca nM a nd en t a n i n a o i Mt a de nr aC

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269

Creation and Maintenance of databank of Independent Directors

, es ewl bo e ul l ru dl l a – R u l y ol ) a s hal r she o esdt ehc mt e c at u r ui ni D etst s f hn o n TIt e .,n d k k un nno e a ab cp ba ce at ad t a nn a ddoI f nn0o i i 0 0k ee, n mm1 a .b aas nnR a t sffa i o od h lef fa eo o nwfe e r on c e i n h e s t a urr l n ru c e noft i gi n nn ro a os i i g f M r ua yl . l d1 ch p 2 pncn0 ai a2 y n nb di 6 o l , i yl u t 8 a a a ol 1 we he . er. sd f nCe ls a e(. uirsw e e r dr i d i eon v e i hnar t d t ope nf i ms s i Iu n o gd .l i ne cCs i n f d a wi ne ho9 ) en 1 c 8 t 0 u3 ( es n 2 r I s e i n a p m o c o t y l n o e l b a l i a v a es . de ae mf f eo bt ln l i e wm ty I a . s p r a n l o u , cs i r t r o a t c pe dr ei bd i t r n c e s d e r n pe p ne i a d t n n i ot cn lo i l i wp p ka no at bg an t i a d dn et e hn Ti

tn n o et i mc te n s i r o pe pp as ea hg n Ti t e e m l a r e n e g n i y n a p m o c e h t y b d e v o r p p a e. b3 l1 l 0 a h2 st , rc oA t c s ei e r i n d a tp n em do nC ef po e) d2 ( n2 i 5 f1 o Appointment of independent director to be approved in general meeting -

3 V1 nI i 0 ml e2 du , t Adc deA h ec s fiS e i i c n efa pop sVm eIo r aC a r saf r po e f t V t o I a sl e mn u od ei s se e i h hvc o t rS fp o f seo t hI I n t I e, mtV n a eer r m i a u p n qr ee e r vl eob r a G e c ht i el wa p p ,ta y S nrt o ao pl n ma e r r ot a cn . 37 te1 n C 1 0 ef 0 22 mo ,7 nyt c rr A5 e t vs . s. ie f on e i. Gi n fMaw o epd evme i s t t or a a e Cs cr tfn ns I ioi -

den ehi o xtt eec nt e nas c ai td r n no ei t c le ml eai r t h d a s t t s t n n ye e r d omn t te a n ni p o e ap l d p n xpi eas sa ei hh t Trn -ee dm i t s n ni oo cp p oa t dr o ef l l a e ce t gn i no i t p e ep . ma3 e1 lh 0 a t 2 r e , t ngc n ei gsA o s eoe hhn i t ca frp o o efm cno i oC t i o f nto a c) e fi 2 ht i0 ( t s5 oj u1 t Explanatory statement to notice of general meeting

t edn th n tne i o ,am pdte prcg aaAa o en e h a hBt e t nm hi gt e nf dh i oet v o fif rnio poct pien anpe i s rp d s n oon f eoe p ie ght ntd id i n n t i ni e tos ea c i mh r e o eth . t t hn t 3 c t 1 s e fel 0 r fi m o i 2 l d eu , et t fdc ca i ttdeA s o ess natoe p n i eei on hdor a p t pp up l oc em t naho t e di tC lba el ha o f ho ch t t as dd3 ) t t r e n( a os V ttoaI c r p n eo e e er l mirdu n edpud r t t e eh n or a t t e ec c s de hS ynr r itf e e d op do t eta 1 a dnm . nn e V ai d I l f se p n e s l xoeu u etpr a e end l eC hen hTmi t -

tefs n oi e eh n dsea d e ne op et C m pt ,o ei) dmy C nmnf i a o oC fo t i V d,(I emee c uin l sha u s d mre i eouh br sc dfnS I d l ) r)4 u s oar ( hoe V sBcI r f fie f e o s t t nOu e a odl l i nC tt a n a t ec r n o me t o tp i n t xca e i e r o r i ,D pt e pn n ae(u lmOm a t&e mn r riDd , o op sn f e i a Apt a u s -f n d o o yi sr t ma c ia rc e d ue t sdt i fib i h ,i te h u vo or r gep nsf i too t t e dt. s s e i 3 ,c t L r 1 oe , 0 s t 2 pc c it x , ee h r c t i sE A d i Appointment letter to director

. l3 dsl nra 1 e h0 ab s2 sm st , me m c rm e rA t e s eyte hbei Tnhn a oTp -i . ts c m er puo soC nhf i so rs V oeI f n e nil esu pud obe g en h bi c r S l lu) a 4 hd( s,V syI n r a e op s t c u ma eo r l i cC d eth y n etn dfa nop erm peo ecc fi df e no i h fdt o ef tro e n e t t es i s mib g tr ee n i w t o pan , py o an d fae o ps t s o nmp o oc i e t i e b d ho nt s ofl coa

Disclosure and inspection of terms of appointment of independent directors

.ndr ,n ts nn r r o oe o e e i i i a vt t t d bc oe c a nme Bwe r e e s s npe eon h H ) uemi t d y . edn mn s n hei r eit a e dn r n i y bp lab o v m a i mo , ot i s r tdraec e p i e p m gmvsi d c o ai e y a i l r t ne t bs p er as i e p a dn l mo afpe u nhegrvr otbnooo i r n f t pd giyt s a i h p e ni t e mSs at i l i s W )nei s e e bl (p c3 .ag f n y l1 x o l one a( a i 0i r r 2swfmo s e t v,ioosc t l a t l ocmo n e nr eo eAmf i s o he i ems d ch Ti est t d n i s n eor at me u t pa d mn b l d me oe m e or l cp i t Ci t e ir de t ff ed n o o ) n t e r i a 8p e(l o . 9o e 3 b3r t 1t 1 n1 t nyd0 0 i e l f l on 2o u v2 i i , ,r t oot t g c P c dwA ee ec s r )bA l o s s t ( ni ne t e i sa tc i i g dne n cn n eei sa i i erat f np i bdpe o m c m ela eio l t o , m pa p C shnC o r o f fe nsi ko ert hc iot o ) ) et d o9 ot 5 bc d ( ( ea7 ds9 sr a 9no4 in1 hd I an1

Remuneration to independent directors -

tn o e ne sb a s wa rh on t o c i t ec r i e d s tb n eu ds. ns8 ei1 ph0 eT2 d.1 3 n1 1 i 0 n2 2 At . ,f . Y - c e . Ar N . A sw P e i M 9 n O 1 a0 C p2 F m, O t oc S CA R f) O o t T n )e C 7 E ( m 7 R 9d I D 1n ne om i A t ( c es s e i -n sa np om i t o p oC ke ch ot t s o t d de et l t t i i t m n eo

270

Para 15.3

Stock options cannot be given to independent director

. ) s n s o e t i i n t n ea a mxp am el r e i o r u c qed ehe t R, t ei s ec r l unf seo oHs l r c . o s s t i n c Do e di ti r npd aot skn nc e ood i t t n se a gop t i l e d b d en Ol i t gt i o nn t i t el y s i tp L o p ( na Is Bi t Ero on St l l fc i o ew )r i 3 (d1 ) t 6 0 n ( 2 7 e , 1dt c nnA e op i s t ei e a dn l u na gi p , e5 r m 1 r0 o e 2 C p, r ss e a nd ,o r i n e t u va l eu e wg d a oe HRm vide

) y n a p m o c d e t s i l n u r o d e t s i l f o ( r o t c e r i d t n e d n e p e d n i . o3 t 1 n0 e2 v, i t g c eA bs ne ai cn sa np om i o t p C of ko c) o9 t ( s 9 o4 n1 ,n r o e i ht t c r e us Ferh coc fif u f s e o l f b di o l g o i e lr he u l les a b o l hlc sl s3 . rai ohd1 s t 0 d c en 2 eH , r a t i .yc d y A tnns n e eaai dppn nmma eoop pccm e daeo h f no C t i f ndyo Arb) a 0 n -o 1 o ( Bi 9 t u 4 el 1 ho t sn ne o i ort c sle a r i s a c ee yp t r eso vap i t e f u r cos ’ egd s nr ns i a os o ca epB v e h fin t o otn t i nt p uen me mtm n ri t e o n t i po ap p ap re or a f Term of appointment of Independent Director

. e m . i do eC s f no e2 c6 i l 4 ( n 8o i nt oc i e t s c er s e d on t eu l d b e au cs i s l i p p5 a1 0 t2 o n6 e5 r d ae t sa r od t c n eo r . i i s t r da a c e t fi i y nt e o e d v n N fi e n pA a eC h d t nM s is s oe e t l i f gn o a n p3 . i e t m b l a 1 o0 n e 2 a rc, c st )t c n fi m o A o r i r s s e pe i t v i e o n n h r oa T Pnp -

, g an pi t me oe Cm fl o a )r 7 e ( n 2 5e 1g. m dee h nt h at t )a o 6 dt ( 2 ee 5t l 1nb i a no c opl i i pp t ap c eea s t gbo non t i d ee uv r l aa c xhn er o si to t u a tt bc o er 2r 5i y 1d b tt nn oe n i e t dm c ene e s r pi oe t t e d tn r c eit o j e b hg ut n s, i t ssa u i l the n T r e. s m3 n 1 t0 o n i s i 2 i o ,v pt o pcr aAp st ee hi u Tn b -

eye bbu n l ei ln t a hon sdo rec o obt t lr c l i ew e r h i nt d oe ti n th eaw due nln eait . pvmc ee A r e dc e t 3 nn e i 1 fad0 o mo2 trte , o n h d f er et t me o tpat u n el V i ha o I pTve l p.eu angd o ei ne i Rt h aec b -u l r S a o f vt o c ee I er I ci I ndV ae mhd rtn oga n f V r i d e s pue s l fc u o a txl e r o,C s pr eot t r n c fe e o m r i sD t i n s i a fo bop edp ra ha t s noi oBh Reappointment of independent director

rrn ooa t f c e ee m cr fii o d f c o te n b de l do o hnt eg tp n o i s nea nde anc cif h rco ou s t S r c e.a ) e r . ihy ] d c 3 e1 ae te n 0 esr2 drh, natt eefc pyoA eens o e dvi i n fit n i a a nmrp i p Aux m -me o i x eC ah f mto r) fe 1 o t 1 f( ( sa9 mt4 rn1 e e n t mo i ett vnc i i t e o s u p [ cp r ea o s t nrc ooe cfr ed i ol bt wi tg n ie nl aed hen t e bp e e l r l a oh d n ms i Maximum term of independent director

r o n i d e t n i y o l t pc pe ai r ed bn ti o r no ly l l a t hc se r ri od t c r ee r h i t d i te n , y et di nc ea pp ea dc nr i e eh. t3 ho t 1 , 0 y s r n2 a , t eac ynA i ey s en e r i han t pa fm p o pom aco g C e shf i t o h h t ) t 1 gi 1 nw( i 9 r ud4 e 1 dt a ,i n r co e i vot esc e wss a oeo Hb t proviso

I eI s I e hV t a fr o a sp t n t en me em r i n u r qe ev r o eG r e e t ha wt . ,S7 y nr1 0 ao2 pla mr7 t on 5 ce . f tC. n e ef. mow nyd r rt e t s e r vie n oi s GMn i f 3 e o v1 i et 0 s a2 a crt , t nsc i i A n ei s l me b i adn cAa i l yp p pbm a o tdC e o fif nc i o s ieV npI s oe e i l s r i u a v d ose rr h pt ec st S i af h Tmo

m o c c i l b u p 0 1 m u m i x a m n i r o t c e r i d e b n a c . n] o3 s1 r 0 e 2 p, t Ac -A s e i n a p m o C f o ) 1 ( 5 6 1 n o i t c e s [ s e i n a p

)ae s e t f r n Ih e. t msn e ei i t r i y i t l u n n qeo edr Re o tc t es r ie ul r s i n oe d l c v t s en i e Dsd nn di e ny p al e snd non o i r i t oe a t b c ge i n l ra b i Odc gte nnh e i , t y dt s i nt i L en ( pe Ie Bd d E e n t Sis i fel o b )na 1 f ( ao 1 r 2co nnt o c os i e rr t e a i l pd u gae e,m R5 i r1t 0 e e l p2o . s ,h ss e i a t i ,nwt o r s i n e ti va e elnd wuoe s g r t oe e s i HRp l

r y d e r eo pt t na si a od epn bpa a m le l t a o hbn l sl a s rh i os t t n re c o et m r i c t d en r i ti o n p edp t dn a ne h ed c pn ee u dp S ne . ) i ds fn y o ia nwd oe0 i 8 n1 t , a s s nn a gg i iw s s e d e Rr o i r -ee h fp I e . h 3 t 1, 07 21 ,0 t 2 c A7 s5 e l i l n i t a( ps h mt on Co fm o e 8e 6r 1h t nn oi i h t t c i ew s

Resignation of independent director

Maximum number of directorships

c V fi Ii ec l e u p ds es ha cd Se t fe o l Ie Vd ’ S a l a E r I v a N o p A m P e sr M r ‘ O oo t C c t C ee I r c L i n d B e U tr n P e ef F . d e ] O r n 8 [ E e. 1 S p7 0 A e12 C d02 n2N i 1 I 7 f 2 S o 5 . R f r.. O f e e . T . e b . w C mw E e udd R I ne a D dd T enm N e r n i E me u D e a q N esb E r a e P s3v E a a 1 D h h 0 N 2 s y I n , d t o ac i eA s r i l sv a e o yir nnp aae ppa t mmr o a o C p cf e fo s i

t t r h m n n oi ce t e u h c d S egdm n t r .e nen i s i t d i p h r v o e i tg t e p d n n s ernp n oi i a de mf nt3l o ef1a i e t pa0i e r ed2n r e , i dnt h b t nacn m i i nA, nu nosy i h i at e r n t i a ,u i n l n d l we al oo o p i s r r di t e mo u eu r t l oc q l o n e. i saCs u i r o e fo c 3 r eoi . ps1 ] p p1 )v ys 0 bn aa2 r h o ( a oi y9 , e t t y nb 6nu bd c i d y1al A l a o l rl n s e a s s ono Ae r e hl i[ i yot n 8r saa bdc y r e 1 yp r des on 0 a t evo2 am n c vot -i epo 2 omo e -d rmC i r s mr 1 i 2o dof v ee c o t r y o d n re b e f ebp V iI n t ba tad dye e s n nc d l a r v eru o r fi o p cmt e d ea rdd m d re e dh r ot e rO nnc t r a i c de aS se en r heb wmf o i i eto t d cgl n n o I yenua i s , c c nV e nr d fie e bf ao a sr hffih via gdoD, otp s n y f m et r ut eo a il on e emr n s hi a y r o t Touv s t n i p e t o r i po v eo c m e ap fi hpr pef fpi e oRo r Iad

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)o 7 t ( e 2 l 5b 1a c di nl p ap )a 6 . ( 3 t1 2 5o0 1n2 , net orc a i A t n c o s ei e s t i a ft n o a o p sr ny m ob o i s sC i r v f ooo t rc ) pe 3 er( 1 i hd 9 Tf 4 o1 tn n o ei t mc ee r s i t e s r r fo o t c te c r ei pd st e n r e nd i n 3e 1p 0e 2d ,n t i c f Ao st e n i n e am pt mn i oo Cp p fa o

. e m . i do eC s f no e2 c6 i l 4 ( n 8o i nt oc i e t s c er s e d on t eu l d b e au cs i s l i p p5 a1 0 t2 o n6 e5 r d ae t sa r od t c n eo r i t i a d c t fi n i et do nN e pA eC dM ni s oe t i n ga np . i tm 3 a 1 l o 0 e c2 r , s)t ntc o fiA o i rs s pe i v i onn roa Pnp ed gfl nob e i t s c a e t t bc a u tab t o o i h r nc n t t rua d os, a t fe h c ge eod r t h i e c d ele epwe r o s ve nh i t rk u w cns eiir xyho l he en t c n oi n o,wa e nl dv en br i aa dirn nluo c d al cc . reor] ohdo3 t 1 ea t0 c n ebhe 2 r l hs i lc , d a nt i hh oc ts cA n e, s lwi se de yh i nnn n ena ha pop t p i esm r wm de o o np i cdC nlanf a Ai yao r , ) s -ebe 2 gns 1 ao ( s9 ni ase4 c s o1 mi r m n y po emdt i kor c e rcas oro[ o By rn e l t t ohn g o i s ue ms g o oir i l rmh i d pot

te n r ei du n eq pe eR e dr nu i s eo vl c as hi dD l d u on ha ss n yo ni t aa pg ml i ob CO ,g s n e i i t n s . ai 5 L p( 1 mI 0 2 oBcE2 1 dSef1 t o s i m ) l 1 o ( o7 r t f e1e l nv b ot i ai c ct a i e l l f p u f pg e ae 5 sr1 nn0 i od 2 i t , e s a l fin u i o i gct eea p r l s u Is g Ba e Es R Sr ) os rt e t cn pe re si m Ad

f ro be i Ol n r o gai et n[ i i t5 n s fi i 1e L 0 ( d 2 Ie B2 h 1t ES1 o t f r m o a )oi l b r f ( m ) e i 1 ( vs 6 i s t i 1c n neo of ft i i e t i a 5n l 1 fi u g0e e2d r ,e s h nn i t do, i y et l a d nl . 3 a fiu 1 ego0 r deB 2 nR. , t e)] c t es btnA n e s sem e a m n i e he ea ’r r r ig p ou t qAm c eego r nC Ri i d t n es i tr i ’ n uL r es o oft dl o c nc ) e es i i r pi i i (d eD) d A t (n nd) n I I e ‘ a ( d 9 ms4 n rne e e o p t i e tsd u ea an hg l ic i Tl ‘

, r e t o m o r p f o e vd . i t r a a l e o r rB of ro e h t t o g n me or rt ps f so i n% o0 s5 r e t ps ra i e a l ht Ca f ie rb od l nu oo sh r s e ps r eo mc t ae s r i ed r a t n De Md n de np ae nd n oi sf r e o pr re i a b hm Cu fn I

I eB t a nE rS e f t o l a ) , y1 n( a5 p2 n mo ot i ca l du eg t s e i l R fo r eo s t a c ce ni r I d . s r t o n t e c d e n r i e d p. e8 e d v 1 i n0 t i 2 u f c 0 o e 1 x e1 e c an n l o o p n d ne e i b d dn d ee l t u n m i o a o h ps s p a s as r o n eo t b c i e t ta r o i l nu d ng % ae 0 cR 5 r) t o R s t a D c e e l O r t i L A d (

No alternate director in place of independent director

Para 15.3

271

Independent director re-appointed for second term can be removed only by special resolution -

vide

Transitory provisions in case of existing independent directors

Explanation

Independent directors not to retire by rotation -

Liability of independent and non-executive directors only if the act was with his knowledge, consent or connivance

15.3-1 SEBI regulations in respect of independent directors, applicable to listed companies

see Ai r -no R o e smr r nu e s pio r l at oc fc s I i .eD r s i e d d i n n ta an pe s mdn no oe i cp t a neg edl i vnb ei s sO nag a i n e Y h v t t N r s i e A es L P r ( otI M o mn O B C E n lS F l i a O r f h os S o t R c ) 1 O ee( h r T i 5 , C d y 2 E t ti n R t n I o eni D t dea ndl ee u. ps t g5 ei e1 dl 0 nyR2 i n-s , sa sn a e ni o t ei i i t vr t a r n o l e eu t s c dg te ee o r t ni sR i ) ldl l s e a t en hme sir e t hm nt e ol e ni so r r au hh e pwt q

. 3 1 0 2 , t c A s e i n a p m o C f o n o i s i v o r p r e p s a e b l l i w r o t c e r i d t n e d n e p e d n i f o e r u n e t m u m i x a m e h T

.d et nn e t oer tme s s e a n egi l a s tnc a al i e a vmt afi n hoi ss dr l ed u obr h o smw se[. m r g] odn 3 t i 1 c t ne 0 ea 2 e r i smt , d r c totA t n ecas dehi t e r ni tn eda a prtp ee n m dhe t s no o e I C r -tp u f oeo hbV t ioI wt e l ,eu r v d a i er e yt h sc lS l a hf so I sI r oV t a ac r ea nr i ip gdn nn ti i t 7 e1 e ed0 n me 2 7 epe t 5 a d. r n. f a i e pl l. eA w s ) ts en l t o e n hm e we m sg e a ar i dnu raq a ome BnR ,e s e e r r owu t t s c e o eb l r c i s ni d oD ti n t ea d d n nma ers pon efo n di i nft i a o g n i owl nob n flO ofg eon cyt i ni t s i al L ma( ruI oqB f sE r s e e S ps f wso ea) i d v l 4 eu ( r o5 dh1 l sn u oyo hei sht a l yTu . e.g 5 hn 1 t oe0 gsR2 nr-, e i s t p dn e rr o ei i a a t mh oa l sCBu i h g d de t nnR na a I

, et dl c AuA d ye s bh e i dcn eSa fp fio i m c eI pIo sVC f eao r r a a V p sf I r ol e e t su t nd a oe mi sh ei c v s oS e r f hp o t feI I o hI stV , t ta n n ee r a mmp enr re i e u l qvb eoa r Gc i eel r p t e a p ht a wSt ro ,o y nln e a ar r pt . a 7 mn 1 3 oe1 0 cC0 2 f2 to 7 n , eyt 5 c r . mt A f . ss ni e rn . e e viiw n d oMa e ep Gv t r m i ft e o os a r Ci n et s sf3 a i o1 n ci V0 nm I I2 ee gr u ds eo l l wc os ni kD sd i n h ha t s i n wo ei t na og i dl sb a O w g tn c i at s fi i L y( l n I oB eE l S b af i lo e) b5 ( l l5 i w2 n yo ei ht Ta l -u . g5 e1 R0 -2 , es cn no i at va i l n u ng oe cR r) ot s tn n e em s ne r oi cu dq ne aR

. rf 5 d i o, e 1 t l r l 0 c e fi 2 ev r , es e i d wbn o toti o n t eHna l d.du r ne e et eg pa ne elyR sc) di s nr nt i an ec fv e o eam nh ve octr i i a i t h i hu s q owte n p,e s R hh nt e i tr yn,u cods nmeo l l l a fi c cel s aeu i r Vh fD yd -td r n oaa es gl r na n i o t i st e eia s g mr i o l t b dc re O a rg oi n Bdi ts t tn x i eeL nd( I enB e r pE oe f S d e ) n6 bi ( df6 eo2 l tn ln fi o i eet bma eu l dr l ig u u oqe heR sr tiI n B s en E do S np f es o pe er) d ( 7 nd5 n i ea2 s s n t i o r h i a gt i i l a i r l ms ,u g. ae e5 f l u R1 dr l 0 ,-2 u oyn, t i s on ht i sn t o yeat i t ma i d t l eru n o t ei s f g n e dl i ft eo R t ns ) s l i at l e vn ede e hol t em -mre srr s ei e hu nt q i oe s udR bn e ,ar s u s s s e r o ol nt i c s cs ue i rD bi fdd o tn ena e r s udn t n o a ei np t a eg hd t i i l nb wi sfO o r g osn t e i c i t t ei s i r lL i i d b (

e l . u 3 1 d 0 e 2 h c , S t c A i n s d e i e n fi a c i p e m p o s C s f n o o . i 3 s V i 1 v I o 0 2 e r l , pt u c d e A e h h t s c yi e S b n n ea i dp d i m e bo fi a C i l c l f e a p ho s s8 ) n s( r 9 e o 4 e t 1 b c s en r a o i i h d t c s te r ns o e t dc n3 e e r 1 i p0 d e2 t dt , n nc e i A d n ds e ne p ai e yn d na n ap i pm r mo o o C f e cf d eo o hV C TI

f eao r r a a V spI r fe oo t l c u s en d r o e i i h d s i c tv S n eof dro npI eeI I h pt V e, dt a nr ne i a rmp on f erl e deb ova coc fGl i o ep t sa p t ta n eSt mro eon l e r a i r r . u a 7 t qn 1 3 ee 0 12 r C 0 ef 27 r o e ,5 t hyc . wr . f A t e ,i s s. y e w nni ain d pMae t mepr vme oi ct os a n Ci tr n t f 3 s ei o 1 mn 0 niV2 rmI, e t ec vdl oAuA d Gye s e fbh i o dc n eS a e fi s p ifm a c o ce Io pI ns I IC

. elys a l s r r na e o ol hi t t c u s e cr osi e t i td f r eo at cr nppn e ,e a y r d t e n nn i hi e ds p ue Ai e md .t i s n mi l r i of ob i t sco c entn n o r o i pet i d s m u e tr tt n i s t ere s di vn neni ehi e pteh efh t dot n t nn i fs i reoi e omen f lc a fi tl np c uuem d d f fi o ndn c ono d cac n ls a a e r t oo nt s r oc i o mt s e s r oa i e r l d f pu o t g l rn e lr pe i , odws t nrr ee e ep d de nl i o u dnh gnae aimr y la sb u h i f s esh y ddt r t i oa i a r Cd f o ndn ea ht ni Ts am

s w o l l o f s a e r a s e n i l e d i u g e h T

see t do v i rv t a c dee nDj a*b t o s e lrs e a nc i cn i r h ae t m e x d E l * o g h n p i U k * a l m l a n hno sii rsi s e o i c t t i c e l i eb d r id i s d e nc to n n epa s de l a nr b ee ps d ei n dc ra ne i d exe hEm T r -*o y f l e n i vr i t o c f un ro t s i t nn oe ct t da nd an ya l e e vm i t i c t et j n b e oi c t fi c f Au *s

bona fide

Guidelines of professional conduct

272

Para 15.3

Restriction on number of companies where a person can be ‘independent director’

Separate meeting of independent directors financial

Liability of independent directors

Vacancy in position of independent director

Familiarisation of independent directors

15.3-2 Code for Independent Directors

* n o i t i s o p s i h e s u S b R a O te T o C c Nn E a R *n I y D r ne E a v V po I g m T U e o t C ca E f r X o o E p t s r N e o O r c e N t n n i & i y T tn n N a up E om D N mo E ac P r E t a s D pi s N es I hA O t * T ne i N c tn O n I ee T d C mn E ge T dp O ue R j d P tn n i es di nh ee ps eo dl o nt i d t no aN

Para 15.5

273

t*dr n e rp ta en de o ur n g p eme f pea e egS r a dn u *s na i tn *mn l eE l f a m* hoes seg r rcae on d n l a t ao c emmhe l r e r i okk n d f sa n r i to te r s n s epd r denye t a i s ni P r s ei n oa l l pt o ni eu i r r t dr me n nc g o i ga cn eSl n ia h*a d Twi uM c en -i l c y va ne eni v fis K i ,rd t n en c eoda i j l to b s a r h Om o et *rk c noae f t on r s i i i t d l l a l a e a r i e v c ft i bn o i u l a e sc nt d fi e sx d ee f r ro e a o t y ot t n ii Br n o g ei ne ct i a ttnr n a n i l e ee a n mrb u gudm s dn ne uE ar j Role and functions of independent director

,d ee od m t n t gke r rs oa dae ean i i o t etm voa a l i e r B B wt t h m y f oaeS c e r i o b e t nr o t*sm d7 . f kpi e y o e1 n ,r ml t l i l v0 i l e i p o2 m vug lr a k n i po i i i v sa t p7 t Ccmr n se pi h rdu e ea5 n r p eentio dyn s fi l h a t d r s o n n a s doep o e d dwr d e cr cr e pda r eo uno u epd *a tcs sxn lnBaen oee p l l s r l E l o i m c s a a i c d* s e ht a i i l ns sadt d n s rmnran a a u t o e or ( o pdi t t V r t ot n N c d c a I a f o en a * n i e r t ioaos l i a u d et Bn s e t oa md r ta v r ott n re ii t r o d h er c f ey c dpte t n s r S noSr i s a er*i f e pp dep vo ep trd i I t da nde I i d I s t ea nk d a na i e l e ee nee r s a hS ebr e p T* pdt o cf l * i -y eu ) d r o n n n s py oo r a i hi d e t r p f sn w ea m os h eo m t o gnt s l i c nra l b m e i b e t u cte u e l n h e s ne t p[ t s oi n) i h mc c t fih u w i s e w , f a i wst s l t t Huo e a r ye y r t *st rb a y i t p c r p a r MP ed xe a o s e i e l i r fsG*p yi p A d g nu mon u ns aq eadi as pe f t n i d e s mr e dv en o g t ndn r t a co m( aai a Duties of Independent director

.)n el ne a (c onn tno d s o r a sa sr er l eo e tP pB a rt li ea viaa. h r h 3 ae Ct1 hg o 0 l a d l s 2 n n a d , haar t s sa c sMr A o r y o s Be oe t t c K i c dn e edr na r i ap nd i d at tm tsn n n r eeo eo dmC tn dc ef ne go e er paV pi e nI edd ae drn nei ml i h- u et nnd hooee Tfneh o wc -e ft S coe f nebo c en nV s o e ai I r t pma a rmr to a u f P r or ohe f t y ipnl i w)f e v r(o i a t ewwc yi eof e av fl f nefe r i s o ly e gl i i nw t t i iu t l e d a gu en s t mi qi t e e ee t em a s r m s r o e a f e s r ph s e eT Ap s e csl n eo u r d i i s e d i h v to c n erS dpf neo h et I I p, I et V dn nea i r ma fn o p grnel e v i ob t e a eGc el i mt ap et p t Sa a r rt a oo pl n ea e s r r t fn a o . e37 sC 1 10 t n 02 f2 eo my, 7 terc5 t r A s i . i f u s . n e e qi . i eM n w r fead p i v e ,t i mt y r a oe nr Cs at pi s n fi o mn 3 oiV1 cmI 0 tde2 n Alt , eyu c d mb A e n h s rdc e e e i fiS n vi oc fa Geop pVm fs o Io e aC er r s aa f a s po cr fV nt oo I I

r e n n a m d e b i r c s e r p n i s r e d l o h e r a h. sd le l b a i mc r ss ye r bp de eb t c y ea l e rm os t a c s en r i o d i t ei nd on eo vc ad hn ya as mm r ye nt ah pc mu os ch t di ew t s d i l n Aa

s ne ai hn t a ep r om o mC tf o no 1 f5 o e1 un l o a i t vc le a s ni md e ob ni r fc o s e sr e r p a he sb gy na i m d l s o ha rm e u ds l r o e hh et r o a hh sc au ss nr ao es e me ”p s u r r e dd l n o a hs eu r o. a hh3 st1 ly0 l t 2 a n , met c wA St “

ly l a a mm sn ae ev be oe sh l t a a dt h l u e ot ha si c rd on t i c s ee r l i u d r de eh t t c ec t l e a ef hn t I . yd ae s i l yp l l m a ci fie i b c eo pt sd ta i o ns e sb e oy da nm o i ir tt . c h e eg d s uo l eo hh h t e t ,, r y ra l e h g ds nl i oa t s he e eb r r e t a t ho n sn I

. r o t c e r i d a h c u s g n i t n i o p p a y n a p m o c y n a y l d r a h s i e r e h t , l a n o i t p o s i t n e m t n i o p p a s i h e c n i S

) s r o t c e r i D f o n o i t a c fi i l a u Q d n a t n e m t n i o p p A ( s e i n a p m o C f o 7 e l u r n i d e n i a t n o c e r . a 4 s1 n0 o2 i , s s i e v ol ru PR

t n n d aee s hs t m e eag p r oea n mba o gtM nd( i es v r e ai i hun qa ye p nr asm o pi rC mo f ot o cc) e fi h r o ( ) d6 es1 s ’( r a 2 e cd 2 le no I l hu -e rR a h ht si lw l d a a me sr ta ) n ( i ) o 1 p( p0 . a14 o11 t n0 no2 , oi ts i c t e e l u Su l o R st e ) o r n l l o ea i hb t t a r ,lt a s t r s s i e n boi P mh m eg d muA od 0r n 0h 2t a

la a i y r b e gn ao ni s as mi ym em ko rc or ro e t n o o i ms os ri pm go nf i o e bt s tc o na h rc ou t c s ef r o i d t c ee vp i t s u ce er xn ei y n l on no , ae l db na al i rd ol t e c eh r e i b d tl l n a eh ds n, l ee pn en do ns i r ne Ap

15.5 PROTECTION TO INDEPENDENT AND NON-EXECUTIVE DIRECTORS

at the expense of company

acting within their authority, assist in protecting legitimate interests of company, shareholders and its employees

Separate meeting of independent directors

15.4 DIRECTOR ELECTED BY SMALL SHAREHOLDERS

Voting by Postal ballot, if members exceed 200

,f s o e s ) s 2 e 1 c( o9 r4 p1 n do ri a t oc e Bs [ hy gl ut n oe rg hi t l i ed l b d ae t t u c a Y b t i r N o t A t n a P d M ,a e O gh C de F eh l O we S or R ne O kh T sw C i E r h o R I he D t c i wn a v di en r n r uo cc cr oo . ] dt3 1 an0 e hs 2 hnt , coc i c h A s s wie h i yhn nt a ai pwp mdm ono caC gd nt e i d n i no op pp sa e r e r ob Ct [o 3n 1n 0a 2c ,n t o c i Aa t sc i e i o n s as pa mr oo Cm fr o fi )y , 1 ( n 9 a 4p 1m no oc i t y c en s a -s , ru oh t c T e. r ] i t d c aA e6 b5 9 n1 ae ch lt a uf do i 3 v 5r i o d 2 t n c n i e o nt r i i ac d yea l s n s oa Ot

s ste dey Is u n a B t eHi e eb g t l Ct (a r n eRp d . t i pxu l r -I s i o e ,hB p meo pe sst n e oi p i h apolwR Ca s u u h t n eRlr i 1r g d b , a 3en e d n w c c i i ni e l =ae o a as p t l l a c e 3 b r Iedyme 7on t o Rfnnc 5s a t a a i g N e Cim nlfyr /i e l Sru o l o t u vs a t 1th 1 d0 niat s 6cl r o 9ea dtne0 i e b 1ru i i t 2 o a a . d rmd2 Rdi npf el7 . Ifv u r e n d Aoi i d o2 bn g u en i n ci naqho e s e fie a r or sd f oct t o f m e e en f AH so h ed o a s Tmn -. s. e et n e yym da os i ah nnaa s t eaps s i t .ml ppha v mxmc, se a f reou0 e 0 we scs0 pi g r nu . yHnn25 . a ot i 5 n . i i k a ) . 0 . s d a l y 3 d a 0 i s t n t v a i 2 i m d I u l g oe i e8 oo rl r y b r t p, hbbo a a t a fd2 t se i s n d i e r e w e Be h l u oo e cp t b t Ra rn f tr e oa -d c ua0 a t c c t i c Rl hea 02 t e i t hf 0 p 4 r np ma 21 dto i / l d a e dd / i e 66 erds1 hnl n n 0 s e mt I s a fi o.0 o i i t a i 2 t n s t Nr a e wu c oie l 5 rs n0 d o f tt a r i o0 h ii y a i ,ae d l t 2 ) w p l p a C b , o e s c p e n St s a n fi a b ( o l a i i ot n n e nnt 3i a i l oe 4k v saaa n1 aa a cclNr I B.K. Thakoor

Oriental Metal Pressing Works (Pvt.) Ltd.

274

Para 15.7

15.6 WHO CAN BE A DIRECTOR ?

Foreign national/NRI as non-wholetime director

t s a e l t a r o f a i d n I n i d e y a t s s a h o h w r o t c e r i d e n o t s a e l . tr a a ee vy ar ha td s n ue l ma yc ns au o pi mv e or cp ye r h e vt en ,i r s e y va ed w2 o8 H1

tr n o ef mt i em r i . i l ] u r qet o egc a r e rr oe i np d ps s iu a e d o r ne e t hi sn Te i o -r ep hp Ta e .b r ot t o c en r n i a d c sr a o nn oi sm r e a p, r ae tv n e i o w po pH a[ or . t o nt c oe i t r a i cd fis i la a n uo qs cr i e mp ea dg an ci at n yi no ap p fa o No qualification or age limit, except in case of listed company

)r b e ( i l ) r 1 a ( 6 e 1[ ] n5 o1 i 0 t a 2. l d , u e gsb n eo i Ri r t c [a s el e gur agp e fR t o i m ss )i r tl a r ene yep 1mp 2eu r ni o u aq n he t s i sRe s r ee e l r euh s T bo . tl ] o c t nsn i e lD l m a hde sne r rag osA t n c o g ei r n t i i a t d gi s ,l i y L nbf aOo p ) mgg n ( i ot ) i cs i i i ( dL ) e( A t ( I) s i B( I l fE9 o S4 efe s os a u )a ci i l n( vC I

. t] n t ec mA n6 g5 i 9 s 1 s a e hh ct uf So 2 .1 n o3 s n r e o pi t rc e e hs t o o t ng an od i t en co fip f s o e r sr i h o c n[ g3 i s 1 s 0 a 2 t, o t nc nA as ce i rn o t a c p em r i o d AC f -o ) 6 ( 6 6 1 n o i t c e s . d i o v s i No assignment of office

.o dr l ot u t g oc n hei sr d in yd neo p an s po e m r r omo cuC m[ di en 3 t i i1 mm0 ie2 l , evt t ac a vhA l i l s r i e pw i n A)a Cp .P s r Om o( t o c yC en r af i d po ) em1 eo( r 9 hc4 t n to1 s n s a r o ee i l t pc te e a ens voaA5 h.1 s . tr ] et s uobc t c me nA 6 yra5 nic9 ads1 r poo e mwt h otct cmef r i o cud i m l 2 b im5 un 2 piun ymmi o i r ex t e va c va e EhMs 15.6-1 Number of Directors

. 5 1 n a h t r e w o l e b n a c s r o t c e r i d f o r e b m u n l a u t c A

. n o i t u l o s e r l a i c e p s a g n i s s a p y b 5 1 d n o y e b d e s a e r c n i e b n a c s r o t c e r i d f o r e b m u n m u m i x a M

. m3 1 o0 c2 ) , tt fi oc . rA 3 p s 1 e 0 n i 2 on , na t c .p A e m . i o s e dC i ef n s no a e2 p c6 m i 4 o l ( C 8n f o ni o t c oe 2 i t 7 s 1 c er n e s d o on i t t c eu e l d s b e r au e cs i d li s n p p5 u a1 e l t0 b 2 o a n6 h - s s5 i i d n se u r ot p a t s c ed i n r n i o i o d i t s 5a i v 1c o f fi r i o t p o t e iN h m t iA f l C o rM e n p o p- t i s ue a i l en o ha i Tp V

. d e t a n i m o n / d e t n i o p p a e r a s. r s or t o c t ec r e i r d i ed md e ot Sa n .i g nm i t o e n e/ md e lt a n r i e o np ep ga e/ hd t e tt a c de l ee t f c eo l s e t s ei r s a n so r c od t c r ea r o i B d , es mu oh ST

15.7 ELECTION AND APPOINTMENT OF DIRECTORS

S R O T C E R I D F O T N E M T N I O P P A D N A N O I T C E L E

na of co s se r l oi c t t c r ea r i e d h hT ct . uc SA .e s r h ot t f c eo r s i n d o ti n s i ev no ar mp rr e e ph t fo o e th n et o mt tt n c i e o j pb pu as es hr o t t rc oe : t f ra eih ddt e i v e m oi d i rt v pe o f oi r sl p l ey a yha t m ae mb y n soa t e l ep c i m u t no r i At c

s on t o ei l s b i v ao i l r tp o r ne yp ns aa pd me ov co em he t r fe o b sy r oa t m c er r o i d e r ti n t ee nr ar mo rn e g i ps ee hr t y ea bm ly l a e hh st ., . r e …v . …e3 .w1 r o 0 MH2 , t d.c nnA o at i s .a e ti …o n …ra yp …b m …eo r C .t i r f eo Mr

nl. a ar s r he o t nt sec s ge e r l ai etd r a g a e n ’d i s r i r i c t oe e t r dc eon r to i d tn n te t n n ete nen apa m mo m rc r e e pep ‘ be el lh hi t t rwe oyb nl l sa r a oph t ms c eoo r ch i d e hw tt o n t e, ss nr aoa mtn c o rei e r t i pd u l r o f oo s f e r r ee db y i r v a omn rui pnd r tlo a o t no n t a of do y s b d e rg l ci n h i i t t t r e e An e fo m I od t o o et vs ar he d tn o nu s oa d’ t yn . ee e hn r t au tmd a e rc he t o spr nep aed eye o ml b i p r y c m l s n e e og r p ’n t ig n ekn nai m w a‘ o mf l l ro o e ef Ps ‘ y nb -e sd ee hv t o em ve ar he tb o nn a sc e oy de th I T .. n ow i a t l a l t a o i rr t ys bu ed r n i i t e n r i

s xe l ac t i t 3r 1A =n i 7r ’ 3o 5t c Le Cr i Sd 9t 0n 1e )n 1 a 1m 0r 2e ( p ‘ s a d e m a n r o t c e r i d a t a h t d l e h .n v e e b s a h t i , ) B L. Cd (e 2v 2o m me or ce . n b nn aa nmc I -

Surya Telecom Services P Ltd. Anup Kumar H Chachoria

Para 15.7 275

15.7-1 Permanent directors

Permanent directors can be removed

og.eg d b n ne wi i s o Tt d i n s .i n a l n o ora op p ls sl i tpa e u awar h l o sr snnro o e oo C i r t i t[ t u c el c 3 e1 no er j os 0 i yebd2 bros, t dhoac ecntA u n t fe s si n e i i fnmn o I p. t e a n vi pn p aoeo m ,po ei td bu ipC l a o do vrf l s u o e so2 or h if6 t e n sl n o1 rg n oneso r m i t e s c i t p t ean c r i e i yoas d g p n ebpi t ndat n oe a e t e nm yn hi l it n mt o , n Opd o i no .pe . y ] a s p t t i srpc o e a r a A obpts j n t 6 i a s eh o 5 r mn 9 omr1 nc t to ea n l fe ei p c h n o r msd i ot pi r p i f to so ateao3 c n nm6 ye oa br a 2 i n g sd sn i a n a o nehi i v r d t oo t oe i c t e merts c r a p erop eo l r E omAt t 15.7-2 Election of directors

d e u s s i 5 1 0 2 6 5 d e t a d n o i t a c fi i t o N A C M y n a p m . o3 c1 e0 t 2 a , vt i c r pA s oe t i n ea l b ap cm i lo p C pf ao t2 o 6 n4 sn i o ni t oc i t e c s er s e sd i h n Tu o s e r e l g n i s y b d e t n i o p p a e b n a c s r o t c e r i d e n o n a h t e r o m , y n a p m o c e t a v i r p f o e s a c n i . ,n s o ut i hu Tl . d e d n a m e d f i , l l o p y b r o s d n a h f o w o h s y b s i r o t c e r i d f o n o i t c e l E

tt3 s a 1 a h 0 et 2 l e td , t a c i tv A u boe s r ,pi s n r na oa t p c c enm r o ioC i d t ta f i n o c eo ) ns a as ( ) mA6 ( rf2 e po5 ss1 e a ln c o si i t r t r oA c t e c ,s er r e i v g d . n] 3et i t /we c 1oe A tHm6 s . 5 on l9 a mor 1 i t ee ea nh ht et t o trgf a yo yr tb n e5 i ev5 o r e2 pi n t t pe o a ar i t ec ntr ast e i s cue o ymr n lt asl g prii n w o t mc sd r oe n o r ci o t p cd c s i l fee r b r uoir d 3 o p/ lC l A2 a [

i d 1 1 r o 0 1 , 9 s a h t i f i t u b , g n i r i t e r n o n e b n a. cg n 2i r yt i l n e r o,n s o r on t e c eb r n i d a 8c s rr oo t 7c e sr a i hd yf no a p3 n me oh ct f, s i r ,o s t uc he Tr

td oeo t r e n a u gh s os ns i s i t el5 a a r l l i 1 e l t i r 0 n 2 s wnen6 e or o5 i i e s s i hi d v v e owo t rer a Pl pd -b n e a o chi T i t l .a p s c pt fi an i t teo o m nnN rA ee r vC a roM oGt ey c t ea n r ta i S d p hrm coo. a/c 3 edt 1 n 0 n fa o e2 tm , tn t n enc em rA e mn s ve tr i n eon i vGa o pohp pGc m alu aso rr ot fC f nof neyo oCr 2 i a 6 y t u bi4 d l i n d o s o sl bi eu e t h r c se so ei s t t l a r a r ye t l a i d p p pa pn ec au s

Provision not applicable to wholly owned Government companies

. f l e s t i t n e m n r e v o G y b d e t a n i m o n e r a s r o t c e r i d , s e i n a p m o c h c u s n i , t c a f n I

s r o t c e r i d f o r e b m u n e h t f I . r a e y y r e v e e r i t e r t s u m s r o t c e r i d f o 3 / 1 , s r o t c e r i d g n i r i t e r f o t u O

15.7-3 Retirement of one third of retiring directors of public company except wholly owned Government companies

s e i n a p m o C f o ) c ( ) 6 ( 2 5 1 n o i t c e s . e] r t Y i c t N e A A r 6 P l5 l M a h9 O s1 C e 3h F /t O 1f S oo R t ) O t2 s T ( e C 6 r E 5 a R e2 I n n D o ri e t bc e ms uo nt ,g e n ei r d hn t o fp o s ee l r p r i t o l C u[ m 3 1 n0 i t2 o , t nc sA i . s e i n a p m o c c i l b u p o t y l n o s e i l p p a n o i s i v o r p e h T

. 3 1 0 2 , t c A s e i n a p m o C f o 2 7 1 n o i t c e s r e d n u e l b a h s i n u p s i n o i s i v o r p e h t f o n o i t a l o i V

g en r i r fi o t e tr u n Oo .n g ne i b r i n t e a r c n 3 os , nr o et bc e nr ai cd s0 r 1 os t a c . ehr r a de i d r y a fo y o r B e 3f v ,I e s . r r e oa r t e i c t ye ey r r i rt d e s 9vu e m fe o r 2 i st , t s er s r i o s tt ns c oue cmr i d d r2g , a n osi r oi Bt r t fc e i ,er r e i 7 l d p f m6o gt an u xi o en rid oan Fma

r e h t o e m o s r o r o t c e r i d g n i r i t e r e h t g n i t n i . o 3 p1 p0 a2 , yt bc A ys ce ni an ca ap vm eo hC t f lo l fi ) e y( a6 ) m( 2 y5 n1 an po i mt c oe cs ,Mn Go Ar s te Ap o r p y l s s e r p x e s3 . s e 1 l 0 n 2 u, t ,c y l A n os e gi nn i a t p e em mo lC a f r o e ni ) e( i g) a e( h6 ) t ( t2 a 5 d1 en t n o i i t o c pe ps aet r ec bA 3 t1 s u0 m2 e sh r ot t n c i ee r s i i d w gr ne i h r t i t o e d r e ed hi Tv

sen ta o e i e,dt r e c me be lvl s le a wa r t e hs nosr e H fi g.ee r t i ln t r a i e t uer e nmor t nn t l l ai i e r oa w yp r o p e oh vah w etw s s ta , a e l e n sv r o i l oe he i t t s h a , t m t y ea o e rcd h net yi g bs mn ea ec o r sm i fi t ea f e o h r t e oi nn e t r stog s r sa oer g s t or c nt eo co r ilet. c r d n e3 i r 1 eedi 0 heed 2 Tbme, t -easc v acoA h e hb t s s e oos i hh e n l ww a n p e um s s , nt oo o oC hs l t r eeyf bpbo ) lndd l ee( a n ) hei 6 swm ( 2 tr ge 5 e1 nb t i

,t , yi de)A C l c i(C p ar PA ppty Os a nnM e f ri e a to o on h o t p t n%o ya t mn np l0b l o 5 e a a c r pm hno ym o sa mC srd yh/ n o a ct ti e cf d n n o s m e i as e t ) ce sa a 6 almb[ v ( u t n vo i 2 e r rsv 5 pn p e s 1 o t ue v f oib n o gr r a o G o ne ei ) i s h , t l a e l a c wth( fi t cs e a d)toe ns nySbs I an ru -a y a , sanol p c e t r s oman n i t w oyei b c o r ecrmt e r n o d i h d etrd t e t e n o fs v r o eo i r l r tn e mGf o n eanee n hrtr o. mt e a i y v t s t er e a oSn r ] e i i t a 7 G t r n h o e op1 t a r l r o a lm0 p y o(ra o2 m t t b r yn c6 t o gn e en t 3 c na r Cen1 i i p t c t C e i y a n e l m m l y r o b e ob b n u r t ) d o p scldrE n ntele( o onhev3 t o d h e 6 i s s el i G4 y m s i e li . v n n onalfo t o a o r i N re t s p i s y Pv r e oi - aprn o c a a o t l i Gecd i c p t e p a i arps r a i )aubc h d fi 3 d i si ut (p 1 e0 aso h2 ou pan t t

s rhe 5he m5c c i i i hh n o1h t cnw a r uwp ao f i y gm t fc t an l o o iC a e h r rs nt ue i o2 ,ew dh t p c 5a tt ,s e1 e r r i n o n fi d o t oe i ge rt l h oc n b d t i lei au e rd a s lne ufe itn do btfe i s nam v l o i l na cya d a o had ni 3 s i s i 1 ih0 yv ys t c nonl 2 a, arau t aec fppf I emerA o -ho t dfs e fcesi e e h o n ea htp yt eu nf p r ao e rm hrhdo. o w t eC8 i t wc dr 1 f d en 0 no2 gr a i nd su91 i y reh51 l oee12 p p v n l ma fi u . o f i . ourot e ci ddt c . r e. nds ni va i w tdsn 9 e l u n s1 t u i ox e ahh 0 eu2 f ctyn e ut yat it , ds c y,fmnA o n 6 fi c 5 o h ) a1 t t cl tn sn i dh ue e n oe ki wam f at t d yen mcx d t e el e ys a h m ndync anaeu A pamps (

y l . n e os o dp er s ou pp s mi ih t er bo df l d u e oz cr i ho ch i t h u wa s ti n eo mh nw o sD i R r pr mo i rC oO eR ny fib rd oe f s do ep dm i i v oe rb pn na oc i y t t c l ea s n ee hp t , ,w 8 1o 0N 2t . r 1 1u o 2 C ly l i T b

o t d a h g n i d n u o p m o c f o e r u d e c o r p . ,d r e e vs eo wp m oi He .b e l n b aa dc nt y ul oa pn e mp oy cl t sc a e wi r ed c, nw eo f N f o . h et hi t w ,d r e e i i ll r p a em no ec ve Eb

te o r na e es r e a h yT e. hr s t o dt c ne ar i ed r i g t e n r i r i ot t e r el n b o an i l r te o h nt eo r f a o r se r ob t m c eu r n i d g n ei mr e od si s ,n s r o oc t c r eo r f i d d e fr o e d ri e s bn mo uc ne lb a ot t s o w d t eo fr l o l io u tq f u s ea Or

eert o l e bb b i y ns m r an a co ur t epnn sfo He oc .r n tes oo s i oi n t t pi a sr t i f o reui p n yHre b.o v emfe i r d h i d t e d i e t l en r a t uv on t ios eoci l p tt b po n aa n i e l ssm ta i o t h en nh i H sc o i ih .p nh p owta i i a t n r f u i ode t i i t t oh s u oT ni t g. I t t ls nn a ni i e I c lem na n ai e or c nn dt i i F fe a i nr yi ,r bF r oo detf c eh ee t t r l n yi b i o bdi a pysl as pl an sr roto o cc t d a t es c e evi r o i r h i mrd d f eo Ar fo



276

Para 15.7

vide

Which directors to retire

No retirement of directors in case of Government company or subsidiary of Government company a b

No retirement of directors in private company or OPC

Penalty for violation of provisions of section 152

15.7-4 Mode of calculation number of non-retiring directors

Company Law Ready Reckoner AUTHOR PUBLISHER DATE OF PUBLICATION EDITION ISBN NO PAGE NO. BINDING TYPE

: TAXMANN : TAXMANN : JANUARY 2022 : 10TH EDITION : 9789393656209 : 816 : PAPERBACK

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[Guide to Companies (Amendment) Act, 2020] to quickly understand the amendments

[Topic wise Commentary] on Companies Act, 2013

[Analysis of all Provisions of Companies Act] with relevant Rules, Judicial Pronouncements, Circulars and Notifications

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