Independent director as per companies act, 2013
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
16 April 2014
Dear Sir/MAdam,
my query is regarding appointment of Independent Director, exmpl:
X Ltd is a Listed Entity, Mr. A and B are the directors of X Ltd.and they are called Independent Directors, but they are also Director of 5 (Five) Associates Companies of X Ltd. a listed entity and they also take salary on Per month basis from one of the 5 associates Companies.
the above is the example so kindly confirm me from yours valuable opinion Mr. A and B are really Independent Director of a X Ltd. Listed entity.
my query is regarding appointment of Independent Director, exmpl:
X Ltd is a Listed Entity, Mr. A and B are the directors of X Ltd.and they are called Independent Directors, but they are also Director of 5 (Five) Associates Companies of X Ltd. a listed entity and they also take salary on Per month basis from one of the 5 associates Companies.
the above is the example so kindly confirm me from yours valuable opinion Mr. A and B are really Independent Director of a X Ltd. Listed entity.
17 April 2014
Taking salary from one of the companies indicates employment. As per section 149, if a persons holds position of employment in the company, holding subsidiary or associate company, the criteria of independence is not fulfilled. So, A & B shall cease to be independent directors.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- Is this income indian or foreign income?
- ITC temporary reversal and reclaim
- Applicable TDS rate for sale of property in Nov 2024
- Inventory of finished goods
- Sale of property furniture sale
- Quiery in relation to GST liability in case of an advocate who has obtained GST registration.
- REGARDING 25 AS DATE OF PAYMENT AND DATE OF BOOKING
- Can we claim ITC of Feb-2024 in the month of November-2024 which was not claimed by oversight
- RCM INVOICING FROM NOV-2024
- Confusion around Form 26QB fields
- TDS under section and rate of TDS
- GST input on scooter purchased
- TDS under section 194Q and TCS under section 206C
- GST input on car insurance and repairs
- GST input on Diwali gift to employee
- GST input on Mobile Handset
- Material and freight in same invoice
- TDS under section 194J inclusive of reimbursement of expenses
- TDS on Material and Labour in same invoice
- Should I be worried about and rectify reporting Jan,Feb ,March 2024 foreign salary in schedule FA?
Trending Online Classes
CAclubindia
