The Ministry of Corporate Affairs (“MCA”), with the objective of strengthening the institution of independent directors under the Companies Act, 2013 (“Companies Act”) had launched the Independent Director’s databank in accordance with the provisions of the Companies Act and the rules made thereunder. As per the MCA, all existing Independent Directors were required to register themselves with the databank within 3 months from 01 December 2019. The time period was subsequently amended to 5 months and has now, pursuant to a notification by the MCA dated 29 April 2020, been extended to seven months from 1 December 2019 i.e. 30 June 2020. The notification can be accessed here.
