IICA on Creation and Maintenance of Databank of Independent Director By CS Kunal A Chauhan


Manner of selection of independent directors and maintenance of databank of independent directors:-
• ID being a person of wisdom, vision and sound judgement requires proper scrutiny before they are appointed on board.
All Existing Independent Directors
(Note: All Non-executive directors acting as ID and also all executive directors acting as ID on board of other company)
They have to get themselves registered within 3 months from commencement of rule i.e. 01st December 2019
Therefore Last Date is 29th February 2020. |
Individuals willing to be Independent Director
Any person willing to be appointed as ID after the commencement of this rule i.e. 01st December 2019
They have to get themselves registered before they get appointed. |
"Companies also may register themselves with the databank” Those companies which are required to appoint ID under the CA, 2013 to search, select and connect with individuals who possess the right skills and attitude for being considered for appointment as independent directors. |
V/S
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The Institute of Chartered Accountants of India
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The Institute of Company Secretaries of India and
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The Institute of Cost Accountants of India



• No maximum number of limits has been imposed for attempting the proficiency test.
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IS ATTEMPTING FOR EXAMS IS COMPULSORY….?
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WHAT IF INDIVIDUALS DON’T APPEAR FOR EXAM WITHIN 1 YEARS OF TIME SPAN …?
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CAN APPOINTMENT OF DIRECTOR BE CARRIED WITHOUT REGISTRATION AND CLEARANCE OF EXAM ?
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WHAT HAPPENS TO EXISTING INDEPENDENT DIRECTORS?
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WHAT IF INDIVIDUAL DON’T CLEAR THEIR EXAMS…?
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WHAT IF AFTER CONSECUTIVE ATTEMPTS, ONE FAILS TO CLEAR EXAM AND HIS NAME STANDS REMOVED FROM DATABASE, WHAT WILL BE LAPSING PERIOD FOR SAME?
(c) one member nominated by the Department of Economic Affairs;
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KUNAL A CHAUHAN
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Member Since: 17 Mar 2020 | Total Articles Contributed: 1
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