RECENT AMENDMENTS UNDER COMPANIES ACT, 2013

MINISTRY OF CORPORATE AFFAIRS (MCA) 1. Amendment in Companies (Meeting of Board and its Powers) Rules, 2014: The Ministry of Corporate Affairs (MCA) has notified the Companies (Meeting of Board and its Powers), Second Amendment Rules, 2020 on 23^rd day of June 2020 to amend Rule 4(2) thereby extending the date up to which all companies can hold their board meetings for approval of financial statements and directors report via video conferencing or any other audiovisual means, from 30^th day of June 2020 to 30^th day of September 2020. The complete text of the notification can be viewed at below link: http://www.mca.gov.in/Ministry/pdf/Rule1_25062020.pdf 2. Amendment in Companies (Appointment and Qualification of Directors) Rules, 2014: MCA has notified the Companies (Appointment and Qualification of Directors) Third Amendment Rules, 2020 on 23^rd day of June 2020 to amend Rule 6(1)(a) relating to compliances required by a person eligible and willing to be appointed as an independent director, thereby extending the date up to which independent directors can carry out their registration on an online databank of MCA,  from 30th day of June 2020 to 30th day of September 2020. MCA had earlier launched the databank in December 2019 for registration of individuals willing to become independent directors, by way of a notification of Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019. Initially, the independent directors were required to register themselves with the databank within 3 months starting from 1st December 2019, which was further substituted with 5 months on 28^th  February 2020, 7 months on 24^th April 2020. It has now been substituted with 10 months i.e. till the 30^th day of September 2020. The complete text of the notification can be viewed at below link: http://www.mca.gov.in/Ministry/pdf/Rule2_25062020.pdf Last Updated: 3rd July 2020 This article is contributed by:  Luv Malhotra Senior Manager, Legal

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