Section 9(5) in Insolvency and Bankruptcy Board of India (Information Utilities) Regulations, 2017
(5)An independent director shall be an individual -(a)who is a person of ability and integrity;(b)who has expertise in the field of finance, law, management or insolvency;(c)who is not a relative of the directors of the Governing Board;(d)who has or had no pecuniary relationship with the information utility, or any of its directors, or any of its shareholders holding more than ten per cent, of its share capital, during the immediately preceding two financial years or during the current financial year;(e)who is not a shareholder of the information utility; and(f)who is not a member of the Board of Directors of any of the shareholders holding more than ten per cent, of the share capital of the information utility.
