XYZ company is an unlisted company having turnover as on the last date of latest audited financial s...........

Companies Act-Phase (I & II) Directors - powers and appointment

XYZ company is an unlisted company having turnover as on the last date of latest audited financial statements is Rs. 100 crores. How many independent directors have to be appointed by the company if company have 7 total number of directors?

Two directors

Three directors

Four directors

Five directors

None of the above

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Explanation:

As per Rule 4 of Companies (Appointment and Qualification of Directors) Rules, 2014, the following classes of unlisted companies shall have atleast 2 independent directors:

a. Public Companies with Paid up share capital of Rs. 10 crores or more, or

b. Public Companies with turnover of Rs. 100 crores or more or

c. Public companies with aggregate outstanding loans/debentures/deposits exceeding Rs. 50 crores