apart from receiving director’s remuneration, does not have any material pecuniary relationships or transactions with the company, its promoters, its directors, its senior management or its holding company, its subsidiaries and associates which may affect independence of the director;

is not related to promoters or persons occupying management positions at the board level or at one level below the board;

has not been an executive of the company in the immediately preceding three financial years;

is not a partner or an executive or was not partner or an executive during the preceding three years, of any of the following:

i)	the statutory audit firm or the internal audit firm that is associated with the company, and
ii)	the legal firm(s) and consulting firm(s) that have a material association with the company.

is not a material supplier, service provider or customer or a lessor or lessee of the company, which may affect independence of the director; and

is not a substantial shareholder of the company i.e. owning two percent or more of the block of voting shares.

Associate shall mean a company which is an “associate” as defined in Accounting Standard (AS) 23, “Accounting for Investments in Associates in Consolidated Financial Statements”, issued by the Institute of Chartered Accountants of India.

“Senior management” shall mean personnel of the company who are members of its core management team excluding Board of Directors. Normally, this would comprise all members of management one level below the executive directors, including all functional heads.

“Relative” shall mean “relative” as defined in section 2(41) and section 6 read with Schedule IA of the Companies Act, 1956..