Under the Companies Act, 2013, there are provisions that a company can choose an Independent Director from a databank of persons who are eligible and willing to act as Independent Directors. The Central Government has notified the Indian Institute of Corporate Affairs (IICA) as an agency to create and maintain this databank.
This databank contains names, addresses, and qualifications of persons who are eligible and willing to act as Independent Directors. Databank of Independent Directors aims to provide single-point access to the companies to search Independent Directors as per their needs and criteria.
Through this databank, companies can search Independent Directors by using search criteria
A company must carry out its own due diligence before appointing any person as Independent Director from profiles stored in the databank. Indian Institute of Corporate Affairs shall not be held responsible for any inaccuracy in the information or lack of suitability of the person whose information forms part of the databank.