Government Launches Data Bank of Independent Directors
On 2nd December, 2019, the Ministry of Corporate Affairs (MCA) launched the Independent Director’s Databank in accordance with the provisions of the Companies Act, 2013. It aims to strengthen the institution of Independent Directors.
Need for Databank
- In recent times, many individuals have come under the regulatory lens in connection with failure and default cases of the companies (for example, default of Infrastructure Leasing & Financial Services) where they were serving as independent directors.
- These failures have given enough reason to believe that directors need to have greater awareness of their fiduciary responsibilities.
About the Databank
- The Databank portal which has ....
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