Companies Act, 2013

Section 37

Independence of directors

⚡ Quick Answer Reference: Section 37 Companies Act

Provision: Section 37 of Companies Act
Act: Companies Act, 2013
Classification: corporate
Jurisdiction: India

Statutory Content

What does Section 37 of Companies Act say?

A director shall be considered as a person other than promoter or key managerial personnel and their relatives. The company shall disclose the names of independent directors in its report. The independent directors shall hold office for a term of not less than five years but not exceeding two terms. The independent directors shall not be eligible for reappointment as independent directors. The independent directors shall not be associated with the company in any manner.

Indian StandardSection 37, Companies Act, 2013

Bluebook (21st ed.)Companies Act, 2013, § 37 (India)

Court Pleading StandardSection 37 of the Companies Act, 2013

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Source: Gazette of India (Official Publication)Verify egazette.gov.in ↗

Common Questions about Section 37 Companies Act

What is Section 37 of Companies Act?

Section 37 of the Companies Act, 2013 (Companies Act) defines and regulates "Independence of directors". The section states: A director shall be considered as a person other than promoter or key managerial personnel and their relatives. The company shall disclose the names of independent directors in its...

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