The Central Government makes the Companies (Creation and Maintenance of databank of Independent Directors) Amendment Rules, 2021 further to amend the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019.
The following amendment has been made:
In Rule 3 of the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019,
- in sub-rule (7)(a), after the words “for inclusion”, the words “or renewal” shall be inserted.
“7. The institute, shall with the prior approval of the Central Government, fix a reasonable fee to be charged from:—
(a) individuals for inclusion or renewal of their names in the data bank of independent directors; and
(b) companies for providing the information on independent directors available on the data bank.”
- after sub-rule (7), before explanation, the following sub-rule shall be inserted, namely:-
“(8) In case of delay on the part of an individual in applying to the institute under sub-rule (7) for inclusion of his name in the data bank or in case of delay in filing an application for renewal thereof, the institute shall allow such inclusion or renewal, as the case may be, under rule 6 of the Companies (Appointment and Qualification of Directors) Rules, 2014 after charging a further fees of one thousand rupees on account of such delay.”
*Tanvi Singh, Editorial Assistant has put this story together.