Updates under MCA as on 23rd October 2019

(1) These rules may be called the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019.

The provisions of these rules, other than rule 2 and 5, shall come into force with effect from the 1st day of December, 2019. The provisions of rule 2 and 5 shall come into force on the date of publication of this notification in the Official Gazette (2) (1) In these rules, unless the context otherwise requires, —

“Act” means the Companies Act, 2013 (18 of 2013); “institute” means the ‘Indian Institute of Corporate Affairs’ notified under sub-section (1) of section 150 of the Companies Act, 2013. Words and expressions used and not defined in these rules but defined in the Act shall have the same meanings as respectively assigned to them in the Act.

(3) Creation and maintenance of data bank.— (1) The institute shall create and maintain a databank of persons willing and eligible to be appointed as independent directors, and such databank shall be an online databank which shall be placed on the website of the institute.

(2) The data bank referred to in sub-rule (1) shall contain the following details in respect of each person included in the data bank to be eligible and willing to be appointed as independent director-

DIN (Director Identification Number), if applicable; Income Tax PAN; the name and surname in full; the father’s name; the date of Birth; gender; the nationality; the occupation; full Address with PIN Code (present and permanent); phone number; e-mail id; the educational and professional qualifications; experience or expertise, if any; any pending criminal proceedings as specified in clause (d) of sub-section (1) of section 164; the list of limited liability partnerships in which he is or was a designated partner along with - the name of the limited liability partnership; the nature of industry; and the duration- with dates; the list of companies in which he is or was director along with - the name of the company; the nature of industry; the nature of directorship - Executive or Non-executive or Managing Director or Independent Director or Nominee Director; and (iv) duration - with dates. (3) The information available in the data bank shall be provided only to companies required to appoint independent director after paying a reasonable fees to the institute. (4) A person whose name is included in the data bank, may restrict his persona] information to the institute, to be disclose