Transcription of APPOINTMENT &QUALIFICATION cover - ICSI
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APPOINTMENT &QUALIFICATION cover - ICSI
COMPANIES ACT, 2013 BACKGROUNDERAPPOINTMENTAPPOINTMENTAPPOIN TMENTAPPOINTMENTAPPOINTMENT AND AND AND AND ANDQUQUQUQUQUALIFICALIFICALIFICALIFICALI FICAAAAATIONSTIONSTIONSTIONSTIONS OF OF OF OF supreme executive authority controlling the managementand affairs of a company vests in the team of directors of the company,collectively known as its Board of Directors. At the core of the corporategovernance practice is the Board of Directors which oversees how themanagement serves and protects the long term interests of all thestakeholders of the Company. The institution of board of directorswas based on the premise that a group of trustworthy and respectablepeople should look after the interests of the large number of shareholderswho are not directly involved in the management of the position of board of directors is that of trust as the board isentrusted with the responsibility to act in the best interests of the Board comprises individual directors, yet the actionsand deeds of directors individually functioning cannot bind thecompany, unless a particular director has been specifically authorisedby a
(Rule 3 of Companies (Appointment and Qualification of Directors) Rules, 2014 hereinafter referred in this chapter as Rule) 7. Independent Directors Section 2(47) of the Act prescribed that “Independent director” means an independent director referred to …
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