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...
Key Takeaways of SEBI (Listing Obligations and Disclosure Requirements) (Third Amendment) Regulations, 2021 (LODR) SEBI vide its notification dated 03rd August, 2021 have amended Securities and Exchange Board of India (Listing Obligations and Disclosure Requirements) Regulations, 2015 (“LODR”) for the third time in 2021. Such an amendment has been published in the official gazette on 03rd […]
Companies (Creation and Maintenance of databank of Independent Directors) Second Amendment Rules, 2021 MCA inserts vide Notification No. G.S.R. 580(E) dated 19.08.2021 ‘Rule 6 Annual report on the capacity building of independent directors’ to Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019. These MINISTRY OF CORPORATE AFFAIRS NOTIFICATION New Delhi, the 19th […]
MCA exempts CA, CMA, CS & Advocate having 10 years’ experience from Online Proficiency Self-Assessment Test for becoming Independent Director by notifying Companies (Appointment and Qualification of Directors) Amendment Rules, 2021 vide Notification No. G.S.R. 579(E) dated 19th August, 2021. MCA vide its Notification dated 19th August 2021 has issued the Companies (Appointment and Qualification […]
Understanding the re-designation process of a Non Executive Director as an Independent Director. Learn about the criteria and qualifications for Independent Directors.
Explore the changes in provisions relating to independent directors and their impact on corporate governance.
One of the major amendment proposed by the Companies (Amendment) Act, 2020 is with regard to remuneration to independent director and non-executive directors in Case of Absence or Inadequacy of Profits. In this write-up, author has analysed the impact of such amendment. Relevant changes has been made in section 149 and 197 so that non-executive […]
INDEPENDENT DIRECTOR REGISTRATION Statutory Provision As per Rule 6 of Companies [Appointment and Qualification of Directors] Rules 2014, Every independent director shall within 13 months form the date of commencement of the Companies [Appointment and Qualification of Directors] fifth amendment Rules 2019 ie. 1st December 2019 or a person who intends to get appointed as […]
Independent Directors hold paramount position in the Board of Directors since they are donned with the responsibility of upholding the interest of the stakeholders and are expected to bring in independent judgement on the Board’s deliberations especially on issues of strategy, performance, risk management, resources, key appointments and standards of conduct as well as bring an objective view in the evaluation of the performance of board and management.
In case of delay on the part of an individual in applying to the institute under sub-rule (7) for inclusion of his name in the data bank or in case of delay in filing an application for renewal thereof, the institute shall allow such inclusion or renewal, as the case may be, under rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 after charging a further fees of one thousand rupees on account of such delay
Independent Director – A Brief Introduction About Eligibility, Powers, Appointment Terms An Independent Director has always been a person of high regard and intellect, he is always been a person who is a face of governance in the Board. An independent director is a non-executive director of a company who meets the criteria of being […]
