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The Ministry of Corporate Affairs ("MCA") Notifies the Companies (Appointment and Qualification of Directors) (Amendment) Rules, 2024

August 28, 2024
Economy
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MCA has introduced amendments to the Companies (Appointment and Qualification of Directors) Rules, 2014, which have come into effect on August 1, 2024. These changes aim to enhance transparency and simplify the procedures for appointing directors. Notably, the amendment to rule 12A now mandates that updates made to personal information of directors must be done in specified form by September 30th of each financial year. Additionally, a new provision has been introduced allowing directors to update their mobile numbers and email addresses in real time, replacing the previous annual update process. Previously, directors had to file their KYC annually, with contact information updates, only possible in the following April, often leading to outdated details during organizational changes or restructuring. This new approach ensures continuous and accurate communication, facilitating seamless transitions and reducing disruptions.

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