Daily Email Newsletter (Sign-up Free)

Companies (Appointment And Qualification Of Directors) Amendment Rules, 2017

Ministry of Corporate Affairs, in its notification dated 5th July 2017, has notified rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014. The contents of the said notification is as under:

G.S.R. ___(E).- In exercise of the powers conferred by the second proviso to sub-section (1), sub-section (4), clause (f) of sub-section (6) of section 149, sub-sections (3) and (4) of section 150, section 151, sub-section (5) of section 152, section 153, section 154, section 157, section 160, sub-section (1) of section 168 and section 170 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, namely: -

1. (1) These rules may be called the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017.
(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Appointment and Qualification of Directors) Rules, 2014 (hereinafter referred to as the principal rules), rule 4 shall be numbered as sub-rule (1) and after sub-rule (1) as so renumbered, the following sub-rule shall be inserted namely :-
"(2) The following classes of unlisted public company shall not be covered under sub-rule (1), namely:-
(a) a joint venture;
(b) a wholly owned subsidiary; and
(c) a dormant company as defined under section 455 of the Act.".

3. In the principal rules, in the Annexure, for Form DIR-5, the following Form shall be substituted, namely:-

(check MCA site for the Form)

Note:-The principal rules were published in the Gazette of India, Extraordinary, Part II, section 3, sub-section (i) vide number G.S.R. 259(E) dated the 31st March, 2014 and were subsequently amended vide number G.S.R. 671(E) dated the 18th September, 2014 and G.S.R. 42(E) dated the 19th January, 2015.

No comments:

Post a Comment

In comment with "Name/Url" option, only Name is mandatory to be filled.