Ministry of Corporate Affairs notifies Companies (Meetings of Board and its Powers} Second Amendment Rules, 2017 dated July 13, 2017. As per the notification following amendment has been made in the Companies (Meetings of Board and its Powers} Rules, 2014 –

1. In Rule 3-

(a} In sub-rule(3}, for clause (e}, the following has been substituted :-

“(e} Any director who intends to participate in the meeting through electronic mode may intimate about such participation at the beginning of the calendar year and such declaration shall be valid for one year:

Provided that such declaration shall not debar him from participation in the meeting in person in which case he shall intimate the company sufficiently in advance of his intention to participate in person.”

(b} In sub-rule (11}, in clause (a}, after the words “decision taken by majority”, the words “and the draft minutes so recorded shall be preserved by the company till the conformation of the draft minutes in accordance with sub-rule (12}” has been inserted.

2. For Rule 6, the following rule has been substituted:-

6. Committees of the Board – The Board of directors of every listed company and a company covered under rule 4 of the Companies (Appointment and Qualification of Directors} Rules, 2014 shall constitute an ‘Audit Committee’ and a ‘Nomination and Remuneration Committee of the Board’.