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 : Resignations of Independent Directors raise concerns over their autonomy in promoter-led firms. A legal and governance review expl...
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 : 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...
Company Law : The issue involved failure to appoint independent directors within the prescribed timeline. The authority held that delay constitu...
Company Law : ROC Ahmedabad imposed penalties after finding prolonged non-compliance with mandatory Independent Director requirements. The rulin...
Independent Directors serve as an important Institution of corporate governance contributing significantly at the boards by bringing a diverse set of skills with an independent judgement on the significant issues. Independent Directors need to act as the custodians of good governance by discharging monitoring and advisory role effectively.
Indian Institute of Corporate Affairs (IICA) have introduced an online databank for all existing and aspiring Independent Directors. The databank has been originated from the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 issued by the Ministry of Corporate Affairs on 22/10/2019. As per the said rules, all existing Independent Directors need to […]
. Every individual existing Independent Directors (ID) shall within a period of three months from commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019 and every individual who intends to get appointed as an ID after such commencement shall, apply online to the Indian Institute of Corporate Affairs (“the institute) for inclusion of his name in the data bank for a period of one year or five years or for his life-time till he continues to hold the office of an independent director in any company.
Brief note on Data Bank registration and Online Proficiency test for Independent Directors Ministry of Corporate Affairs (MCA) has issued an Online Proficiency Self-Assessment test for Independent Directors vide notification dated 22.10.2019. MCA has also notified Companies (Creation and Maintenance of Databank of Independent Directors) Rules, 2019 which has created Data bank by Indian Institute […]
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.
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 Identification Number (DIN).
Understand the implications of directors service to a company or body corporate. Learn about the service tax requirements and exclusions for non-executive, nominee, and independent directors.
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.
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 also.
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 punishable […]
