Companies (Appointment and Qualification of Directors) Amendment Rules, 2017

posted by: corporate

The Ministry of Corporate Affairs has issued a notification dated 5th July, 2017  to amend the Companies (Appointment and Qualification of Directors) Rules, 2014, to be known as  Companies (Appointment and Qualification of Directors) Amendment Rules, 2017.

In exercise of the powers conferred by the second proviso to sub-section (1), sub-section (4), clause (f) of sub-section (6) of section 149, sub-sections (3) and (4) of section 150, section 151, sub-section (5) of section 152, section 153, section 154, section 157, section 160, sub-section (1) of section 158 and section 170 read with section 469 of the Companies Act, 2013 (18 of 2013), the Central Government hereby makes the following rules further to amend the Companies (Appointment and Qualification of Directors) Rules, 2014 namely: –

1. (1) These rules may be called the Companies (Appointment and Qualification of Directors) Amendment Rules, 2017.

(2) They shall come into force on the date of their publication in the Official Gazette.

2. In the Companies (Appointment and Qualification of Directors) Rules, 2014 (hereinafter referred to as the principal rules), rule 4 shall be numbered as sub rule (1) and after sub-rule (1) as so re numbered, the following sub-rule shall be inserted namely :-

“(2) The following classes of unlisted public company shall not be covered under sub-rule (1), namely:-
(a) a joint venture;
(b) a wholly owned subsidiary; and
(c) a dormant company as defined under section 455 of the Act.”

3. In the principal rules Form DIR-5 shall be substituted.