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...
Explore roles, eligibility, and responsibilities of Independent Directors under Companies Act 2013. Dive deep into provisions shaping corporate governance.
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.
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 the case and the penalty imposed by the MCA.
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 compliance and the option for appeal.
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.
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.
Discover penalty imposed by MCA on Resonance Eduventures Limited for failing to appoint independent directors, as per Companies Act 2013. Learn about violation, penalties, and implications.
According to u/s 149(9) of companies act, an independent director shall not be entitled to any stock option and receive any remuneration by way of a fee provided under section 197 sub section 5, reimbursement of expenses for participation in a board and other meeting and profit related commission as may be approved by the members.
Whether an Independent Director would be liable or not in a for a particular act or omission would depend on the facts of each case. But it is necessary that Independent Directors shall perform their duties diligently.
An Independent Director is a non-executive director of a company who helps the company in improving corporate credibility and governance standards. We can also say that; an Independent director is a director who is not connected or associated with the company in any manner.
