First Notes - 14 July 2017

First Notes - 14 July 2017

MCA amends provisions relating to independent directors under the Companies Act, 2013

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Background

The Companies Act, 2013 (2013 Act) became largely effective from 1 April 2014. The Ministry of Corporate Affairs (MCA) has been issuing various amendments and clarifications to the 2013 Act and to the corresponding Rules to remove practical challenges faced by companies while implementing certain provisions of the 2013 Act.

New development

Recently, on 5 July 2017, the MCA amended certain provisions relating to independent directors and issued the following notifications:

  • Companies (Appointment and Qualification of Directors) Amendment Rules, 2017
  • Amendment to Schedule IV (Code for independent directors) of the 2013 Act.

This issue of First Notes provides an overview of the amendments made by the MCA in relation to independent directors.

To access the text of the MCA notifications on:

  • Companies (Appointment and Qualification of Directors) Amendment Rules, 2017, please click here
  • Amendment to Schedule IV of the 2013 Act, please click here.

 

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