Tuesday, 15 March 2016

Compliance in respect of Directors

SectionsRulesSummaryCompliances to be done
149 Company to have Board of Directors
Every Independent Director  has to give declaration  that he meets the criteria of independence at the first meeting of the Board in which he participates as a director and thereafter at the first meeting of the Board in every financial year or whenever there is any change in the circumstances which may affect his status as an independent director.
152 Appointment of directors.A declaration has to be given by every person proposed to be appointed as a Director that he is not disqualified to become a director under this Act.
152Rule 8 of   Companies (Appointment and Qualification of Directors) Rules, 2014.Consent to act as director.To file consent in writing in  Form DIR-2  before appointment as a director
154Rule 10 of   Companies (Appointment and Qualification of Directors) Rules, 2014.Allotment of DIN
To obtain Director Identification Number before appointment.
156 
Director to intimate Director Identification Number.
To intimate Director Identification Number within one month of the receipt of Director Identification Number from the Central Government to all companies wherein he is a director.
158 
Obligation to indicate Director Identification Number.
To mention Director Identification Number while furnishing any return, information or particulars, as required to be furnished under the Act.
165 
Number of directorships.
Not to exceed total number of directorship specified under this  Act and to restructure within one year the maximum number of directorship allowed that is:
Only Public Companies- 10  
Only Private Companies- 20  
 Both- 20
184Rule 9 of Companies (Meetings of Board and its Powers) Rules, 2014.Disclosures by a director of his interest.
To disclose his concern or interest in any company or companies or bodies corporate (including shareholding interest), firms or other association of individuals, by giving a notice in writing in Form MBP 1 at the first meeting of the Board in which he participates as at a director and thereafter the first meeting of the Board in every financial year or whenever there is any change in the disclosures already made, then at the first Board meeting held after such change

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Ravi Garg

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