This is an important ruling from the perspective of filling up the casual vacancy by the death of an ID, said experts. "Many companies that have not obtained prior shareholders' approval can take shield of this order and avoid penalty accordingly," said Gaurav Pingle, a chartered accountant. "The word 'unless' in Regulation 17(1A) does not mean 'prior approval' northe requirement of passing a special resolution is a qualifying condition for appointment of a person as a director."
The matter
SS Chauhan, who died on November 22, 2020, was a non-executive ID at Nectar Life Sciences, resulting in a casual vacancy in the board of directors. This vacancy was required to be filled up within three months. On February 13, 2021, the company appointed Ajit Singh Dhillon, who is over 75 years, as an additional ID.
Denne historien er fra May 10, 2023-utgaven av Financial Express Mumbai.
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Denne historien er fra May 10, 2023-utgaven av Financial Express Mumbai.
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