Whether IRP or RP is required to appoint Independent Director to fulfil provisions of SEBI LODR, 2015 or Companies Act, during the CIRP of the Corporate Debtor? – By Adv. Shivam Jaiswal
Whether Interim Resolution Professional (“IRP”) or Resolution Professional (“RP”) is required to appoint Independent Director to fulfil provisions of SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR 2015”) or Companies Act, during the Corporate Insolvency Resolution Process (“CIRP”) of the Corporate Debtor (“CD”) ?
Brief Introduction to Independent Director
The role of Independent Directors plays an important role in achieving the aims and objectives of Good Corporate Governance. Independent Directors plays a vital role to improve the proper and impartial working of the corporate companies. Further, the independent directors had control over the internal process, which can help the shareholders and the public at large to know if any mismanagement or fraud is being done by the company. The guidelines, role etc. are broadly set out in a code described in Schedule IV of the Companies Act, 2013.