No Floor On Number Of Independent Directors

The draft Companies Amendment Bill would not set a minimum number of independent directors on the board of a public limited company, government officials said.

It would also remain silent on the percentage of revenue an auditor could receive from a client, they said.

The Naresh Chandra committee had recommended that 50 per cent of the board of a public limited company should comprise independent directors, and the fees received by an audit firm and its affiliates should not exceed 25 per cent of the firm