Provision and Schedule for Annual Report on Capacity Building of Independent Director, notified

On August 19, 2021, the Ministry of Corporate Affairs (MCA) has issued the Companies (Creation and Maintenance of databank of Independent Directors) Second Amendment Rules, 2021 to further amend the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019.

 

Key highlights:

 

  • Rule 6, which specifies Annual report on the capacity building of independent directors, has been Inserted:

“The institute shall within sixty (60) days on from the end of every financial year send an annual report to every individual whose name is included in the data bank and also to every company in which such individual is appointed as an independent director in format provided in the Schedule to these Rules.”

  • SCHEDULE, which specifies Annual Report on Capacity Building of Independent Director has also been inserted along with rule 6.

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