Independent Director

Multiple DIN- Show Cause Notice U/s. 266G of Companies Act 1956

Company Law - These days quite some number people are getting Show Cause Notice under section 266G of the Companies Act 1956. What’s this notice all about? As per Section 266C of the Companies Act 1956, No individual, who had already been allotted a Director Identification Number under Section 266B, shall apply, obtain or possess another Director Id...

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How to Surrender Director Identification Number (DIN)

Company Law - HAVING TWO DINs WHAT TO DO AND HOW TO CHECK IF ONE IS HAVING TWO DINs? This article is especially for the person who has obtained more then 1 (One) DIN at any time. We came to know that Regional Director (Noida) has issued "Show Cause Notice U/s 266G of the Companies Act, 1956" to more than 2 Lac Persons. ...

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Director’s service to Company or Body Corporate

Company Law - Clause 1.1 With effect from 1.7.2012, any service provided by a director who is non executive, nominee and independent directors to the company, thus on such activity carried service tax is payable. Under are the justifications for clarity....

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All about Independent Directors under Companies Act,2013

Company Law - The new concept of having Independent Director is a welcome step for corporate governance in India. The Act, 2013 has conferred greater empowerment upon Independent Director’s to ensure that the management & affairs of a company is being run fairly and smoothly....

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DIN to be mentioned with Director’s Signature compulsorily wef 01.04.2014

Company Law - DIN to be mentioned with Director’s Signature (Section 158) Now, Director’s name & DIN (Director Identification Number) has to be mentioned with their signature on all the documents to be signed in the capacity of director. PENALTY: – Company and every officer of the company who is in default or such other person shall be punis...

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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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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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CAP financial benefits earned by independent directors

Company Law - There should be a cap on the pecuniary benefits earned by independent directors serving on boards of companies, according to Mr N. Ramanathan, Managing Director, Ponni Sugars. At a panel discussion on issues relating to board of directors and indepen...

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Companies Bill 2009-Independent director’s short tenure a constraint in building a relationship of trust

Company Law - The Companies Bill 2009 has dealt with independent directors quite extensively. The Standing Committee has spent significant time on issues relating to independent directors as evident from the report of the Committee. This shows the criticality of the effectiveness of independent directors in corporate governance....

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No proposal for any upper cap on the number of independent directors: Union Government

Company Law - The Companies Bill, 2009 has not proposed any upper cap on the number of independent directors, but, sub-clause (3) of clause 132 of the Companies Bill, 2009 provides that at least one-third of total directors shall be independent directors to be appointed in every listed company having certain amount of paid up capital to be prescribed b...

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Recent Posts in "Independent Director"

Multiple DIN- Show Cause Notice U/s. 266G of Companies Act 1956

These days quite some number people are getting Show Cause Notice under section 266G of the Companies Act 1956. What’s this notice all about? As per Section 266C of the Companies Act 1956, No individual, who had already been allotted a Director Identification Number under Section 266B, shall apply, obtain or possess another Director Id...

Read More
Posted Under: Company Law |

How to Surrender Director Identification Number (DIN)

HAVING TWO DINs WHAT TO DO AND HOW TO CHECK IF ONE IS HAVING TWO DINs? This article is especially for the person who has obtained more then 1 (One) DIN at any time. We came to know that Regional Director (Noida) has issued "Show Cause Notice U/s 266G of the Companies Act, 1956" to more than 2 Lac Persons. ...

Read More

Director’s service to Company or Body Corporate

Clause 1.1 With effect from 1.7.2012, any service provided by a director who is non executive, nominee and independent directors to the company, thus on such activity carried service tax is payable. Under are the justifications for clarity....

Read More
Posted Under: Company Law |

All about Independent Directors under Companies Act,2013

The new concept of having Independent Director is a welcome step for corporate governance in India. The Act, 2013 has conferred greater empowerment upon Independent Director’s to ensure that the management & affairs of a company is being run fairly and smoothly....

Read More

DIN-3 replaced by DIR-3C – ICSI

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 ...

Read More
Posted Under: Company Law |

DIN to be mentioned with Director’s Signature compulsorily wef 01.04.2014

DIN to be mentioned with Director’s Signature (Section 158) Now, Director’s name & DIN (Director Identification Number) has to be mentioned with their signature on all the documents to be signed in the capacity of director. PENALTY: – Company and every officer of the company who is in default or such other person shall be punis...

Read More

DIN Approval by Professionals: A Wrong Initiative of MCA (Personal View Point)

I am writing this article on approval of DIN after two years of notification by MCA regarding approval of DIN by Professionals. I am not against the process of MCA to simplify the incorporation procedure as these simplified procedures are assisting us to cope up with the developing world and I know that we should accept simplified procedu...

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Posted Under: Company Law |

Independent Directors under the Proposed Companies Bill, 2011

With a view to add transparency, fairness and independence in decision making to safeguard of stakeholders’ interest, the concept of Independent Directors was introduced. While the concept was till date applicable on Listed Public Companies, the New Company Law proposes to introduce the same upon big Public Companies as well. ...

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Posted Under: Company Law |

Checklist & Resolutions for Appointment of Managing Director

The following are the steps involved in appointment of Mr. A as Managing Director in a Company who is not an Managing Director in any other Company: 1- Convene Board Meeting, appoint Mr. A as Additional Director and pass resolution for appointment as Managing Director (sample of resolution specified hereunder) and fix date and appr...

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Govt changes norms to protect independent directors

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...

Read More
Posted Under: Company Law |
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