First Notes - 12 June 2014

First Notes - 12 June 2014

Clarifications relating to independent directors


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The Companies Act, 2013 (the Act) was largely operationalised with effect from 1 April 2014. However, there are a number of implementation issues on which various stakeholders have sought clarifications from the Ministry of Corporate Affairs (MCA). The MCA vide general circular no. 14/2014 dated 9 June 2014 has provided clarifications on the matters relating to pecuniary relationships, appointment and tenure of independent directors (IDs).

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