| The Companies (Appointment and Qualification of Directors) Second Amendment Rules, 2022 |
The Ministry of Corporate Affairs (MCA) vide its notification dated 10 June 2022 has come up with a Second Amendment in connection with The Companies (Appointment and Qualification of Directors) Rules, 2014, effective immediately.
Official link: Notification dated 10 June 2022 |
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Our Comments
As per the existing provision of Rule 6(4), every individual whose name is included in the databank under sub-rule (1) was required to pass an online proficiency self-assessment test conducted by the institute within a period of 2 years from the date of inclusion of their name in the databank, failing which, their name will be removed from the databank of the institute and the individual had to apply for a fresh entry application.
However, with this recent amendment, individuals can apply for restoration of their name in the databank on payment of fees of INR 1000 and the institute shall allow such restoration subject to the conditions mentioned into the notification, namely:
- Their name will be shown in separate ‘Restored’ category for a period of 1 year
- The individual is required to pass an online proficiency self-assessment test within a period of 1 year from the date of restoration
- Upon passing the test, the fees paid by the individual at the time of their initial registration shall continue to be valid for the period for which it was initially paid
- In case the individual fails to pass the online self-assessment test within a period of 1 year from the date of restoration, their name will be removed from the databank
- Upon failing the online self-assessment test, the individual will be required to submit a fresh application under sub-rule (1) for the inclusion of their name in the databank.
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