Independent director?

    Independent director? – According to the Clause 49 ; ‘independent directors’ means directors who apart from receiving director’s remuneration, do not have any other material pecuniary relationship or transactions with the company, its promoters, its management or its subsidiaries, which in judgment of the board may affect independence of judgment of the directors.” The definition of the term ‘independent directors’ has been amended to mean a non- executive director who: (i)Does not have a pecuniary relationship with the company, its promoters, senior management or affiliate companies (ii) Is not related to promoters or the senior management (iii) Has not been an executive with the company in the immediately three preceding financial years (iv) Is not a partner or executive of the auditors/lawyers/consultants of the company (v) Is not a supplier, service provider or customer of the company (vi) Does not hold 2 per cent or more of the shares of the company.