The 30-35 lakh “active directors” on company boards will have to submit PAN-authenticated digital signatures and a certificate from a chartered accountant or a company secretary to remain on boards as part of a massive KYC exercise.
The Ministry of Corporate Affairs has ordered that it will be conducting the KYC exercise with all the 50 lakh individuals holding DINs, or director identification numbers, being asked to fill up an electronic form by August 31. Those who do not submit the form will see their DINs deactivated. The exercise covers all DINs issued up to March 31, 2018.
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