Under Section 149(4) and the SEBI (LODR) Regulations, every listed public company must have at least one-third of its total board strength as Independent Directors (at least half if the chairperson is non-executive). Unlisted public companies with paid-up share capital ≥ ₹10 crore, or turnover ≥ ₹100 crore, or outstanding loans/borrowings/debentures ≥ ₹50 crore are also required to appoint at least 2 Independent Directors. An Independent Director serves for a term of up to 5 consecutive years and may be re-appointed for a second term by Special Resolution.