The Companies (CMDID) Amendment Rules, 2021.

The Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021.

Please see below the excerpt from the Notification issued by MCA on Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021:

1

Circular date

18.06.2021

2

Subject

Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021

3

Effective date

They shall come into force on the date of their publication in the Official Gazette

4

Applicability

Applicable on Independent Directors

    

      5

 

Brief description

The Ministry of Corporate Affairs on 18th June 2021 has published the Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 in which the rule relating to creation and maintenance of data bank has been amended.

The institute (“Indian Institute of Corporate Affairs”) shall create and maintain a databank of persons willing and eligible to be appointed as independent directors, and such databank shall be an online databank which shall be placed on the website of the institute.

In case of delay on the part of an individual in applying to the institute 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 further fees of one thousand rupees on account of such delay.

Notification is attached herewith for your ready reference & reading.