The Ministry of Corporate Affairs, Government of India amended the Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019, for the second time in 2021, through a notification on Thursday. The modification makes it needed for the Indian Institute of Corporate Affairs (IICA) to furnish an annual report to each particular person in its knowledge financial institution.
The report must be despatched “to every individual whose name is included in the data bank and also to every company in which such individual is appointed as an independent director”. The report have to be despatched inside 60 days of the ending of a monetary 12 months.
The format of the report was additionally talked about within the notification issued by the Ministry within the Gazette of India in New Delhi. Some of the main points that have to be stuffed in embody the Name of the Director, His/ Her subscription interval, their membership validity, the variety of programs that have been organised by the institute through the monetary 12 months, variety of workshops organised through the monetary 12 months and so forth.
In an earlier modification, in the identical 12 months, a price of 1 thousand rupees was allowed to be charged if a person fails to resume their membership inside the stipulated interval with the IICA.