CAIRR Update August 23, 2021

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CAIRR Update August 23, 2021

Summary of the notifications issued by MCA on 19/08/2021
Exemptions for specified persons willing to be appointed as an independent director from passing online proficiency test under Companies Act, 2013 and its Rules

MCA has exempted the following candidates who are willing to be appointed as an Independent Director from passing the online proficiency test-

– Advocates, Chartered Accountants, Company Secretaries and Cost Accountants, who are in practice for at least 10 years,

– Candidates in the pay scale of Director or equivalent or above in any Ministry or Department, of the Central Government or any State Government, with experience of not less than 3 years in handling commerce, corporate affairs, finance, industry or public enterprises; or the affairs related to Government companies or statutory corporations set up under an Act of Parliament or any State Act and carrying on commercial activities.

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IICA to send Annual report on the capacity building of Independent Directors (IDs) to the respective IDs and the associated Company

MCA requires the institute (‘IICA’) to furnish within sixty days from the end of every financial year an annual report to every individual whose name is included in the data bank and to every company in which such individual is appointed as an ID in the format as prescribed in the said notification, which highlights the participation of the IDs in various programs, workshops etc. organized by the institute.

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Designation of Special Court for the purpose of providing speedy trial of offences under the Companies Act, 2013

The Chief Justice of the High Court of Jharkhand designates ‘Court of Sub-Divisional Judicial Magistrate at Ranchi’ as the Special Court for the purpose of providing speedy trial of offences falling under the jurisdiction of the State of Jharkhand under section 435(2)(b) of the Act.

These notifications are integrated in our free-to-use website for your ready reference.

By | 2021-08-23T13:32:34+00:00 August 23rd, 2021||0 Comments

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