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Table of Contents
| Appointment of Nominee director | Disqualification under CA, 2013 |
| Resignation, removal | Roles, responsibilities and liability |
| Board composition | Applicability and immediate actionable under present amendment |
Brief Introduction
A Nominee Director is a representative of a stakeholder/ stakeholder group (“nominator”), put by the nominator on the board of a company, to ensure that the interests of the nominator, and the general interests of the Company, are safeguarded. While, the enabling provisions for appointment of nominee director is primarily set out in Sec. 161(3) of CA, 2013 authorisation in the Articles of Association of the Company is a prerequisite. Under CA, 2013 the power to appoint director vests with shareholders. The Board has the power to appoint an additional director, alternate director and a nominee director only where specifically authorised under the AOA.
A nominee director is a director, and therefore, except for specific provisions of law, articles or the terms of the agreement under which the right of nomination comes, the position, appointment process, etc., of the nominee director are the same as those of any director. The similarities and the differences are tabulated as under:
Read more →Recent amendments relating to Corporate Bonds
– Vinita Nair, Senior Parnter | corplaw@vinodkothari.com
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SEBI Consultation Paper on NCS regulations: Changes in Offer Doc. | Mandatory Listing | Disclosure of Issue expense
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