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The Securities and Exchange Board of India has written to the ministry ofcorporate affairs (MCA). The regulator has asked the ministry for specialexemption for nominee directors appointed by debenture trustees on theboard of companies.The purpose of this request is to protect the directorsfrom disqualification in case of default on debentures duties of the company.
The current regulations of the companies act state that in case of failure tofile annual reports or other documents for a period of three years, thedirectors of the company will be disqualified.
SEBI request MCA for exemption of nominee trustees
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