MCA vide Notification No. G.S.R. ………(E) on Wednesday, 5th July, 2017, has notified the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017 which shall come into force on the date of publication in Official Gazette.
Vide said notification Rule 4 has been renumbered as sub-rule (1) and a new sub-rule (2) has been inserted wherein following unlisted public companies has been excluded for applicability of independent directors:
- Joint Venture,
- Wholly owned subsidiary, and
- Dormant Company.
Further, Form DIR-5 i.e. Application for Surrender of DIN which previously was physical form, has been substituted with new e-form which was made available on MCA portal w.e.f 21st June, 2017.
The said Notification can be accessed from the following link:Co(Appt&QualifDir)AmdtRules2017_05.07.2017