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CS Professional · Compliance Management, Audit and Due Diligence · Documentation and Maintenance of Records

A company secretary is certifying the process followed by Sundaram Auto Ltd for appointing an independent director. Which statement about the data bank under Section 150(1) is accurate?

The data bank is maintained by a body, institute or association notified by the Central Government, having expertise in creating and maintaining such a data bank, and it is put on that body's website for use by appointing companies, as set out in Section 150(1).

  1. AThe data bank is maintained by a body, institute or association notified by the Central Government that has expertise in creating and maintaining such data bankCorrect
  2. BThe data bank is maintained by the Registrar of Companies of the state where the company is registered
  3. CThe data bank is maintained by the company's own nomination committee
  4. DThe data bank is maintained by the stock exchange where the company is listed

Explanation

Section 150(1) says the data bank is maintained by any body, institute or association notified by the Central Government having expertise in creating and maintaining it, and it is put on their website. The Registrar, the company's committee and the exchange are not named.

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