Companies will now have to appoint a new independent director within three months of such a post falling vacant, according to the government. In this regard, the corporate affairs ministry has amended certain provisions pertaining to the 'Code for Independent Directors' under the Companies Act, 2013. Earlier, in case of resignation or removal of an independent director, the company was required to fill the position within 180 days. Besides, the ministry has exempted government companies from the ambit of certain norms for independent directors, including those pertaining to manner of appointment. Markets regulator Sebi's chairman Ajay Tyagi has been raising concerns about the role of independent directors.

Source: dna July 13, 2017 15:11 UTC