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The Companies (Accounts) Amendment Rules, 2019

Ministry of Corporate Affairs (MCA) Notification dated the 22nd October, 2019.—

G.S.R. 803(E).—In exercise of the powers conferred by section 134 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 (Accounts) Rules, 2014, namely:—

1. (1) These rules may be called the Companies (Accounts) Amendment Rules, 2019.
(2) They shall come into force with effect from the 1st day of December, 2019.

2. In the Companies (Accounts) Rules, 2014, in rule 8, in sub-rule (5), after clause (iii), the following clause shall be inserted namely:—

 “(iiia) a statement regarding opinion of the Board with regard to integrity, expertise and experience (including the proficiency) of the independent directors appointed during the year”.

 Explanation.—For the purposes of this clause, the expression “proficiency” means the proficiency of the independent director as ascertained from the online proficiency self-assessment test conducted by the institute notified under sub-section (1) of section 150.

Note: The principal notification was published in the Gazette of India vide No. G.S.R. 239(E), dated 31.03.2014 and was last amended vide notification number G.S.R. 725(E) dated the 31st July, 2018.

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