Company Law Update: In case of delay, how to register/renew name of individual in Independent Directors' databank

✓ Ministry of Corporate Affairs (MCA) by notification has issued Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 on June 18, 2021.

✓ Amendment:

By virtue of these Rules, an individual in case of delay allowed, for inclusion of his/her name under sub-rule (7) of Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019, in the data bank or in case of delay in filing an application for renewal thereof under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 after payment one thousand rupees on account of such delay.

✓ Impact:

In case of delay, by paying late fees of INR 1,000 an individual allowed to register his/her name or renew their registration in the databank of Independent Director, under Rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 .

✓ To read MCA Notification, please click here

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