June 13, 2022
Summary of the notification issued by MCA on 10/06/2022
Procedure for Restoration of Name in the Data Bank by the Independent Director under Companies Act, 2013
Any individual desirous of being appointed as an Independent Director is required to pass an online proficiency self-assessment test conducted by the Institute (‘IICA’) within a period of 2 years from the date of inclusion of his name in the data bank, failing which, his name shall stand removed from the data bank of the IICA.
Where an individual’s name has been removed from the databank, MCA now provides for restoration of his name by way of filing a restoration application along with the fee of Rs. 1,000/-. The Institute shall allow such restoration subject to the conditions that:
- The name of such applicant will be shown in a separate restored category for a period of 1 year from the date of restoration, within which, such individual shall be required to pass the online proficiency self-assessment test. The name shall be included in the data bank only upon passing the said online test, and the registration fee paid by him initially shall continue to remain valid for the period for which it was originally paid.
- If he fails to pass the test within one year from the date of restoration, his name shall be removed from the data bank and he shall be required to apply afresh for inclusion of his name in the databank.