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Clarification on prosecutions filed or internal adjudication proceedings initiated against Independent Directors, non-promoters and non-KMP non-executive directors

..... .P. Road, New Delhi Dated: 2nd March, 2020 To, All Regional Directors, All Registrars of Companies, All Official Liquidators. Subject: - reg. Sir, Under several provisions of the Companies Act, 2013 [Act], proceedings are required to be initiated against an officer in default for violations committed under the Act. The term "officer who is in default" is defined under section 2(60) of th .....

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..... sions in the Act hold a specific director, or officer, or any other person accountable for the default, in such cases, action should be initiated only against such director, or officer, or person, as the case may be, such as disclosure of interest by directors under section 184 of the Act. 3. Section 149 (12) is a non obstante clause which provides that the liability of an independent director (ID .....

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..... ticipation in equity of a company, or otherwise; c) Directors appointed in pursuance to any statutory or regulatory requirement such as directors appointed by the NCLT. 4. The nature of default is also crucial for arraigning officers of the company for defaults committed under the Act. All instances of filing of information/ records with the registry, maintenance of statutory registers or minutes .....

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..... the NEDs, unless sufficient evidence exists to the contrary. 6. The records available in the office of the Registrar, including e-forms DIR-11 or DIR-12, along with copies of the annual returns or financial statements should also be examined so as to ascertain whether a particular director or the KMP was serving in the company as on the date of default. 7. In case of any doubts, with regard to the .....

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