MCA amends rules for appointment of Independent Director

MCA amends rules for appointment of Independent Director The Ministry of Corporate Affairs(MCA) vide Notification No. F. No. 8/4/2018-CL-I- Part I dated 10th June 2022 notifies Companies (Appointment and Qualification of Directors) Second Amendment Rules 2022. The Notification is Given Below: G.S.R. 439(E).—In exercise of the powers conferred by section 149 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: - 1. Short title and commencement.- (1) These rules may be called the Companies (Appointment and Qualification of Directors) Second Amendment, Rules, 2022. (2) They shall come into force on the date of their publication in the Official Gazette. 2. In the Companies (Appointment and Qualification of Directors) Rules, 2014, in rule 6, after sub-rule (4), the following sub-rule shall be inserted, namely: -

“(5) Any individual whose name has been removed from the databank under sub-rule (4), may apply for restoration of his name on payment of fees of one thousand rupees and the institute shall allow such restoration subject to the following conditions, namely :-

(i) his name shall be shown in a separate restored category for a period of one year from the date of restoration within which, he shall be required to pass the online proficiency self-assessment test and thereafter his name shall be included in the databank, only, if he passes the said online proficiency self-assessment test and in such case, the fees paid by him at the time of initial registration shall continue to be valid for the period for which the same was initially paid; and

(ii) in case he fails to pass the online proficiency self-assessment test within one year from the date of restoration, his name shall be removed from the data bank and he shall be required to apply afresh under sub-rule (1) for inclusion of his name in the databank.”.

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