189. (1) The Board shall consist of the following members who shall be
appointed by the Central Government, namely:-
(a) a Chairperson;
(b) three members from amongst the officers of the Central Government not
below the rank of Joint Secretary or equivalent, one each to represent the
Ministry of Finance, the Ministry of Corporate Affairs and Ministry of Law,
ex officio;
(c) one member to be nominated by the Reserve Bank of India, ex officio;
(d) five other members to be nominated by the Central Government, of whom at
least three shall be the whole-time members.
(2) The Chairperson and the other members shall be persons of ability,
integrity and standing, who have shown capacity in dealing with problems
relating to insolvency or bankruptcy and have special knowledge and
experience in the field of law, finance, economics, accountancy or
administration.
(3) The appointment of the Chairperson and the members of the Board other
than the appointment of an ex officio member under this section shall be
made after obtaining the recommendation of a selection committee consisting
of-
(a) Cabinet Secretary-
Chairperson;
(b) Secretary to the Government of India to be nominated by the Central
Government-
Member;
(c) Chairperson of the Insolvency and Bankruptcy Board of India (in case of
selection of members of the Board)-
Member;
(d) three experts of repute from the field of finance, law, management,
insolvency and related subjects, to be nominated by the Central
Government-
Members.
(4) The term of office of the Chairperson and members (other than ex officio
members) shall be five years or till they attain the age of sixty-five
years, whichever is earlier, and they shall be eligible for reappointment.
(5) The salaries and allowances payable to, and other terms and conditions
of service of, the Chairperson and members (other than the ex officio
members) shall be such as may be prescribed.