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Learn MoreThe notification has also amended Rule 7 of Director’s Relative (Office or Place of Profit) Rules, 2011 and redefined the constitution of Selection Committee for the purpose of appointment of a director to the office or place of profit. Under the amended Rule the Selection Committee shall comprise of:
(1) For listed public companies — independent directors shall constitute the majority and committee ought to have an expert in the respective field from outside the company.
(2) For unlisted public companies — independent directors are not necessary but an expert from outside the company should be part of the committee.
(3) For private limited companies — independent directors and outside experts are not required to be part of the committee.
Thus, even a private company is required to constitute a Selection Committee for appointment of director to an office or place of profit.
For complete text of the Notification visit:
http://www.mca.gov.in/Ministry/notification/pdf/ Notification2_31mar2011.pdf