MCA updates on Appointment of independent director, Applicability of sub-sections (2) (3) of section 74, The Companies (Removal of Difficulties) Fourth Order 2014, The Companies (Acceptance of Deposit) Amendment Rules 2014

1. MCA vide General Circular No. 14/2014 dated 09/06/2014 clarified  Rules pertaining to  Matters relating to appointment and qualifications of directors and Independent directors prescribed under the Companies Act, 2013 .

2. MCA vide S.O. 1459(E) dated 06.06.2014 has notified the Sub-section (2) & (3)  of section 74 (Repayment of deposits etc., accepted before the commencement of this Act ) 

3.  MCA vide The Companies (Removal of Difficulties) Fourth Order, 2014  dated 6th June 2014 has issued a fourth ROD whereby it is provided that until a date is notified by the Central Government under sub-section (1) of Section 434 of the Companies Act, 2013 (18 of 2013), the Company Law Board constituted in pursuance of sub-section (1) of Section 10E of the Companies Act, 1956 (1 of 1956) shall exercise the jurisdiction, powers, authority and functions of the Tribunal under sub-section (2) of Section 74 of the said Act.

4. MCA vide its notification G.S.R. 386(E) dated 6th June 2014 has issued the Companies (Acceptance of Deposit) Amendment Rules 2014, which  provided an extension to the requirement of accepting deposits with deposit insurance contract till the31st March, 2015.