MCA has issued Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020.

 MCA has issued Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020.

The pandemic has cast its shadow across various economic activities with massive dislocation in global production, supply chains and trade. In wake of the current nationwide lock down as directed by Government of India due to issue of Covid-19, a need has been felt to extend the timelines for processing of various investor requests pertaining to Compliance and disclosures to be made by Corporates .

MCA has issued Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

CRUX: Registration of details of Independent Directors in ID Data Bank is further deferred by two months.

MCA vide Gazette ID CG-DL-E-29042020-219224 dated 29.04.2020 states:

                 — In exercise of the powers conferred by section 149 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely:-

1. (1) These rules may be called the Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2020.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Appointment and Qualification of Directors) Rules, 2014, in rule 6, in sub-rule (1), in clause (a), for the words “five months” the words “seven months” shall be substituted.

Link: http://egazette.nic.in/WriteReadData/2020/219224.pdf

DISCLAIMER: THE ARTICLE IS BASED ON THE RELEVANT PROVISIONS AND AS PER THE INFORMATION EXISTING AT THE TIME OF THE PREPARATION. IN NO EVENT I SHALL BE LIABLE FOR ANY DIRECT AND INDIRECT RESULT FROM THIS ARTICLE. THIS IS ONLY A KNOWLEDGE SHARING INITIATIVE.

THE AUTHOR – CS DEEPAK SETH (ASSOCIATE PARTNER HELPINGHANDS PROFESSIONALS LLP) AND CAN BE REACHED AT CONTACTHHPRO@GMAIL.COM OR 9910248911.