MCA has issued Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020 which are applicable from 23rd June 2020 and by this Registration of details of Independent Directors in Independent Directors Data Bank who were director on 1st December 2019 is been allowed till 30th September 2020.
Revised rules now provide that Every individual who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period of Ten months from such commencement apply online to the institute for inclusion of his name in the data bank for a period of one year or five years or for his life-time, and from time to time take steps as specified in sub-rule (2), till he continues to hold the office of an independent director in any company:
MINISTRY OF CORPORATE AFFAIRS
NOTIFICATION
New Delhi, the 23rd June, 2020
G.S.R. 396(E). In exercise of the powers conferred by section 149 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely:‑
1.(1) These rules may be called the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020.
(2) They shall come into force on the date of their publication in the Official Gazette.
2. In the Companies (Appointment and Qualification of Directors) Rules, 2014, in rule 6, in sub-rule (1), in clause (a), for the words “seven months”the words “ten months”shall be substituted.
[F. No. 8/4/2018-CL-I- Part I]
K. V. R. MURTY, Jt. Secy.
Note : The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Subsection (i) vide notification number G.S.R. 259(E), dated the 31st March, 2014 and were last amended vide notification number G.S.R. 268 (E), dated the 29th April, 2020.
Sub clause iii of clause b of section 17(5) of the CGST Act, 2019 expressly provided for life and health insurance. Since keyman insurance is an insurance taken on life of the keyman, no ITC is allowed. I request you to modify your article.