has made amendments in rules related to appointment of Independent Directors and matters related therewith. A gist of such amendments is given below-
Maintenance of Databank of Independent Directors (“IDs”)
Indian Institute of Corporate Affairs (“IICA”) (at Manesar, Haryana) as an “Institute” under Section 150(1) of the Companies Act, 2013, responsible to create and maintain a databank containing names, addresses and qualifications of persons who are eligible and willing to act as Independent Director.
The Information available in databank shall be accessible to companies only after paying reasonable fees.
Registration of IDs and Proficiency Test
Now, following individual
Who is serving as an Independent Director;
Whose has been appointed as ID w.e.f December 01, 2019;
Who may be or is willing to be , appointed as ID w.e.f December 01, 2019
shall mandatorily apply (along with prescribed fee) to IICA for inclusion of his name in databank maintained by it, for a period of 1 year or 5 years or for life time.
After expiry of such 1 year or 5 years, individual may also apply for renewal within a period of 30 days for the date of expiry of such period.