Clause 50 - Amendment of section 160. - Companies (Amendment) Bill, 2017

Amendment of section 160. 50. In section 160 of the principal Act, in sub-section ( 1 ), the following proviso shall be inserted, namely:- Provided that requirements of deposit of amount shall not apply in case of appointment of an independent director or a director recommended by the Nomination and Remuneration Committee, if any, constituted under sub-section ( 1 ) of section 178 or a director recommended by the Board of Directors of the Company, in the case of a company not required to constitute Nomination and Remuneration Committee. .