Director’s Relatives (Office or Place of Profit) Amendment Rules, 2011 - Amendment in rule 3

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..... 11 - Amendment in rule 3 In exercise of the powers conferred by clause (b) of sub-section (1) of section 642, read with sub-section (1B) of section 314 of the Companies Act, 1956, the Central Government hereby makes the following rules to amend the Director's Relatives (Office or Place of Profit) Rules, 2003, namely:-- 1. (1) These rules may be called Director's Relatives (Office or Place of Pro .....

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..... profit in the company shall have to be also approved by a Selection Committee. Explanation.- For the purpose of this sub-rule, the expression "Selection Committee" means a committee, the majority of which shall consist of independent directors and an expert in the respective field from outside the company: Provided that in case of unlisted companies, independent directors are not necessary bu .....

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