director independent appoint company private
There is a public company, turnover of which was in excess of 200 Crore in the year 2017 but in 2018 it is less than 100 crore, upto which year it is required to comply with provisions of Audit Committee, Nomination Committee, Independent Director and Secretarial Audit is also applicable this year or not ?
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Dear Sir,
It is nowhere prohibited to appoint Independent Director in the Private company under the Companies Act, 2013.
It is mandatory for the following companies to appoint Independent director under Sec 149(4):
1) Every listed public company- at least 1/3 of the total number of directors.
2) Public Companies-
i paid up share capital of INR10 cr. or more; or
ii turnover of INR 100 cr. or more; or
iii Aggregate, outstanding loans, debentures and deposits, exceeding INR 50 cr.