Regulatory Updates: Ministry of Corporate Affairs – Amendment to the Companies (Meetings of Board and its Powers) Rules, 2014

The MCA vide its notification dated 13 July 2017 has amended the Companies (Meetings of Board and its Powers) Rules, 2014. With this amendment, the MCA has amended the provisions relating to:

  • Intimation of a Director to participate by way of Video Conference where such a facility has been provided by the Company: (1) Any director who intends to participate in the meeting through electronic mode may intimate about such participation at the beginning of the calendar year and such declaration shall be valid for one year: (2) Provided that such declaration shall not debar him from participation in the meeting in person in which case he shall intimate the company sufficiently in advance of his intention to participate in person
  • Preservation of draft Minutes circulated to the Board of Director: The draft minutes so recorded shall be preserved by the company till the confirmation of the draft minutes
  • Committee of the Board: The Board of directors of every listed company and a company covered under rule 4 of the Companies (Appointment and Qualification of Directors) Rules, 2014 shall constitute an ‘Audit Committee’ and a ‘Nomination and Remuneration Committee of the Board.

Source

Advertisements