CAIRR Update March 04, 2020

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CAIRR Update March 04, 2020

March 04, 2020

Summary of general circular issued by MCA on 02/03/2020

1. MCA issues clarification with respect to prosecutions/internal adjudication proceeding issued against Independent Directors (IDs), Non-Promoters, and Non-Executive directors (NEDs)


Through this circular, MCA has issued Standard Operating Procedure to be followed by the Registrars with respect to initiation of proceedings against “Officer in default”, defined under Section 2(60) of the Companies Act, 2013. This is to ensure that civil or criminal proceedings are not unnecessarily initiated against the IDs or the NEDs, unless sufficient evidence exists to the contrary. Aforesaid circular is integrated in our free-to-use website for your ready reference.

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By | 2020-03-04T13:00:16+00:00 March 4th, 2020||0 Comments

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