Wednesday, 31 October 2018

Companies (Appointment and Qualification of Directors) Rules, 2014

Companies (Appointment and Qualification of Directors)Rules, 2014.



COMPANIES TO HAVE BOARD OF DIRECTORS (SECTION 149)

WOMAN DIRECTOR ON THE BOARD (RULE 3).
The following companies classes shall appoint at least single woman director.
 -every company listed;
 -every public company other having-
-paid-up one hundred crore rupees shared capital or more, 
-three hundred rupees turnover or more.
The share capital paid up or turnover, as may be the case, as on the final date of audited financial statements listed shall be taken into an account.
A company, under the Act has been incorporated and under second proviso provisions to sub-section (1) of section 149 shall comply with such provisions of six months period from the incorporation date.
Any vacancy intermittent of a woman director shall be filled-up by the Board earlier but not later than immediate meeting of next Board or three months of such vacancy from the date whichever is later.

INDEPENDENT DIRECTORS NUMBER (RULE 4).
The following class or companies classes shall have at least independent directors two director.
the Public companies having share capital of ten crore rupees or paid up more; or
the Public companies having one hundred crore rupees turnover or more ; or
the Public companies which have outstanding loans, in aggregate, deposits and debentures, exceeding rupees fifty crore:
In a company case covered under this required rule to appoint a independent directors higher number due to its audit committee composition, such higher independent directors number shall be applicable to it.
Any vacancy intermittent of an director independent shall be filled-up at the earliest by the board but not later than next board meeting immediate or three months from such vacancy date, whichever is later.
Where a company ceases any of the conditions to fulfil for three consecutive years stated above, it shall not be needed to comply with these provisions until such time as it meets such any of the conditions.
The paid up turn over or share capital or debentures or outstanding loans and deposits, as the case may be, on the last date of audited financial statements latest as existing shall be taken into an account.





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