MCA Updates Companies (Appointment and eualification of Directors) Amendment Rules, 2020

(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.

Rule No Companies (Appointment and qualification of Directors) Rules, 2014 Companies (Appointment and qualification of Directors) Rules, 2020 Rule 6 sub rule (1) clause a who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period of [three months] from such commencement who has been appointed as an independent director in a company, on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period of [five months] from such commencement Rule 6 sub rule (4) first proviso Provided that the individual who has served for a period of not less than ten years as on the date of inclusion of his name in the databank as director or key managerial personnel in a listed public company or in an unlisted public company having a paid-up share capital of rupees ten crore or more shall not be required to pass the online proficiency self-assessment test 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 databank, in o.,\" o, 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: Rule 6 sub rule (4) second proviso Provided further that for the purpose of calculation of the period of ten years referred to in the first proviso, any period during which an individual was acting as a director or as a key managerial personnel in two or more companies at the same time shall be counted only once Provided further that for the purpose of calculation of the period of ten years referred to in the first proviso, any period during which an individual was acting as a director or as a key managerial personnel in two or more companies or bodies corporate at the same time shall be counted only once