Amended
Companies (Appointment and Qualification of Directors) rules, 2014
Ministry of
Corporate Affairs vide notification dated 5th July, 2017 amended
Companies (Appointment and Qualification of Directors) Amendment Rules,
2017(Rule). The amendment is in respect to Insertion of sub-Rule(2) in Rule 4.
As per Rule
4(1), the following classes of companies shall have at least two directors or
such higher number of directors as may be required for composition of its audit
committee as independent directors –
(i)
the Public Companies having paid up share capital of ten crore rupees or more;
or
(ii) the Public Companies having turnover of one hundred crore rupees or more; or
(iii) the Public Companies which have, in aggregate, outstanding loans, debentures and deposits, exceeding fifty crore rupees:
By inserting
Sub-rule (2), the following classes of unlisted public company shall not be covered
in the above provision:
(a) a joint
venture;
(b) a wholly
owned subsidiary; and
(c) a dormant
company as defined under section 455 of the Act.".
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