Corporate governance requirements with respect to subsidiary of listed entity

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..... listed entity. 24. 1 [(1) At least one independent director on the board of directors of the listed entity shall be a director on the board of directors of an unlisted material subsidiary, whether incorporated in India or not. Explanation - For the purposes of this provision, notwithstanding anything to the contrary contained in regulation 16, the term material subsidiary shall mean a subsidiary, .....

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..... rm significant transaction or arrangement shall mean any individual transaction or arrangement that exceeds or is likely to exceed ten percent of the total revenues or total expenses or total assets or total liabilities, as the case may be, of the unlisted 2 [***] subsidiary for the immediately preceding accounting year. (5) A listed entity shall not dispose of shares in its material subsidiary re .....

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..... cial resolution, unless the sale/disposal/lease is made under a scheme of arrangement duly approved by a Court/Tribunal[, or under a resolution plan duly approved under section 31 of the Insolvency Code and such an event is disclosed to the recognized stock exchanges within one day of the resolution plan being approved] 4 . (7) Where a listed entity has a listed subsidiary, which is itself a holdi .....

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