TMI BlogThe Companies (Creation and Maintenance of databank of Independent Directors) Rules, 2019.X X X X Extracts X X X X X X X X Extracts X X X X ..... (2) The provisions of these rules, other than rule 2 and 5, shall come into force with effect from the 1st day of December, 2019. (3) The provisions of rule 2 and 5 shall come into force on the date of publication of this notification in the Official Gazette. 2. Definitions.- (1) In these rules, unless the context otherwise requires, - (a) Act means the Companies Act, 2013 (18 of 2013) ; (b) institute means the Indian Institute of Corporate Affairs notified under sub-section (1) of section 150 of the Companies Act, 2013 . (2) Words and expressions used and not defined in these rules but defined in the Act shall have the same meanings as respectively assigned to them in the Act ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... e name of the company; (ii) the nature of industry; (iii) the nature of directorship - Executive or Non-executive or Managing Director or Independent Director or Nominee Director; and (iv) duration - with dates. (3) The information available in the data bank shall be provided only to companies required to appoint independent director after paying a reasonable fees to the institute. (4) A person whose name is included in the data bank, may restrict his personal information to the institute, to be disclosed in the data bank. (5) Any individual whose name appears in the data bank, shall make changes in his particulars within thirty days of such change through web based framework made ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndividuals to take advanced tests in the areas specified in clause (a) and prepare the necessary advanced study material in this respect: Provided that no separate fees shall be charged by the institute in respect of clauses (a), (b) and (c). (2) The institute shall daily, share with the Central Government, a cumulative list of all individuals - (a) whose names have been included in the data bank along with the date of inclusion and their Income Tax PAN or Passport number in case of foreign director (not required to have Income-Tax PAN); (b) whose applications for inclusion in the data bank have been rejected along with grounds and the dates of such rejection; and (c) whose names have been remove ..... X X X X Extracts X X X X X X X X Extracts X X X X
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