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Govt. Clearance must for appointment as directors in Indian Companies

"From the date of applicability of this circular, any national from a country that shares a land border with our Country, India, must seek security clearance fro"<br>TaxGuru is a platform that provides Updates On Amendments in Income Tax, Wealth Tax, Company Law, Service Tax, RBI, Custom Duty, Corporate Lawu00a0, Goods and Service Tax etc.<br>To know more visit https://taxguru.in/company-law/govt-clearance-appointment-directors-indian-companies.html

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Govt. Clearance must for appointment as directors in Indian Companies

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  1. GOVT. CLEARANCE MUST FOR APPOINTMENT AS DIRECTORSININDIAN COMPANIES https://taxguru.in/company-law/govt-clearance-appointment-directors-indian-companies.html Ministry of Corporate Affairs (MCA) vide Gazette Id no. CG-DL-E-01062022-236214 & F.No.1/22/2013- CL-V dated 01st June, 2022 has issued “the Companies (Appointment and Qualification of Directors) Amendment Rules, 2022” further to amend the Companies (Appointment and Qualification of Directors)Rules, 2014,inexerciseofthepowersconferredundersecondprovisotoSection149(1),149(4),149(6)(f),Section 150(3),Section150(4), Section151,Section152(5),Section153,Section154,Section157,Section160, Section 168 (1) and section 170 read with section 469 of the Companies Act,2013. Applicability: from the date of their publication in the Official Gazette i.e.01.06.2022. KeyHighlights: From the date of applicability of this circular, any national from a country that shares a land border with our Country, India, must seek security clearance from the Ministry of Home Affairs, Government of India if they wants to get appointed as Director in any IndianCompany. This requirement is in line with the Press Note 3 (2020 series) issues by Ministry of Commerce & Industry, Department for Promotion of Industry and Internal Trade, FDI Policy Section regarding “Review of Foreign Direct Investment (FDI) policy for curbing opportunistic takeovers/acquisitions of Indian companies due to the current COVID-19 pandemic”. Countries which share land borders with Indiaare: China, Bangladesh, Pakistan, Bhutan, Nepal, Myanmarand This steps is a preventive measure / prudent Step which aims to restrict the backdoor entry of Chinese companies or investors (including their subsidiaries) intoIndia. No application number shall be generated in case of the person applying for Director Identification Number is anationalofacountrywhichshareslandborderwithIndia,unlessnecessarysecurityclearancefromthe

  2. Ministry of Home Affairs, Government of India has been attached alongwith application for Director IdentificationNumber.” The directors are required to sign a declaration and verification as stated in the circular issues by the MCA ensuring that stated approvals are duly inplace. In form DIR -3: Serial No. 3Ainserted: 3A. I am not required to obtain the security clearance from the Ministry of Home Affairs, Government of India under sub-rule (1) of rule 10 before applying for director identificationnumber; Kindly Note: The principal rules were published in the Gazette of India, Extraordinary, Part II, Section 3, Sub-section (i) vide notification number G.S.R. 259(E), dated the 31st March, 2014and were last amended, vide notification number G.S.R. 579(E), dated the 19th August,2021. Source: ClickHere Disclaimer:Every effort has been made to avoid errors or omissions in this material. In spite of this, errors may creep in. Any mistake, error or discrepancy noted may be brought to our notice which shall be taken care of in the next edition. In no event the author shall be liable for any direct, indirect, special or incidental damage resulting from or arising out of or in connection with the use of thisinformation.

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