Studycafe | Dec 23, 2019 |
Independent Director Data Bank : Company Law new requirement
As the name suggest, an independent director is a non-executive director of a company who helps the company in improving corporate credibility and governance standards. He/ She does not have any kind of relationship with the company that may affect the independence of his/ her judgment.
To boost Corporate Governance standards in India, the Govt. has decided to introduce online proficiency self-assessment test for Independent directors.
For this government has introduced Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019 and the Companies (Accounts) Amendment Rules, 2019.
What is the effective Date of these rules
The provisions of these rules shall come into force with effect from the 1st day of December, 2019.
How can I Access this Data Bank
The databank which can be accessed at ‘www.mca.gov.in’ and ‘www.independentdirectorsdatabank.in’ would provide an easy to access and navigate platform for the registration of independent directors
What is the Purpose of creation of this Data Bank
Data bank is developed & Maintained by IICA, It provides for a wide array of elearning courses on various topics including the Companies Act, Securities laws, basic accountancy, board practices, board ethics and board effectiveness. A number of value-added services are expected to be rolled out through the portal for capacity building of Independent Directors.
What is due date of registration with Indian Institute of Corporate Affairs at Manesar (Haryana)
All Existing Independent Directors
All Existing Independent Directors have to get themselves registered within 3 months from commencement of rule i.e. 01st December 2019
Therefore Last Date is 29th December 2020
Individuals willing to be Independent Director
Any person willing to be appointed as ID after the commencement of this rule i.e. 01st December 2019 have to get themselves registered before they get appointed
How can I register with Indian Institute of Corporate Affairs at Manesar (Haryana)
How to create Login Id and password on Independent Director’s Data bank
Log in ID and Password shall be share by the authority on Mobile No and email ID.
To get empanel with Data Bank of Independent Director DIN is mandatory or Not
DIN is not mandatory for empanelment of any person for Data Bank of Independent Director. If a person not having DIN can get empanel with PAN.
A foreign national don’t have DIN and PAN. How can he get empanelled for the same
Ans: He can get empanelled by passport no and providing basic contact information, such as email, mobile No. etc.
What kind of subscription plan are available
There are three different subscription plans available – 1 Year, 5 Years, and Life time.
Are there any number of attempts for passing the test
No
What if a person fails in the test
He cannot become, or continue as a independent director if he fails in the test.
Is a a person who fails in the test, a disqualified director
No, he can be a normal director, but not independent director.
Is there any exemption from giving the test
An Individual who has served for not less than 10 years as a Director or KMP in a Listed Public company or unlisted private company having Paid up share capital of Rs. 10 Crore or more is exempted from giving the test.
What are minimum marks required to pass the exam
Marks required to pass the exam : 60%
Tags : Company Law
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