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TMI BlogObligations with respect to independent directorsX X X X Extracts X X X X X X X X Extracts X X X X ..... r of a listed entity, shall be subject to the approval of shareholders by way of a special resolution.] 12[Provided that where a special resolution for the appointment of an independent director fails to get the requisite majority of votes but the votes cast in favour of the resolution exceed the votes cast against the resolution and the votes cast by the public shareholders in favour of the resolution exceed the votes cast against the resolution, then the appointment of such an independent director shall be deemed to have been made under sub-regulation (2A): Provided further that an independent director appointed under the first proviso shall be removed only if the votes cast in favour of the resolution proposing the removal exceed the v ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... isted entity, including the following: (a) nature of the industry in which the listed entity operates; (b) business model of the listed entity; (c) roles, rights, responsibilities of independent directors; and (d) any other relevant information. 2[(8) Every independent director shall, at the first meeting of the board in which he 5[/she] participates as a director and thereafter at the first meeting of the board in every financial year or whenever there is any change in the circumstances which may affect his 4[/her] status as an independent director, submit a declaration that he 5[/she] meets the criteria of independence as provided in clause (b) of sub-regulation (1) of regulation 16 and that he 5[/she] is not aware of any circums ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... or to the substitution, sub-regulation (1) read as follows: "(1) A person shall not serve as an independent director in more than seven listed entities: Provided that any person who is serving as a whole time director in any listed entity shall serve as an independent director in not more than three listed entities." 2 Inserted ibid w.e.f. 1.4.2019 or the date specified in the provisions. 3. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/22 dated 05-05-2021 4. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/22 dated 05-05-2021 5. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/22 dated 05-05-2021 6. Inserted vide Notification No. SEBI/LAD-NRO/GN/2021/35 dated 03-08-2021 w.e.f. 01-01-2022 7. Omitted vide Notificat ..... X X X X Extracts X X X X X X X X Extracts X X X X
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