BCD Ltd. a Listed Company falling under the top 500 listed companies list, currently has 8 directors which includes women Managing Director, 3 non-executive, non- independent woman directors and 4 independent directors,

BCD Ltd. a Listed Company falling under the top 500 listed companies list, currently has 8 directors which includes women Managing Director, 3 non-executive, non- independent woman directors and 4 independent directors, (all males) and one of the independent directors is a Chairperson of the company. The second 5-year tenure of the current Chairman is expiring in the next annual general meeting (AGM) which is due in the next 6 months. The management is planning to appoint one of the non-executives, non-independent woman Director as the Chairperson. The management has the following queries and seeks your advice ? Is the company mandatorily required to appoint a new independent women director in order to fill the vacancy arising due to the expiration of the first term of the independent director?