MCA notifies Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020 [Read Notification]
![MCA notifies Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020 [Read Notification]](https://www.taxscan.in/wp-content/uploads/2020/12/MCA-Companies-Appointment-and-Qualification-of-Directors-Fifth-Amendment-Rules-companies-amendment-rules-Taxscan.jpg "MCA notifies Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020 [Read Notification]")
The Ministry of Corporate Affairs (MCA) notified the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020 which seeks to amend Companies (Appointment and Qualification of Directors) Rules, 2014. The Amendment has increased the time period from 1 year to 2 years in respect of every individual whose name is so included in the data bank, who has to pass an...
The Ministry of Corporate Affairs (MCA) notified the Companies (Appointment and Qualification of Directors) Fifth Amendment Rules, 2020 which seeks to amend Companies (Appointment and Qualification of Directors) Rules, 2014.
The Amendment has increased the time period from 1 year to 2 years in respect of every individual whose name is so included in the data bank, who has to pass an online proficiency self-assessment test conducted by the institute.
After this amendment, an individual shall not be required to pass the online proficiency self-assessment test when he has served for a total period of not less than three years as on the date of inclusion of his name in the data bank as a director or key managerial personnel, as on the date of inclusion of his name in the databank.
The MCA stated that for the purpose of calculation of the period of three years referred to in the first proviso, any period during which an individual was acting as a director or as a key managerial personnel in two or more companies or bodies corporate or statutory corporations at the same time shall be counted only once.
