MCA extends time for Compliances required by 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 (I.e. 1st December 2019) , shall within a period of 13 Months from such commencement (i.e. upto 31st December 2020) apply online to the ‘Indian Institute of Corporate Affairs at Manesa 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.
Sub-rule (2) requires Every individual whose name has been so included in the data bank shall file an application for renewal for a further period of one year or five years or for his life-time, within a period of thirty days from the date of expiry of the period upto which the name of the individual was applied for inclusion in the data bank, failing which, the name of such individual shall stand removed from the data bank of the institute.
MINISTRY OF CORPORATE AFFAIRS
New Delhi, the 28th September, 2020
G.S.R. 589(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) Fourth 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 “ten months” the words “thirteen 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. 396 (E), dated the 23rd June, 2020.