Under which act, the Union Govt has launched independent directors’ databank?
The Ministry of Corporate Affairs (MCA) has launched the Independent Director’s Databank in accordance with the provisions of the Companies Act of 2013 and the rules made there under. The databank — which can be accessed at ‘www.mca.gov.in’ and ‘www.independentdirectorsdatabank.in’ — would provide an easy to access and navigate platform for the registration of existing independent directors as well as individuals aspiring to become independent directors. The Indian Institute of Corporate Affairs (IICA) would maintain the databank portal. The databank portal has various e-learning capsules and videos for individual users. Besides, a number of value-added services are expected to be rolled out through the portal for capacity building of independent directors. Under the Companies Act of 2013, there are provisions that a company can choose an independent director from a data bank of persons who are eligible and willing to act as independent directors.