Home Technology Ltd. has recently listed on the leading stock exchanges. Advise the company on the compliance of corporate governance regulation for holding of maximum number of directorship by a director of the company.

Maximum Number of Directorships Regulation 17A of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 provides that a person shall not be a director in more than eight listed entities with effect from April 1, 2019 and in not more than seven listed entities with effect from April 1, 2020. However, a person shall not serve as an independent director in more than seven listed entities. Any person who is serving as a whole time director/managing director in any listed entity shall serve as an independent director in not more than three listed entities. For the purpose of this regulation, the count for the number of listed entities on which a person is a director / independent director shall be only those whose equity shares are listed on a stock exchange. Exceptions in the compliance with the corporate governance provisions As per Regulation 15(2) of the SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015, the compliance with the corporate governance provisions shall not apply, in respect of following - A listed entity having: paid up equity share capital not exceeding rupees 10 crore and net worth not exceeding rupees 25 crore, as on the last day of the previous financial year. However, where the provisions of regulations 17 to 27, clauses (b) to (i) and (t) of sub-regulation (2) of regulation 46 and para C, D and E of Schedule V become applicable to a listed entity at a later date, it shall ensure compliance with the same within six months from such date. Home Technology Ltd. is having paid up share capital of rupees 8 crore and having net worth (paid up capital plus + free reserve) of rupees 20 crore. Therefore, both paid up capital and net worth are within the limit and hence the company is exempted with regards to compliance of corporate governance provisions.