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TMI BlogINSOLVENCY AND BANKRUPTCY BOARD OF INDIA (MODEL BYE-LAWS AND GOVERNING BOARD OF INSOLVENCY PROFESSIONAL AGENCIES) (AMENDMENT) REGULATIONS, 2018X X X X Extracts X X X X X X X X Extracts X X X X ..... amend the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016 namely: - 1. (1) These regulations may be called the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) (Amendment) Regulations, 2018. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016, in regulation 2, in sub-regulation (1), clause (a) shall be renumbered as clause (aa) thereof and before clause (aa) as so renumbered, the following clause shall be inserted ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... tionship with the insolvency professional agency, or any of its directors, or any of its shareholders holding more than ten per cent. of its share capital, during the immediately preceding two financial years or during the current financial year; (f) who is not a shareholder of the insolvency professional agency; (g) who is not a member of the Board of Directors of any of the shareholders holding more than ten per cent. of the share capital of the insolvency professional agency. (7) An independent director shall be nominated by the Board from amongst the list of names proposed by the insolvency professional agency. (8) An individual may serve as an independent director for a maximum of two terms of three years each or part thereof, or u ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... condition that- (a) an individual shall be selected as managing director through an open advertisement in all editions of at least one national daily newspaper; (b) an individual at the time joining as managing director shall not be above the age of fifty-five years, which may be relaxed by the Governing Board up to sixty years, after recording reasons therefor; and (c) an individual shall not serve as managing director after he attains the age of sixty-five years. (2) The appointment of an individual as the managing director shall be for a tenure of not less than three years but not exceeding five years. (3) An individual may serve as managing director for a maximum of two terms. (4) The process of appointment for the second term of ..... X X X X Extracts X X X X X X X X Extracts X X X X
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