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TMI BlogCorporate Governance in listed Companies – Clause 49 of the Listing AgreementX X X X Extracts X X X X X X X X Extracts X X X X ..... e into effect from January 1, 2006. SEBI had received requests/suggestions to bring about clarifications on certain provisions of the clause. After examining the same, it has been decided to modify the existing Clause 49 by including the following provisions: Mandatory provisions: 1. If the non-executive Chairman is a promoter or is related to promoters or persons occupying management positions at the board level or at one level below the board, at least one-half of the board of the company should consist of independent directors. 2. Disclosures of relationships between directors inter-se shall be made in specified documents/filings. 3. The gap between resignation/removal of an independent director and appointment of ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... Section 11A, of the Securities and Exchange Board of India Act, 1992, to protect the interests of investors in securities and to promote the development of, and to regulate the securities market. IV. This circular is available on the SEBI website at www.sebi.gov.in . Yours faithfully, Parag Basu ANNEXURE I Clause 49 of the Listing Agreement shall be amended as follows 1. In item (I), (a) in para (A), (i) after sub-clause (ii), the following proviso shall be inserted, namely: Provided that where the non-executive Chairman is a promoter of the company or is related to any promoter or person occupying management positions at the Board level or at one level below the Board, at least o ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ve Chairman may be entitled to maintain a Chairman s office at the company s expense and also allowed reimbursement of expenses incurred in performance of his duties. Independent Directors may have a tenure not exceeding, in the aggregate, a period of nine years, on the Board of a company. The company may ensure that the person who is being appointed as an independent director has the requisite qualifications and experience which would be of use to the company and which, in the opinion of the company, would enable him to contribute effectively to the company in his capacity as an independent director. - Circular - Trade Notice - Public Notice - Instructions - Office orders Tax Management India - taxmanagementindia - taxmanagement - ta ..... X X X X Extracts X X X X X X X X Extracts X X X X
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