Quick Summary
The Ministry of Corporate Affairs has announced theCompanies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 to further amend the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019. Under the newRules, Rule3(7)(a) andRule 3(8) stand amended. Read the official announcement by ICAI decoding the amendments, below: Corporate Laws Corporate Governance Committee The Institute of Chartered Accountants of India 1st July, 2021
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FAQ :
These are amendments made by the Ministry of Corporate Affairs to the existing Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019.
The rules apply to existing independent directors, individuals willing to be appointed as independent directors, and companies required to appoint independent directors under the Companies Act 2013.
If an individual delays their application to the IICA for inclusion or renewal in the databank, it may be allowed after charging a further fee of one thousand rupees.
Yes, the rules now specify that the fee charged for inclusion or renewal of names in the databank can be fixed by the institute with prior approval from the Central Government.
Rule 3(7)(a) and Rule 3(8) of the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 have been amended.
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