Independent directors: MCA gives additional one year timeline for clearing online self-assessment proficiency test

The Centre has introduced a new window for name restoration of those independent directors who were removed from a databank due to their not clearing the mandated online self-assessment proficiency test. Such independent directors have now been given an additional one-year timeline to clear their self-proficiency test.

Against this backdrop, Yashojit Mitra, Partner at Economic Laws Practice (ELP) has been quoted by BusinessLine in their article titled ‘Independent directors: MCA gives additional one year timeline for clearing online self-assessment proficiency test’. He says, “This amendment essentially allows the non-exempt individuals (by paying a nominal fee) an extra one year to take and pass the said online self-assessment test and by passing the test within this additional period, they can get their names restored and the fees paid by such individual at the time of initial registration shall continue to be valid.”

Read the comment and detailed article here: https://bit.ly/3xtojME