Company Law : The article explains that companies need a balanced mix of Executive, Non-Executive, and Independent Directors for effective gover...
CA, CS, CMA : Analysis of legal and ethical limits on an Independent Director becoming Statutory Auditor, focusing on cooling-off restrictions u...
Corporate Law : This piece explains that Independent Directors are not automatically liable, but face risk where knowledge, consent, or neglect is...
Company Law : Learn the role of Independent Directors (IDs) under the Companies Act, 2013, and SEBI LODR in ensuring good corporate governance....
Company Law : Erroneous MCA data classifying Independent Directors as 'Directors' leads to legal issues, prompting a systemic correction to prot...
Company Law : 86% of Independent Director positions in CPSEs remain vacant. Govt follows a structured process for appointments through ministrie...
Company Law : ICSI requests amendments to Sections 204 & 149(6)(e)(ii)(A) of Companies Act,, to enable Company Secretaries in practice to be Ind...
Company Law : ICAI releases Technical Guide on the provisions of Independent Directors from Corporate Governance perspective Good Corporate Go...
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 ...
Company Law : Companies which do not have any of their Directors/Signatory details registered in the MCA2 1 system and who are desirous of filin...
Company Law : Delhi High Court orders MCA to review independent director's request for designation correction in official records to prevent und...
Fema / RBI : Madras High Court overturns wilful defaulter tag on former IAS officer, citing lack of evidence linking him to company's financial...
SEBI : Regulation 17(1A) is not applicable for the purpose of filling up a casual vacancy under Section 161(4) of the Companies Act. Reg...
Corporate Law : Sunita Palta & Ors. Vs. Kit Marketing Pvt. Ltd. (Madras High Court) Non-Executive Directors are, therefore, persons who are no...
Company Law : ROC Delhi penalised a company and its directors after it failed to appoint mandatory independent directors despite crossing the pr...
Company Law : ROC Mumbai penalized a company and its officers for failing to fill vacancies of independent directors within the statutory timeli...
Company Law : The company delayed appointment of independent directors despite crossing the threshold. The authority held that prolonged non-com...
Company Law : The issue involved non-compliance with Section 150(1) due to improper appointment of an independent director. The authority held t...
Company Law : The ROC penalized the company for not appointing an Independent Director from the IICA databank. The ruling highlights strict comp...
The Ministry of Corporate Affairs introduced several schemes {Companies Fresh Start Scheme, 2020 (CFSS) General Circular No. 30/2020, LLP settlement Scheme 2020 General Circular No. 31/2020, Scheme for relaxation of time for filing forms related to creation or modification of charges under the Companies Act, 2013 General Circular No. 33/2020 and Clarification on holding of […]
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 Months from such commencement (i.e. upto 31st […]
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, 2020 S.O. _ (E).- In exercise of the powers conferred by […]
INDEPENDENT DIRECTOR- An independent director is a non-executive director of a company who brings in objectivity and independence in the decision making by the Board of Directors of the company. As an independent director, he should not be related to the promoters of the company. He should not have any pecuniary interest in the company, […]
How to enroll on independent director’s data bank and pass examination for independent director My article is related to preparation of exam of independent director. In this article I am trying to help my Profession colleagues or others who want to pass their exam and wish to add his/her name in the database of independent […]
1. Section 149 (4) and rule 4 of Companies (Appointment & Qualification of Director) Rule, 2014 1. Every listed company shall have at least 1/3rdof total No. of directors as Independent Director, and 2. Following classes of companies shall have at least 2 Directors as Independent Director- In case of Public Company having – i. […]
Further relaxations by the Ministry of Corporate Affairs till September 30, 2020 for conduct of Board meetings to approve its financial statements through VC or OAVM and registration of Independent Directors in the Independent Directors Data Bank.
‘Independent directors’ is a very important topic and there are various interpretation issues which everyone faces while explaining or reading the topic but still we have good examples which will ensure to understand this concept in a better manner. It’s a Great Move of Ministry of Corporate Affairs which do regulates the function of corporate […]
In continuance of the earlier article, ‘All about Independent Directors- (Part-1)‘, this article will focus on the independent director databank and the process of appointing an independent directors. On 22nd October, 2019 the Ministry of corporate affairs (MCA) published the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, to amend the Rule 6 […]
An independent director is a member of the board who: -is a non-executive director of a company, -does not haveany kind of relationship with the company that may affect his/ her independence, -is not involved in day to day activities of the company, -helps the company in improving corporate credibility and governance standards. The companies […]
