Directors of a company are professional people who are hired by a corporate body to perform the affairs of the company. The management of company affairs is done by a director or directors. The director of a company is responsible for determining and implementing policies that work as decision-making. The director of a company calls for a board meeting that includes an annual meeting of the company’s shareholders. They also perform tasks such as filing statutory documents with the Corporate Affairs body under the government of India or their agencies, maintaining records of the company activities, contracts with suppliers, lenders, and any other dealings of the company.
Directors sometimes also act as trustees or the company’s managing partner, but they are neither in the actual sense of the word. They can perform such tasks only when the situation arises so. Directors of a company take care of the company’s capital dealings as a trustee but they are not the trustees of the company, they only control the capital as a trust. The powers conferred on the directors of a company must be performed for the benefit of the company as a whole.
A person who has been voted by company members or shareholders to become the director of the company has to obtain a unique identification number. Obtaining a Unique DIN is a one-time process that can be done by filling the e-form DIR 3. It is mandatory for all the directors to get a Unique identification number from the registrar at the Ministry of Corporate Affairs.
The ministry of corporate affairs recently made an update regarding the DIN number. According to which the company directors applying for DIN must also submit their KYC details in the e-form DIR KYC, annually.
The directors who have been allotted a Director Identification Number (DIN) are required to file a KYC form in DIR 3 KYC. Filing for KYC is mandatory for all the directors after getting DIN even if the approval for a director is not yet approved. As per the announcement made by the Ministry of Corporate Affairs, the directors are required to fill in their KYC details in the form DIR 3 KYC on or before 3oth April of every financial year.
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Upon successful completion of form DIR 3 KYC submission an SRN will be generated in the name of the applicant. The applicant later will receive an email at the given email address with a receipt of the form.
It is mandatory for every director to file DIR 3 KYC on the MCA portal. If a director fails to do so by the due date, his/her DIN will be deactivated. This would eventually result in the non-filing of the DIR 3 KYC e-form. To reactivate the DIN the director has to file the DIR 3 KYC form with a late fee
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