Time limit for existing independent directors to apply listing in online data bank extended

Government of India

Ministry of Corporate Affairs

Notification

New Delhi, dated the 28th February, 2020

G.S.R.- (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. (1) These rules may be called the Companies (Appointment and Qualification of Directors) Amendment Rules, 2020.

(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, –

(a) in sub-rule (1), in clause (a), for the words, “three months” the words “five months” shall be substituted;

(b) in sub-rule (4),-

(i) for the first proviso, namely:-

the following proviso shall be substituted,”Provided that an individual shall not be required to pass the online proficiency self-assessment test, when he has served as a director or key managerial personnel, for a total period of not less than ten years, as on the date of inclusion of his name in the data bank, in one or more of the following, namely:-

(a) listed public company; or

(b) unlisted public company having a paid-up share capital of rupees ten crore or more; or

(c) body corporate listed on a recognized stock exchange:,,.

(ii) in the second proviso, for the word “companies” the words “companies or bodies corporate” shall be substituted.

[F. No. 8/4/2018-CLI-Part-I]

(K. V. R. MURTY)
Joint Secretary to the Government of India

Note-The principal rules were published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) aide notification number G.S.R. 259(E), dated the 31st March, 2014 and were last amended aide notification number G.S.R. 804 (E),dated the 22nd October, 2019.