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Showing posts from September, 2017

Whether ‘Disqualification’ of Director can be remove by “Restoration of Name of Company”

Whether ‘Disqualification’ of Director can be remove by “Restoration of Name of Company” Short Summary: In this Flash editorial, the author begins by referring the provisions of section 252 read with provisiosn of Section 164(2) of Companies Act, 2013 relating to Revival of Companies Struck off from the record of the Registrar and Removal of Disqualification of Director. The main thrust of the article, however, is upon the ‘Removal of Disqualification by Restoration of Name of Company with the approval of NCLT??” This is article no. 274 of the series of editorials written by the author on corporate laws {Including Companies Act, 2013, SEBI, RBI Regulations, IBC , LLP Act, 2008 etc.}. Introduction: As MCA has struck off approx 209,000 Companies and disqualified approx 300,000 Directors from its records. Due to disqualification the person is not allowed to file the forms in other active companies also. As due to such mass struck off by ROC many applications hav

DISQUALIFICATION OF DIRECTOR

DISQUALIFICATION OF DIRECTOR Short Summary: In this Flash editorial, the author begins by referring the provisions of Section 164(2) and 167 pursuant to “Disqualification of Director” and “Vacation of Office of Director”.   This is article no. 272  of the series of editorials written by the author on corporate laws {Including Companies Act, 2013, SEBI, RBI Regulations, IBC , LLP Act, 2008 etc.}. Introduction: As MCA has struck off the approx 209,000 Companies from its record because of “Non Filing of its financial statement for 3 years or more” as per provisiosn of Section 164(2) and issued the list of approx 100,000 Director who has been disqualified under 164(2). Both the lists are available on the website of the MCA. Major impact of disqualification of Director is: If a Person is director in more than 1 Company example in 4 (A,B,C,D) Companies. One of such Companies (Company A) made default u/s 164(2). The name of Company may or may not be struck off from the