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Independent Director

Independent Director

Company Law - Applicability: – Companies (Appointment & Qualification of Directors) Rules, 2014 – Chapter XI Appointment and Qualifications of Directors –SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 WHEN IS A COMPANY REQUIRED TO APPOINT INDEPENDENT DIRECTOR? Listed Company Unlisted Public Company Mandat...

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Opportunities for CAs as an Independent Directors

Company Law - The concept of Independent Directors is a welcome step for corporate governance in India. Independent directors are expected to use their capacity, knowledge, and resources towards the maximization of stakeholders’ value and well-being....

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Role of Independent Director In Strengthening Corporate Governance Norms In India

Company Law - Since the emergence of big corporate scandals in India, there has been much debate on Corporate Governance and also the role of the company director including the independent director. India being a preferred investment destination will have to strengthen the governance norms, so to achieve the highest investment ever....

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Role of Women Director as Independent Director

Company Law - If we are a shareholder in a company, would we want that company to do well? We would want a higher return on equity or would we like a bigger market capitalisation? Would we want all this at lesser risk, and as a bonus would we also like the company to face fewer governance issues?...

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स्वतंत्र निदेशकों की स्वतंत्रता पर लगता प्रश्न चिन्ह?

Company Law - कंपनी अधिनियम 2013 को संशोधनों के साथ लागू करने के पीछे मोदी सरकार का उद्देश्य साफ था कि कंपनियों की कार्यशैली में पारदर्शिता लाना औ...

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Technical Guide on provisions of Independent Directors from Corporate Governance perspective

Company Law - ICAI releases Technical Guide on the provisions of Independent Directors from Corporate Governance perspective Good Corporate Governance is the manifestation of beliefs, values and actions to ensure maximum value creation to the stakeholders. Value creation is a term broader than wealth creation. The objective of corporate governance is...

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MCA Extended duration of several Schemes till 31.12.2020

Company Law - MCA on 28.09.2020, vide various circulars and notification extended the date of various schemes to 31.12.2020 which were launched for ease of doing Business, Schemes extended are as follows:- 1. Companies Fresh Start Scheme, 2020 2. LLP Settlement Scheme, 2020 3. Scheme for relaxation of time for filing forms related to Creation or Modifi...

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DIN-3 replaced by DIR-3C – ICSI

Company Law - Companies which do not have any of their Directors/Signatory details registered in the MCA2 1 system and who are desirous of filing DIR-3C Form are advised to get atleast one authorised signatory registered by contacting the concerned Registrar of Companies. ROCs have been requested by the MCA to allow entry of details from their offices ...

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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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Govt changes norms to protect independent directors

Company Law - Independent directors will not be hauled up for the acts undertaken by companies without their consent or knowledge, as per the new norms announced by the government. "We have directed the Registrar of Companies (RoC) not to take any penal action against those independent directors who are not actively involved in the decision making proc...

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NI Act | Section 138 Proceedings Not Maintainable against Independent Non-Executive Directors

Sunita Palta & Ors. Vs Kit Marketing Pvt. Ltd. (Madras High Court) - Sunita Palta & Ors. Vs. Kit Marketing Pvt. Ltd. (Madras High Court) Non-Executive Directors are, therefore, persons who are not involved in the day-to-day affairs of the running of the company and are not in charge of and not responsible for the conduct of the business of the company.’ Adm...

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Annual report on capacity building of independent directors

Notification No. G.S.R. 580(E) - (19/08/2021) - Companies (Creation and Maintenance of databank of Independent Directors) Second Amendment Rules, 2021 MCA inserts vide Notification No. G.S.R. 580(E) dated 19.08.2021 ‘Rule 6 Annual report on the capacity building of independent directors’ to Companies (Creation and Maintenance of datab...

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Online Proficiency Self Assessment Test exemption for CA, CMA, CS & Advocates

Notification No. G.S.R. 579(E) - (19/08/2021) - MCA exempts CA, CMA, CS & Advocate having 10 years’ experience from Online Proficiency Self-Assessment Test for becoming Independent Director by notifying Companies (Appointment and Qualification of Directors) Amendment Rules, 2021 vide Notification No. G.S.R. 579(E) dated 19th August, 2021. M...

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Companies (Creation and Maintenance of data bank of Independent Directors) Amendment Rules, 2021

Notification No. G.S.R. 418(E) - (18/06/2021) - In case of delay on the part of an individual in applying to the institute under sub-rule (7) for inclusion of his name in the data bank or in case of delay in filing an application for renewal thereof, the institute shall allow such inclusion or renewal, as the case may be, under rule 6 of the Comp...

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MCA notifies amendment in Section 149 & 197 of Companies Act 2013

Notification No. S.O.1255(E) - (18/03/2021) - MCA notifies amendment in Section 149(9) (Remuneration of Independent Director In case of absence or inadequate profits) & 197 (Overall Maximum Managerial Remuneration and Managerial Remuneration in Case of Absence or Inadequacy of Profits) of Companies Act 2013 by notifying section 32 & 40 ...

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Remuneration Limit for non-executive/independent director notified

Notification No. S.O. 1256(E) - (18/03/2021) - MCA notifies maximum Remuneration payable by companies having no profit or inadequate profit to other director or directors (non-executive director or an independent director) by amending Schedule V of the Companies Act, 2013. Earlier the limit was only for managerial person. Also Read-MCA notifies ...

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Recent Posts in "Independent Director"

Independent Director

Applicability: – Companies (Appointment & Qualification of Directors) Rules, 2014 – Chapter XI Appointment and Qualifications of Directors –SEBI (Listing Obligations and Disclosure Requirements) Regulations, 2015 WHEN IS A COMPANY REQUIRED TO APPOINT INDEPENDENT DIRECTOR? Listed Company Unlisted Public Company Mandat...

Read More
Posted Under: Company Law |

Opportunities for CAs as an Independent Directors

The concept of Independent Directors is a welcome step for corporate governance in India. Independent directors are expected to use their capacity, knowledge, and resources towards the maximization of stakeholders’ value and well-being....

Read More
Posted Under: Company Law |

Role of Independent Director In Strengthening Corporate Governance Norms In India

Since the emergence of big corporate scandals in India, there has been much debate on Corporate Governance and also the role of the company director including the independent director. India being a preferred investment destination will have to strengthen the governance norms, so to achieve the highest investment ever....

Read More
Posted Under: Company Law |

Role of Women Director as Independent Director

If we are a shareholder in a company, would we want that company to do well? We would want a higher return on equity or would we like a bigger market capitalisation? Would we want all this at lesser risk, and as a bonus would we also like the company to face fewer governance issues?...

Read More
Posted Under: Company Law |

स्वतंत्र निदेशकों की स्वतंत्रता पर लगता प्रश्न चिन्ह?

कंपनी अधिनियम 2013 को संशोधनों के साथ लागू करने के पीछे मोदी सरकार का उद्देश्य साफ था कि कंपनियों की कार्यशैली में पारदर्शिता लाना औ...

Read More
Posted Under: Company Law |

All about Independent Directors

Who can become Independent director (ID): As the name suggests, he should be independent in relation to a company having integrity and possessing relevant expertise and experience. Having neither pecuniary relationship nor related to promotor or director of the company....

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Posted Under: Company Law |

Amendment In Provisions related to Independent Director

Article discuss Amendment In Provisions related to Independent Director under companies Act, 2013 amended vide recent MCA Notification dated: 19th August, 2021  by which it notified Companies (Appointment and Qualification of Directors) Amendment Rules, 2021. These Rules came into effect from 20th August 2021. Provisions before Amendment...

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Posted Under: Company Law |

Independent Director: Relaxation from Passing Online Proficiency Test

As per recent Notification on 19th August, 2021 MCA has issued: Companies (Appointment and Qualification of Directors) Amendment Rules, 2021. These Rules came into effect from 20th August 2021. Extract of Amendment: Amendment 1: in the first proviso, for clause (B), the following clause shall be substituted, namely: — “(B) in the pay ...

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Posted Under: Company Law |

Dual Approval for Independent Director: Hopes of Ushering into a New Era Shattered

An Independent Director is one who can give an independent assessment of the company, in particular on the questions of strategies, productivity, risk evaluation, capabilities and ethical standards. They are the ones whose duty is to provide an impartial and informed evaluation in the assessment of management and board performance....

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Posted Under: Company Law |

Independent Directors: Exemption from online proficiency self-assessment test

Independent Directors: Exemption from online proficiency self-assessment test – Companies (Appointment and Qualification of Directors) Amendment Rules, 2021 The MCA has notified a new set of Rules to amend the existing Companies (Appointment and Qualification of Directors) Rules, 2014 which shall come into force on the date of its p...

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Posted Under: Company Law |

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