MCA
Notification No. G.S.R. 579(E)
dtd: 19/08/2021
The Ministry of Corporate Affairs vide its notification dated 19th August, 2021 has amended the Companies (Appointment and Qualification of Directors) Rules, 2014,
These rules may be called the Companies (Appointment and Qualification of Directors) Amendment Rules, 2021.
They shall come into force on the date of their publication in the Official Gazette.
In said Rules, in rule 6, in sub-rule (4),
(i) in the first proviso, for clause (B), the following clause shall be substituted, namely:—
“(B) in the pay scale of Director or equivalent or above in any Ministry or Department, of the Central Government or any State Government, and having experience in handling—
(i) the matters relating to commerce, corporate affairs, finance, industry or public enterprises; or
(ii) the affairs related to Government companies or statutory corporations set up under an Act of Parliament or any State Act and carrying on commercial activities.”.
👉This amendment has widened the scope of exemption from passing the online proficiency self-assessment test for inclusion of name in the data bank of Independent Directors.(ii) after the second proviso, the following proviso shall be inserted, namely:—
“Provided also that the following individuals, who are or have been, for at least ten years :— (A) an advocate of a court; or
(B) in practice as a chartered accountant; or
(C) in practice as a cost accountant; or
(D) in practice as a company secretary,
shall not be required to pass the online proficiency self-assessment test.”
👉By inserting this provisions, MCA has exempted the Practicing Professionals with at least 10 years of experience from the requirement of passing the online proficiency self-assessment test.MCA
Notification No. G.S.R. 580(E)
dtd: 19/08/2021
The Ministry of Corporate Affairs vide its notification dated 19th August, 2021 has amended the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019,
These rules may be called the Companies (Creation and Maintenance of databank of Independent Directors) Second Amendment Rules, 2021.
They shall come into force on the date of their publication in the Official Gazette.
In said Rules, after rule 5, the following rule and the Schedule shall be inserted, namely:-
"6. Annual report on the capacity building of independent directors:-
The institute shall within sixty days from the end of every financial year send an annual report to every individual whose name is included in the data bank and also to every company in which such individual is appointed as an independent director in format provided in the Schedule to these Rules.
Insertion of Schedule
Annual Report on Capacity Building of Independent Director
(To be submitted by the institute)
Direct link 👇 Notification No. G.S.R. 579(E): https://egazette.nic.in/WriteReadData/2021/229158.pdf
Notification No. G.S.R. 580(E): https://egazette.nic.in/WriteReadData/2021/229148.pdf
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