Independent Director

Procedure for appointment of an Independent Director

Company Law - Detailed steps for appointment of independent directors under Companies Act 2013. From databank selection to statutory disclosures, get an all-inclusive overview. ...

Resignation of Independent Director: Detailed Checklist

Company Law - Step-by-step requirements and actions to ensure a compliant and transparent process when an independent director tenders their resignation....

Appointment of Independent Director in a Listed Company – Detailed Checklist

Company Law - Appointing an independent director in a listed company involves a meticulous process to ensure legal compliance. This comprehensive guide breaks down the steps and requirements to facilitate a seamless appointment process. Compliance Checklist –Appointment of Independent Director of a Listed Company Sr. No. Governing Sections / Requirem...

Independent Directors: An Overview & Important Provisions

Company Law - Explore roles, eligibility, and responsibilities of Independent Directors under Companies Act 2013. Dive deep into provisions shaping corporate governance....

Liabilities Faced by Independent Directors in Their Roles and Responsibilities

Company Law - The concept of independent directors brought about a significant shift in corporate governance, particularly following high-profile scandals such as the Enron case in the US and the Satyam controversy in India....

ICSI urges to allow CS in practice to be independent director of a company  

Company Law - ICSI requests amendments to Sections 204 & 149(6)(e)(ii)(A) of Companies Act,, to enable Company Secretaries in practice to be Independent Directors...

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...

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...

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 ...

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...

Jurisprudence of SEBI (LODR) regulations 2015 in Filing up Casual Vacancy in Office of Independent Director

Nectar Life Sciences Ltd. Vs. SEBI (SAT) - Regulation 17(1A) is not applicable for the purpose of filling up a casual vacancy under Section 161(4) of the Companies Act. Regulation 17(1A) cannot be read in isolation....

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...

MCA imposes Penalty for not providing documents to Independent Directors

Adjudication Order No. RoCP/ADJ/order/173/Madhyam/821,822 - (30/06/2023) - Read the adjudication order issued by the Ministry of Corporate Affairs (MCA) imposing penalties on Madhyam Agrivet Industries Limited for violating Section 173 of the Companies Act, 2013. The order highlights the company's failure to provide relevant documents to independent directors and the resul...

Penalty imposed for denying requests of IDs for obtaining legal advice

Order No. ROC/D/Adj/2023/Section 149/PTC/ 250|-2505 - (27/06/2023) - Read about the penalty imposed on PTC India Financial Services Limited for violating Section 149 of the Companies Act, 2013 by denying requests from independent directors (IDs) for legal advice. Understand the findings of the case, the obligations of the company and its officers, and the penalty amo...

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...

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...

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...

Recent Posts in "Independent Director"

ICSI urges to allow CS in practice to be independent director of a company  

ICSI requests amendments to Sections 204 & 149(6)(e)(ii)(A) of Companies Act,, to enable Company Secretaries in practice to be Independent Directors...

Posted Under: Company Law | ,

Procedure for appointment of an Independent Director

Detailed steps for appointment of independent directors under Companies Act 2013. From databank selection to statutory disclosures, get an all-inclusive overview. ...

Posted Under: Company Law |

Resignation of Independent Director: Detailed Checklist

Step-by-step requirements and actions to ensure a compliant and transparent process when an independent director tenders their resignation....

Posted Under: Company Law |

Appointment of Independent Director in a Listed Company – Detailed Checklist

Appointing an independent director in a listed company involves a meticulous process to ensure legal compliance. This comprehensive guide breaks down the steps and requirements to facilitate a seamless appointment process. Compliance Checklist –Appointment of Independent Director of a Listed Company Sr. No. Governing Sections / Requirem...

Posted Under: Company Law |

Independent Directors: An Overview & Important Provisions

Explore roles, eligibility, and responsibilities of Independent Directors under Companies Act 2013. Dive deep into provisions shaping corporate governance....

Posted Under: Company Law |

Liabilities Faced by Independent Directors in Their Roles and Responsibilities

The concept of independent directors brought about a significant shift in corporate governance, particularly following high-profile scandals such as the Enron case in the US and the Satyam controversy in India....

Posted Under: Company Law |

MCA imposes Penalty for not providing documents to Independent Directors

Adjudication Order No. RoCP/ADJ/order/173/Madhyam/821,822 30/06/2023

Read the adjudication order issued by the Ministry of Corporate Affairs (MCA) imposing penalties on Madhyam Agrivet Industries Limited for violating Section 173 of the Companies Act, 2013. The order highlights the company's failure to provide relevant documents to independent directors and the resulting penalty. Find out the details of th...

Penalty imposed for denying requests of IDs for obtaining legal advice

Order No. ROC/D/Adj/2023/Section 149/PTC/ 250|-2505 27/06/2023

Read about the penalty imposed on PTC India Financial Services Limited for violating Section 149 of the Companies Act, 2013 by denying requests from independent directors (IDs) for legal advice. Understand the findings of the case, the obligations of the company and its officers, and the penalty amount imposed. Discover the steps for comp...

Independent Director Data Bank in India under Companies Act, 2013

This article offers an in-depth exploration of the Independent Director Data Bank (IDDB) in India, highlighting its purpose, key features, compliance requirements, and consequences of non-compliance....

Posted Under: Company Law |

Jurisprudence of SEBI (LODR) regulations 2015 in Filing up Casual Vacancy in Office of Independent Director

Nectar Life Sciences Ltd. Vs. SEBI (SAT)

Regulation 17(1A) is not applicable for the purpose of filling up a casual vacancy under Section 161(4) of the Companies Act. Regulation 17(1A) cannot be read in isolation....

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