Securities And Exchange Board Of India - Subsection
Section 16(2) in Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015
(2)any legal or a consulting firm that has or had any transaction with the listed entity, its holding, subsidiary or associate company amounting to ten per cent or more of the gross turnover of such firm;(C)holds together with his relatives two per cent or more of the total voting power of the listed entity; or(D)is a chief executive or director, by whatever name called, of any non-profit organisation that receives twenty-five per cent or more of its receipts or corpus from the listed entity, any of its promoters, directors or its holding, subsidiary or associate company or that holds two per cent or more of the total voting power of the listed entity;(E)is a material supplier, service provider or customer or a lessor or lessee of the listed entity;(vii)who is not less than 21 years of age.(viii)[ who is not a non-independent director of another company on the board of which any non-independent director of the listed entity is an independent director:] [Inserted by Notification No. SEBI/LAD-NRO/GN/2018/10, dated 9.5.2018 (w.e.f. 2.9.2015).](c)"material subsidiary"shall mean a subsidiary, whose income or net worth exceeds [ten] [Substituted 'twenty' by Notification No. SEBI/LAD-NRO/GN/2018/10, dated 9.5.2018 (w.e.f. 2.9.2015).] percent of the consolidated income or net worth respectively, of the listed entity and its subsidiaries in the immediately preceding accounting year.Explanation. - The listed entity shall formulate a policy for determining `material' subsidiary.(d)"senior management" shall mean officers/personnel of the listed entity who are members of its core management team excluding board of directors and normally this shall comprise all members of management one level below the [chief executive officer/managing director/whole time director/manager (including chief executive officer/manager, in case they are not part of the board) and shall specifically include company secretary and chief financial officer] [Substituted 'executive directors, including all functional heads' by Notification No. SEBI/LAD-NRO/GN/2018/10, dated 9.5.2018 (w.e.f. 2.9.2015).].
