State with reasons whether the following persons can be appointed as 'Trustee' of Joe Pharma Ltd., a listed company, which has proposed to implement Share Based Employee Benefit Schemes : (a) Excellent Consultants Ltd. i

Yes, Excellent Consultants Ltd. can be appointed as a Trustee for Joe Pharma Ltd. As per Regulation 3(4)(a) of the SEBI (Share Based Employee Benefits and Sweat Equity) Regulations, 2021, any person shall not be appointed as a trustee of the trust if such person beneficially holds 10% or more of the paid-up share capital or the voting rights of the company. In this case, Excellent Consultants Ltd. holds 9% of the paid-up capital, which is less than the 10% threshold. Therefore, it is eligible to be appointed as a Trustee.