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    Question

    In the event of an Independent Director tendering their

    resignation, any resulting intermittent vacancy shall be filled by the Board of Directors at the earliest, but not later than _______
    A Three months from the date of such vacancy or the next Board meeting, whichever is later. Correct Answer Incorrect Answer
    B Three months from the date of such vacancy or the next Board meeting, whichever is earlier. Correct Answer Incorrect Answer
    C One hundred and eighty days from the date of resignation or next AGM, whichever is earlier Correct Answer Incorrect Answer
    D One hundred and eighty days from the date of resignation, subject to approval by the Nomination and Remuneration Committee. Correct Answer Incorrect Answer
    E The date of the next Annual General Meeting (AGM). Correct Answer Incorrect Answer

    Solution

    As per the Section 149 (4) and the supporting Rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014, the following class or classes of companies shall have at least two directors as independent directors (i) the Public Companies having paid up share capital of ten crore rupees or more; or (ii)the Public Companies having turnover of one hundred crore rupees or more; or (iii)the Public Companies which have, in aggregate, outstanding loans, debentures and deposits, exceeding fifty crore rupees.   Provided  that in case a company covered under this rule is required to appoint a higher number of independent directors due to composition of its audit committee, such higher number of independent directors shall be applicable to it: Provided further  that any intermittent vacancy of an independent director shall be filled-up by the Board at the earliest but not later than immediate next Board meeting or three months from the date of such vacancy, whichever is later .

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