Independent Director

Remuneration to Managerial Person or Person & Other Director wef 18.03.2021

Company Law - Remuneration To Managerial Person or Person And Other Director As Per Schedule V of The Companies Act, 2013 As Amended W.E.F 18/03/2021. SCHEDULE V OF COMPANIES ACT, 2013 PART I CONDITIONS TO BE FULFILLED FOR THE APPOINTMENT OF A MANAGING OR WHOLE TIME DIRECTOR OR MANAGER WITHOUT THE APPROVAL OF THE CENTRAL GOVERNMENT APPOINTMENTS. A [&he...

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Independent Directors – Online Proficiency Self-Assessment Test

Company Law - Independent Directors – Online Proficiency Self-Assessment Test Introduction Independent Directors play an important role of a watchdog. They ensure that the cases of corporate misgovernance do not occur. Independent Directors or Non-Executive Directors join the board of directors in different capacities. They come from different ba...

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Regulation of Independent Directors: What SEBI Ignores?

Company Law - On 1st of March 2020, the Securities & Exchange Board of India (SEBI) came up with a consultation paper to review the regulatory framework for independent directors (IDs). The existing framework for independent directors includes sections 149, 150 and schedule IV of the Companies Act, 2013 and the SEBI Listing Obligations & Disclosure Req...

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Analysis of Paper on Review of Independent Directors Regulatory provisions

Company Law - Analysis of Consultative Paper on “Review of Regulatory provisions related to Independent Directors” SEBI vide its recently issued consultative paper dated 01.03.2021 on ‘Review of Regulatory provisions related to Independent Directors‘, proposed to make stringent regulatory changes in the provisions of the Listing Obligat...

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Registration of a person on “Independent Director’s Data bank”

Company Law - The Ministry of Corporate Affairs (MCA) vide notification dated 22.10.2019 notifies Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 (Amended Rules) to amend Companies (Appointment of Qualification of Directors) Rules, 2014 (Rules). The Amended Rules substituted Rule 6 of the Rules for addition of a new c...

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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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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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Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020

Notification No. G.S.R. 774(E). - (18/12/2020) - These rules may be called the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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Companies (Appointment and Qualification of Directors) Fourth Amendment Rules, 2020

Notification No. G.S.R. 589(E). - (28/09/2020) - 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...

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Time for registration of Independent Directors extended to 31.12.2020

Notification No. S.O. _ (E) - (22/09/2020) - The Ministry of Corporate Affairs has also extended the time within which Independent Directors of companies have to register themselves on the databank maintained by the IICA from 30.09.2020 to 31.12.2020. Government of India Ministry of Corporate Affairs Notification New Delhi, the 22nd August, 20...

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Independent Director’s Popular Posts

Recent Posts in "Independent Director"

Remuneration to Managerial Person or Person & Other Director wef 18.03.2021

Remuneration To Managerial Person or Person And Other Director As Per Schedule V of The Companies Act, 2013 As Amended W.E.F 18/03/2021. SCHEDULE V OF COMPANIES ACT, 2013 PART I CONDITIONS TO BE FULFILLED FOR THE APPOINTMENT OF A MANAGING OR WHOLE TIME DIRECTOR OR MANAGER WITHOUT THE APPROVAL OF THE CENTRAL GOVERNMENT APPOINTMENTS. A [&he...

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Posted Under: Company Law |

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 of Companies Amendment Act, 2020 with ef...

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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 amendment in Section 149 & 197 of Co...

Read More

Independent Directors – Online Proficiency Self-Assessment Test

Independent Directors – Online Proficiency Self-Assessment Test Introduction Independent Directors play an important role of a watchdog. They ensure that the cases of corporate misgovernance do not occur. Independent Directors or Non-Executive Directors join the board of directors in different capacities. They come from different ba...

Read More
Posted Under: Company Law |

Regulation of Independent Directors: What SEBI Ignores?

On 1st of March 2020, the Securities & Exchange Board of India (SEBI) came up with a consultation paper to review the regulatory framework for independent directors (IDs). The existing framework for independent directors includes sections 149, 150 and schedule IV of the Companies Act, 2013 and the SEBI Listing Obligations & Disclosure Req...

Read More
Posted Under: Company Law |

Analysis of Paper on Review of Independent Directors Regulatory provisions

Analysis of Consultative Paper on “Review of Regulatory provisions related to Independent Directors” SEBI vide its recently issued consultative paper dated 01.03.2021 on ‘Review of Regulatory provisions related to Independent Directors‘, proposed to make stringent regulatory changes in the provisions of the Listing Obligat...

Read More
Posted Under: Company Law |

Registration of a person on “Independent Director’s Data bank”

The Ministry of Corporate Affairs (MCA) vide notification dated 22.10.2019 notifies Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 (Amended Rules) to amend Companies (Appointment of Qualification of Directors) Rules, 2014 (Rules). The Amended Rules substituted Rule 6 of the Rules for addition of a new c...

Read More
Posted Under: Company Law |

Technical Guide on provisions of Independent Directors from Corporate Governance perspective

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...

Read More
Posted Under: Company Law |

Analysis of Companies (Appointment and Qualification of Directors) fifth Amendment Rules, 2020

The Ministry of Corporate Affairs (MCA) vide its notification dated 18th December 2020 amended few provisions of the Companies (Appointment and Qualification of Directors) Rules, 2014 vide Companies (Appointment and Qualification of Directors) fifth Amendment Rules, 2020 With effect from December 18, 2020. Summary of Companies (Appointmen...

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Posted Under: Company Law |

Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020

Notification No. G.S.R. 774(E). 18/12/2020

These rules may be called the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020. (2) They shall come into force on the date of their publication in the Official Gazette....

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