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The Institute of Chartered Accountants of India has made an announcementregarding further relaxations given by the MCA till December 1, 2021, for the inclusion of the name of Independent Directors in the Independent Directors Data Bank. Read the official announcement below: Corporate Laws Corporate Governance Committee The Institute of Chartered Accountants of India 19th December, 2020 ANNOUNCEMENT Sub: Further relaxations by the Ministry of Corporate Affairs till December 1, 2021 fo
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FAQ :
The Ministry of Corporate Affairs has extended the deadline for the inclusion of names of Independent Directors in the Independent Directors Data Bank to December 1, 2021.
Yes, the criteria have been relaxed. The required period of directorship has been reduced from ten years to three years, and the passing marks for the online test have been lowered from 60% to 50%.
Individuals who have served as a director or key managerial personnel for at least three years in specific types of companies (listed public, unlisted public with paid-up capital of ₹10 crore or more, certain foreign bodies corporate, or statutory corporations) or held specific senior positions in government ministries or regulatory bodies are exempt.
The registration process is conducted online through the Institute.
Every individual appointed as an independent director must apply for inclusion in the data bank within two years of their appointment, which is up to November 30, 2021.
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