Popular Posts

Featured post

IMPORTANT ANNOUNCEMENT - Examination Timings - CA May - 2018 Examinations

An announcement dated 9th January 2018 informing the schedule and timings of the CA Examinations-May 2018 was hosted on www.icai.org The s...

Friday, 11 May 2018

The Central Government hereby makes the following rules furtherto amend the Companies (Appointment and qualification of Directors) Rules 2014

The Central Government hereby makes the following rules furtherto amend the Companies (Appointment and qualification of Directors) Rules, 2014, namely:-

These rules may be called the Companies (Appointment anoQualification of Directors) Second Amendment Rules, 2018.They shall come into force on the date of their publication in rne
official Gazette.

In the Companies (Appointment and Qualification of Directors) Rules,
2014, rule 5 shall be numbered as sub-rule (1) thereof, and after sub-rule (1) as so numbered, the following sub-rule shall be inserted,namely:-

None of the relatives of an independent director, for the purposes ofsub-clauses (ii) and (iii) of clause (d) of sub-section (6) of section 149,-

(i) is indebted to the company, its holding, subsidiary orassociate company or their promoters, or directors; or

(ii) has given a guarantee or provided any security in connectionwith the indebtedness of any third person to the company, itsholding, subsidiary or associate company or their promoters, or
directors of such holding company,
for an amount of fifty lakhs rupees, at any time during the twoimmediately preceding financial years or during the current financial year

In the principal rules in Rule 16 for word "shall" the word "may" shall be substituted.