Company “A” Limited has appointed as an additional director to fulfill the requirement of number of Independent Directors as required under the Companies Act, 2013 and listing agreement with Stock Exchanges. The appointment of said additional director would be approved as an Independent Director in the next Annual General Meeting of the Company as required under section 150(2) of the Companies Act, 2013. In this connection the following queries are to be considered :- i) What will be the category of additional director for the intervening period i.e. from the date of appointment as an additional director till the next Annual General Meeting whether he will be independent or professional; ii) Whether the Board has power to appoint independent director and accordingly whether we can categorize such additional director as independent director in the Form DIR12 to be filed on appointment of directors; iii) If such additional director is to be treated as an independent director from the date of which he was appointed as an additional director then whether the intervening period from the date of appointment as an additional director till the next general meeting of the Company would be counted for the purpose of two terms of upto five consecutive years each as mentioned in Section 149(10) of the Companies Act, 2013.

Independent Director

Posted By: Amish 10 year(s) ago