MCA amends Code for Independent Directors (Schedule IV) under the Companies Act, 2013

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Ministry of Corporate Affairs (MCA) has issued a notification dated July 5, 2017 to amend Schedule IV which is a “Code for Independent Directors”.  MCA has made following amendments:

 

  • Duties:

In sub-para 12 of paragraph III, for the words “acting within his authority”, the words “act within their authority” shall be substituted;

  • Resignation or removal:

In sub-para (2) of paragraph VI, for the words “a period of not more than 180 days”, the words “03 months” shall be substituted;

  • Separate Meetings:

In sub-para (1) of paragraph VII, for the words “in a year”, the words “in a financial year” shall be substituted; and

  • Evaluation Mechanism:

After paragraph VIII, the following note shall be inserted:

The provisions of sub-paragraph (2) and (7) of paragraph II’ paragraph IV, paragraph V’ clauses (a) and (b) of sub-paragraph (3) of paragraph VII and paragraph VIII shall not apply in the case of a Government company as defined under clause (45) of section 2 of the Companies Act, 2013 (18 of 2013), if the requirements in respect of matters specified in these paragraphs are specified by the concerned Ministries or Departments of the Central Government or as the case may be’ the State Governments and such requirements are complied with by the Government companies.”

This note refers to the non applicability of the certain provisions to government companies.

 

[F. No. 1/22/2013- CL-V part]

URL: http://www.mca.gov.in/Ministry/pdf/AmendmentIV_06072017.pdf

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