In a major relief to many Independent Directors who have either missed renewal date or couldn’t get registered before the notified last of registration with Independent Director’s Databank. Now, such directors may renew their registration with penalty of Rupees One Thousand apart from normal registration fee. Earlier there was no such provision to renew registration with the Databank once registration expired. IDs were required to renew within 30 days from expiry of the registration. Considering the circumstances created by COVID-19 pandemic and representations from stakeholders, decision is implemented with immediate effect.
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