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TMI BlogCompany to have Board of Directors.X X X X Extracts X X X X X X X X Extracts X X X X ..... east one woman director. (2) Every company shall have at least one director who has stayed in India for a total period of not less than one hundred and eighty-two days in the previous calendar year. (3) Every listed public company shall have at least one-third of the total number of directors as independent directors and the Central Government may prescribe the minimum number of independent directors in case of any class or classes of public companies. Explanation . For the purposes of this sub-section, any fraction contained in such one-third number shall be rounded off as one. (4) Every company existing on or before the date of commencement of this Act shall, within one year from such commencement or from the date of notification of the r ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ding the financial year in which he is proposed to be appointed; (ii) is or has been an employee or proprietor or a partner, in any of the three financial years immediately preceding the financial year in which he is proposed to be appointed, of (A) a firm of auditors or company secretaries in practice or cost auditors of the company or its holding, subsidiary or associate company; or (B) any legal or a consulting firm that has or had any transaction with the company, its holding, subsidiary or associate company amounting to ten per cent. or more of the gross turnover of such firm; (iii) holds together with his relatives two per cent. or more of the total voting power of the company; or (iv) is a Chief Executive or director, by whatever nam ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t director shall hold office for a term up to five consecutive years on the Board of a company, but shall be eligible for re- appointment on passing of a special resolution by the company and disclosure of such appointment in the Board's report. (10) Notwithstanding anything contained in sub-section (9), no independent director shall hold office for more than two consecutive terms, but such independent director shall be eligible for appointment after the expiration of three years of ceasing to become an independent director: Provided that an independent director shall not, during the said period of three years, be appointed in or be associated with the company in any other capacity, either directly or indirectly. Explanation. For the purpos ..... X X X X Extracts X X X X X X X X Extracts X X X X
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