Company: WIT
Filing Date: 2025-05-22
Form Type: 20-F
Source: 0000950170-25-076303
Chunk: 135

Company: WIPRO LTD
Filing Date: 2025-05-22
Form: 20-F
Item: Item 10
Chunk 135
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 par value, subject to an ordinary resolution of the shareholders.
Independent Directors Databank
In October 2019, the MCA introduced the Companies (Creation and Maintenance of Databank of Independent Directors) Rules, 2019 and amended the Companies (Appointment and Qualification of Directors) Rules, 2014, effective December 1, 2019. The amendments mandate that existing Independent Directors, as well as those aspiring to become Independent Directors, apply online for inclusion of their name in the Independent Directors Databank and undergo an online proficiency self-assessment test within a period of two years. The MCA has, from time to time, exempted various categories of Independent Directors from the requirement to undergo the self-assessment test.
The Companies (Creation and Maintenance of Databank of Independent Directors) Rules, 2019 authorized the Indian Institute of Corporate Affairs as the institute responsible for the creation and maintenance of the online databank, empanelment of existing and aspiring independent directors and for providing a platform for them to acquire knowledge, develop new skills, assess their understanding and apply best practices.
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Compliance requirement relaxations by MCA during the year ended March 31, 2025
The MCA granted certain relaxations in compliance with applicable laws by corporates. The key relaxations introduced are as follows:
i.On September 9, 2024, MCA notified the Competition (Minimum Value of Assets or Turnover) Rules, 2024. These Rules were introduced to provide a relaxation under the Competition Act for transactions relating to mergers and amalgamations. The key highlight of these Rules is that if the value of assets of the target company does not exceed ₹ 450 crores or turnover does not exceed ₹ 1,250 crores, it will not constitute as combination under the Competition Act.
ii.Through its notification dated September 9, 2024, MCA granted relaxation from certain compliance requirements under the Competition Act, specifically concerning approval obligations for combinations from the Competition Commission of India (CCI). Some of the transactions that are exempted under the relaxation are as follows:
a)acquirers acquiring 25% or less of the total shares of the target company.
b)acquiring additional shares of the target company, where the acquirer or its group entities, prior to acquisition, holds shares of the target, but does not hold more than 25% of the shares of the enterprise, either prior to or after such acquisition.
c)acquisition of additional shares of the