The Ministry of Corporate Affairs has clarified that any person who has been appointed as an independent director in a company on the date of commencement of the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2019, shall within a period of seven months instead of existing tine frame of five months from such commencement shall apply online to the institute for inclusion of his name in the data bank for a period of one year or five years or for his life-time, and from time to time take steps as till he continues to hold the office of an independent director in any company.
[Source: Notification No. G.S.R. 268 (E) dated 29th April, 2020]
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