New Compliance for a person eligible and willing to be appointed as an independent director (ID)

A new sub-rule inserted by Ministry of Corporate Affairs (MCA) for person willing to be appointed as ID. Provision for restoration of name in the databank on payment of INR 1,000/- has been inserted subject to (fees paid by ID at the time of initial registration shall continue to be valid for the period for which the same was initially paid).

However, name will be shown in separate restored category for one year from restoration date, if the online proficiency test is passed within such one year.

But If he fails to pass the test within one year of restoration, his name shall be removed from the data bank and he shall be required to apply afresh for inclusion of name in databank.