March 02, 2020
1. MCA extends deadline to 1st May, 2020 for Independent Directors to get their names listed in the Online Data Bank
MCA, vide Companies (Appointment and Qualification of Directors) Amendment Rules, 2020, has amended Rule 6 of the aforesaid rules to extend the deadline for inclusion of their names by the Independent Directors in the Data Bank (currently maintained by Indian Institute of Corporate Affairs at Manesar (Haryana)) to 01/05/2020 from 01/03/2020.
Also, an individual who has served as a Director or a Key Managerial Personnel, for a period not less than ten years, in a listed public company, or, unlisted public company having a paid-up share capital of rupees ten crore or more, or in a body corporate listed on a recognised stock exchange shall also be exempted from taking the online assessment test prescribed under Rule 6(4).
For the purpose of calculation of ten years, any period during which an individual was acting as a Director or as a Key Managerial Personnel in two or more companies or body corporate at the same time shall be counted only once.
2. MCA issues a clarification with respect to Incorporation of Companies under SPICE+
MCA, hereby clarifies, that new companies that are incorporated through SPICe+ and thereby have obtained EPFO/ESI numbers will have to file statutory returns only when they cross thresholds prescribed under the relevant Acts.