Declaration by an Independent Director- Section 149 (7)
Section 149 (7) of the Act, prescribed that every independent director shall give a declaration that he meets the criteria of independence wh en:
(a) he attends the first meeting of the Board as a director;
(b) thereafter at the first meeting of the Board in every financial year and
(c) whenever there is any change in the circumstances which may affect his status as an independent director.
Further “nominee director” means a director nominated by any financial institution in pursuance of the provisions of any law for the time being in force, or of any agreement, or appointed by any Government, or any other person to represent its interests.