SEBI request MCA for exemption of nominee trustees

Exemption of Nominee

The Securities and Exchange Board of India has written to the ministry of
corporate affairs (MCA). The regulator has asked the ministry for special
exemption for nominee directors appointed by debenture trustees on the
board of companies.The purpose of this request is to protect the directors
from disqualification in case of default on debentures duties of the company.

The current regulations of the companies act state that in case of failure to
file annual reports or other documents for a period of three years, the
directors of the company will be disqualified.

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