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The concept of a Director Identification Number (DIN) has been introduced for the first time with the insertion of Sections 266A to 266G of Companies (Amendment) Act, 2006. As such, all the existing and intending Directors have to obtain DIN within the prescribed time-frame as notified.
DIN is a unique Director identification number allotted by the Central Government to any person intending to be a Director or an existing director of a company.
It is an 8-digit unique identification number which has a lifetime validity. Through DIN, details of the directors are maintained in a database.
DIN is specific to a person, which means even if he is a director in 2 or more companies, he has to obtain only 1 DIN. And if he leaves a company and joins some other, the same DIN would work in the other company as well.
- Offences committed by the directors will be immediately detected as all the 20 offices of the Registrars of Companies (ROC) will be networked by April, 2006.
- It would also help in addressing the concerns of companies vanishing after raising funds from the public.
- Investors will also get the chance to take more informed decision by knowing the top management of the company.
- It will not only helps in fixing the identity of the person but also co-relates participants in other companies, past or present.
- DIN numbers do not have an expiry date and no further compliance formalities are required for maintaining the validity of a DIN number. DIN numbers are allotted by way of intimation through DIN allotment letter and no other documents is issued.