Section 5(6) in Insolvency and Bankruptcy Board of India (Model Bye-Laws and Governing Board of Insolvency Professional Agencies) Regulations, 2016
(6)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 an insolvency professional;(d)who is not a relative of the directors of the Governing Board;(e)who had or has no pecuniary relationship with the insolvency professional agency, 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;(f)who is not a shareholder of the insolvency professional agency;(g)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 insolvency professional agency.
