Orders
(0)
News
(0)
Queries
(0)
No updates found in last 7 days.


Q & A

1920 Views 3 Ans

Please refer to the rules related to the appointment of an Independent Director i.e.Rule No. 4 of The Companies (Appointment and Qualification of Directors) Rules, 2014 the proviso provided that any intermittent vacancy of an ID shall be filled-up not later than immediate BM or 3 months from the date of such vacancy, whichever is later. Now if we got to Schedule IV ("Code for Independent Director") VI. Resignation and removal: Point 2. it has been provided that the ID vacancy shall be filled up within 180 days from the date of removal or such resignation. Please clarify within how many days the vacancy of ID should be filled-up

Independent Director

Posted By: Pradeep chugh 9 year(s) ago

This question has been closed if you want to answer,you have to re-open.


    SSK

Schedule IV is the guide / format of professional conduct for IDs. Hence the relevant rule shall prevail i.e. vacancy of an ID shall be filled-up not later than immediate BM or 3 months from the date of such vacancy, whichever is later.

  • Comment
  •   Comment (0)

    s.m.a.millath

I agree with the view posted by Akansha. As which ever later provides for the maximum period of 180 days, the same can be availed by ensuring that no Board meeting has held before that period after the vacancy.

  • Comment
  •   Comment (0)

    Akansha

Though both rule and schedule provides different time limit so as per my understanding we should fill the vacancy within 180 days (upper time limit as prescribed in schedule IV). Further the text of rule says " not later than immediate BM or 3 months from the date of such vacancy, whichever is later " later here means 180 days as per schedule IV of the Act.

  • Comment
  •   Comment (1)
#
Scroll