Alternate Director to act on behalf of Independent Director Listed and Unlisted entity
According to Regulation 25 of SEBI's Listing Obligations and Disclosure Regulations (LODR), a listed company shall not appoint an Alternate Director for an Independent Director. However this regulation doesn't apply to an unlisted company where an Alternate Director can be appointed for an Independent Director Section 2 clause 34 of the Companies Act, 2013 defines Director
(34) "director" means a director appointed
to the Board of a company
(47) "independent director" means an independent director referred to in sub-section (6) of section 149
Sub section 2 of Section 161 and proviso to subsection 2 of Section 161
(2) The Board of Directors of a company may, if so authorised by its articles or by a resolution passed by the company in general meeting, appoint a person, not being a person holding any alternate directorship for any other director in the company 3[or holding directorship in the same company], to act as an alternate director for a director during his absence for a period of not less than three months from India:
Provided that no person shall be appointed as an alternate director for an independent director unless he is qualified to be appointed as an independent director under the provisions of this Act
Regulation No 25 of LODR
No person shall be appointed or continue as an alternate director for an independent director of a listed entity with effect from October 1, 2018.
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