directors

Extension for FY 2020-21 of residency requirement for directors in India – Section 149 – Companies Act, 2013

Company Law - [MCA General Circular No. 36/2020 dated 20th October, 2020 – Special Measures under the Companies Act, 2013 and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak- Extension-reg.]  Looking at continuous widespread of COVID-19, pandemic, Ministry of Corporate Affairs (‘MCA’) has further issued General Circular No. ...

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AI – Director..The New Paradigm of Director Role

Company Law - AI-DIRECTOR Stands for Artificial Intelligence Director The world lacks leaders as traditional knowledge makes the leaders of no use. The director’s qualification in the companies ACT is legal framework but in real terms, the definition needs to be broad-based. The role of the directors and the board composition will be one of the bigge...

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Principle of Proportional Representation for Appointment of Directors

Company Law - As per the scheme of the Company jurisprudence the appointments of directors at the meetings of the shareholders are done through simple majority. Therefore the simple majority has the right to elect all the directors and a substantial minority cannot succeed in placing a even a single director on the Board....

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Rights, Duties, Powers And Accountabilities of Part-Time Directors

Company Law - A Director includes any person occupying the position of Director, by whatever name called [Sec.2 (13)]. Directors occupy a key position in the management of the company. While they are entrusted with wide powers they are also accountable to the company....

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Independent Directors — Corporate governance in challenging times

Company Law - While in most of the countries in the world, the top executives are trying to survive their jobs and positions and while this is the first time when maximum CEOs are hated by their shareholders, the independent Directors are trying to run away from their current position. One of the reports of Economic Times says that, since Satyam scanda...

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Directive on Women Director : 1332 Companies not Complied

Company Law - The requirement of appointment of woman director emanates from Section 149 of Companies Act, 2013. SEBI has mandated that listed companies to appoint one woman director on its board. Companies can appoint any woman as director who is not otherwise disqualified for appointment as a director in terms of requirements of the Companies Act, ...

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Independent Directors liable for penal action (including for frauds)

Company Law - The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist from achieving any undue...

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Working of independent Directors in Central Public Sector Enterprises

Company Law - The Government has said that the Department of Public Enterprises has so far not issued any guidelines regarding the assessment of working of non-official Directors on the Board of Central Public Sector Enterprises (CPSEs)....

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Role of independent directors will be clarified in new Companies Bill

Company Law - The role of independent directors (IDs) on the board of Indian companies will be clarified in the new Companies Bill and their responsibilities will be made finite in terms of what they are answerable for, said Union Corporate Affairs Minister Salman Khurshid....

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Selection & appointment of independent directors in state-owned companies may get easier

Company Law - A parliamentary panel of experts studying the new Companies Bill is likely to come up with suggestions in this regard, said a corporate affairs ministry official, requesting anonymity. The development assumes significance in the wake of the government’s renewed efforts to quicken the share sales of many state-owned firms that are hamstr...

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ROC cannot Deactivate DIN of Director for Disqualification in Any Company

Meethelaveetil Kaitheri Muralidharan Vs Union Of India (Madras High Court) - The issue under consideration is whether the ROC is correct and empowered to deactivate the Director Identification Number (DIN) of the director due to his disqualification in one company?...

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HC Set Aside Directors Disqualification on June 2017 considering CFSS 2020

Sandeep Agarwal & Anr. Vs. Union of India & Anr. (Delhi High Court) - Companies Fresh Start Scheme, 2020 provides an opportunity for active companies who may have defaulted in filing of documents, to put their affairs in order. It thus provides Directors of such companies a fresh cause of action to also challenge their disqualification qua the active companies....

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Director not responsible for cheques issued after his resignation -section 141 of Negotiable Instruments Act, 1881

Harshendra Kumar D Vs Rebatilata Koley Etc. (Supreme Court of India) - These 18 appeals, by special leave, are directed against he common judgment and order dated September 6, 2007 passed by Calcutta High Court whereby 18 criminal revision applications filed by the appellant for quashing the proceedings initiated by the...

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MCA relaxes residency requirement of 182 days for Director

General Circular No. 36/2020 - (20/10/2020) - It is hereby clarified that non-compliance of minimum residency in India for a period of at least 182 days in a year, by at least one director in every company, under section 149 of the Companies Act, 2013 shall not be treated as non-compliance for the financial year 2020-­2021 also....

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AOC-4 certification by CA, CS, CMA & Revised fees for DIN allotment & Surrender

G.S.R. 1049(E). - (07/11/2016) - AOC-4 certification by the Chartered Accountant or the Company Secretary or as the case may be by the Cost Accountant, in whole- time practice...

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Circular on Applicability of service tax on commission paid to Managing Director/Directors by the company

Circular No. 115/09/2009 - ST - (31/07/2009) - Payments termed as ‘commission’ made to a Managing Director/ Directors, whether whole-time or independent, would not be ‘commission’ as envisaged under the Service Tax category of Business Auxiliary Services. Hence, payments of commission made to the Managing Director/ Directors would not be...

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Recent Posts in "directors"

ROC cannot Deactivate DIN of Director for Disqualification in Any Company

Meethelaveetil Kaitheri Muralidharan Vs Union Of India (Madras High Court)

The issue under consideration is whether the ROC is correct and empowered to deactivate the Director Identification Number (DIN) of the director due to his disqualification in one company?...

Read More

Extension for FY 2020-21 of residency requirement for directors in India – Section 149 – Companies Act, 2013

[MCA General Circular No. 36/2020 dated 20th October, 2020 – Special Measures under the Companies Act, 2013 and Limited Liability Partnership Act, 2008 in view of COVID-19 outbreak- Extension-reg.]  Looking at continuous widespread of COVID-19, pandemic, Ministry of Corporate Affairs (‘MCA’) has further issued General Circular No. ...

Read More
Posted Under: Company Law |

MCA relaxes residency requirement of 182 days for Director

General Circular No. 36/2020 (20/10/2020)

It is hereby clarified that non-compliance of minimum residency in India for a period of at least 182 days in a year, by at least one director in every company, under section 149 of the Companies Act, 2013 shall not be treated as non-compliance for the financial year 2020-­2021 also....

Read More

HC Set Aside Directors Disqualification on June 2017 considering CFSS 2020

Sandeep Agarwal & Anr. Vs. Union of India & Anr. (Delhi High Court)

Companies Fresh Start Scheme, 2020 provides an opportunity for active companies who may have defaulted in filing of documents, to put their affairs in order. It thus provides Directors of such companies a fresh cause of action to also challenge their disqualification qua the active companies....

Read More

AI – Director..The New Paradigm of Director Role

AI-DIRECTOR Stands for Artificial Intelligence Director The world lacks leaders as traditional knowledge makes the leaders of no use. The director’s qualification in the companies ACT is legal framework but in real terms, the definition needs to be broad-based. The role of the directors and the board composition will be one of the bigge...

Read More
Posted Under: Company Law |

AOC-4 certification by CA, CS, CMA & Revised fees for DIN allotment & Surrender

G.S.R. 1049(E). (07/11/2016)

AOC-4 certification by the Chartered Accountant or the Company Secretary or as the case may be by the Cost Accountant, in whole- time practice...

Read More

Directive on Women Director : 1332 Companies not Complied

The requirement of appointment of woman director emanates from Section 149 of Companies Act, 2013. SEBI has mandated that listed companies to appoint one woman director on its board. Companies can appoint any woman as director who is not otherwise disqualified for appointment as a director in terms of requirements of the Companies Act, ...

Read More
Posted Under: Company Law |

Principle of Proportional Representation for Appointment of Directors

As per the scheme of the Company jurisprudence the appointments of directors at the meetings of the shareholders are done through simple majority. Therefore the simple majority has the right to elect all the directors and a substantial minority cannot succeed in placing a even a single director on the Board....

Read More
Posted Under: Company Law |

Independent Directors liable for penal action (including for frauds)

The concept of Independent Director has been proposed in the Companies Bill, 2009. Clause 147 of the Bill, provides for duties of directors which include the duty to act in good faith in best interest of company, to act with due and reasonable care, skill and diligence, to avoid any conflict of interest, to desist from achieving any undue...

Read More
Posted Under: Company Law |

Director not responsible for cheques issued after his resignation -section 141 of Negotiable Instruments Act, 1881

Harshendra Kumar D Vs Rebatilata Koley Etc. (Supreme Court of India)

These 18 appeals, by special leave, are directed against he common judgment and order dated September 6, 2007 passed by Calcutta High Court whereby 18 criminal revision applications filed by the appellant for quashing the proceedings initiated by the...

Read More

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