Section 150 — Manner of selection of independent directors and maintenance of databank of independent

directors.—(1) Subject to the provision s contained in sub -section (6) of section 149, an independent director
may be selected from a data bank containing names, addresses and qualifications of persons who are eligible and
willing to act as independent directors, maintained by any body, ins titute or association, as may be notified by
the Central Government, having expertise in creation and maintenance of such data bank and put on their website
for the use by the company making the appointment of such directors:
Provided that responsibility of exercising due diligence before selecting a person from the data bank referred
to above, as an independent director shall lie with the company making such appointment.
(2) The appointment of independent director shall be approved by the company in general mee ting as
provided in sub-section (2) of section 152 and the explanatory statement annexed to the notice of the general
meeting called to consider the said appointment shall indicate the justification for choosing the appointee for
appointment as independent director.
(3) The data bank referred to in sub -section (1), shall create and maintain data of persons willing to act as
independent director in accordance with such rules as may be prescribed.
(4) The Central Government may prescribe the manner and procedure of selection of independent directors