Director Identification Number [DIN]

Director identification Number [DIN] is a unique identification number allotted to an individual. Once allotted the DIN will remain valid during the life time of the individual. Provisional DIN can be used for e-filing until the DIN is approved and activated by the MCA - DIN cell. Provisions pertaining to DIN are specified u/s 153 to 159 of the companies Act 2013.

Form DIN - 1

Form towards application of DIN is DIN - 1 (u/s 153). The fees is Rs.100. Provisional DIN will be valid only for the period of 60 days. The Central government shall within one month from the receipt of the application allot DIN to the applicant. (Section 154)

No person who already has a Director identification Number shall apply for another DIN. (Section 155)

Form DIN-2
Within 1 month from the date of receiving the DIN every director should intimate the details about the DIN to Company with the help of form DIN-2 (Section 156).

Form DIN-3

within one week 15 days from the receipt of intimation from a Director vide DIN-2 the Company must file form DIN-3 by paying applicable fees. Every company, within fifteen days of the receipt of intimation from the director, shall furnish the Director Identification Number to the registrar. 

If a company fail to furnish Director identification within a period specified under Section 403, the company shall be punishable with fine which shall not be less than Rs.25,000/- but which may extend to Rs.1,00,000/- and every officer of the company who is in default shall be punishable with fine which shall not be less than Rs.25,000/- but which may extend to Rs. 1,00,000/- (Section 157)

Penalties

If any individual or director of a company, contravenes any of the provisions of section 152, section 155 and section 156, such individual or director of the company shall be punishable with imprisonment for a term which may extend to six months or with fine which may extend to Rs.50,000/- and where the contravention is a continuing one, with a further fine which may extend to Rs.5,000/- for every day after the first day during which the contravention continues. (Section 159)

Reappointment of Additional Dirctor as Director

Draft Resolution to be passed by the members in the General Meeting to Reappoint an Additional Director as Director.

"RESOLVED THAT Mr. ......... who was appointed as an additional Director of the Company on __/__/__ pursuant to the provisions of section 260 of the Companies Act, 1956 read with the Articles of Association of the Company who would vacate his office at ensuing Annual General Meeting and in respect of whom the Company has received a notice under section 257 of the Companies Act 1956 along with necessary deposit from a shareholder proposing his the candidature, as a director of the Company be and is hereby appointed as a Director of the Company, whose office shall be liable to retirement by rotation."

(c) 2007, Shreerang Ketkar, All rights reserved.

Foreign currency convertible bonds (FCCBs)

Primarily FCCBs have a fixed tenure, they are convertible on the
option of the issuer or investor, as the case may be and are either
interest-bearing or in case they are interest-free or low rate, a
premium on redemption is payable if not converted. Its a debatable issue whether the FCCBs are to classified as Debentures or not.