Section 50 - Amendment of section 160 - Companies (Amendment) Act, 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. .