INDEPENDENT DIRECTOR – NEW ERA- BY AMENDMENT IN ACT - Series - 510
No. 510 INDEPENDENT DIRECTOR – NEW ERA- BY AMENDMENT IN ACT Data Bank of ID/ IICA/ Online Proficiency test/ Self-assessment test/ Compliance with right to ID and Companies Independent directors have a crucial role to play for keeping good governance practices. In order to ensure the basic literacy of company law, securities law and accountancy among Independent directors and to boost Corporate Governance standards in India, the Govt. has decided to introduce online proficiency self-assessment test for Independent directors. Subsequently, MCA has notified the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, and the Companies (Accounts) Amendment Rules, 2019. The notifications shall come into force with effective from Dec 01, 2019. Applicability: The new norms shall be applicable to · Existing Independent directors and · Individual who are willing to be appointed