Companies Act, 2013 and its Rules
The Companies Act 1956 did not entail the role of an independent director but clause 49 of the SEBI listing agreement first introduced in February, 2000 stated that the number of independent directors would depend whether the Chairman is executive or non-executive. In case of a non-executive chairman, at least one-third of board should comprise of independent directors and in case of an executive chairman, at least half of board should comprise of independent directors.http://www.legalserviceindia.com/legal/article-581-concept-of-independent-directors-in-india-with-relevance-to-increasing-corporate-governance-mechanisms.html