Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020 Independent Directors to get registration on Databank

Background

Ministry of Corporate Affairs (“MCA”) vide its notification dated 29^th April, 2020 has issued the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020 which extended the period for registration of Independent Directors in the Databank from “Five” (5) months to “seven” (7) months effective from 1^st December, 2019 by applying online to the Institute of Corporate Affairs (“IICA”)

Key Highlights of the Amendment

• Change in the rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 via Companies (Appointment and Qualification of Directors) Second Amendment  Rules, 2020
• Earlier MCA has extended this registration date from 29^th February, 2020 to 30^th April, 2020 via Companies (Appointment and Qualification of Directors) Rules, 2020
• Now, through Companies (Appointment and Qualification of Directors) Second Amendment  Rules,2020 MCA has extended the deadline from 30^th April, 2020 to 30^th June, 2020

Impact on Independent Directors (“ID’s”)

• Extended timeline provided ID’s further time to get registered on databank

Sourcehttp://www.mca.gov.in/Ministry/pdf/Rules_29042020.pdf