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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 ..... 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. 3. Creation and maintenance of data bank.- (1) The institute shall create and maintain a databank of persons willing and eligi ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ndent 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 available by the institute for this purpose. (6) A disclaimer shall be conspicuously displayed on the website hosting the data bank that a company must carry out its own due diligence before appointment of any person as an independent director. (7) The institute, shall with the prior approval of the Central Government, fix a reasonable fee to be charged from :- (a) individ ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... x 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 removed from the data bank along with grounds and the dates of such removal. 5. Panel.- (1) There shall be a panel of not more than ten members nominated by the Central Government, for the purpose of approving the outline of the courses and study material prepared by the institute. (2) Panel referred to in sub-rule (1) shall consist of:- (a) Secretary, Ministry of Corporate Affairs or his nominee; (b) Director General and Chief Executive Officer of the institute or his nominee; (c) one ..... X X X X Extracts X X X X X X X X Extracts X X X X
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