Disqualification of Directors
The Ministry of Corporate Affairs
(MCA) has notified the list of directors who are disqualified as per Section
164(2)(a) of Companies Act, 2013.
As per Section 164(2)(a) of the
Companies Act, 2013, directors of the companies which have not filed financial
statements or annual returns for continuous period of three financial years
(i.e. for 2014, 2015 and 2016) have been declared as disqualified for a period
of five years from the date on which the company fails to file financial
statements and annual returns i.e. till 31st
October, 2021.
Impact of the disqualification of directors:
·
A person cannot be appointed or re-appointed as
director of that company or any other company for a period of five years from
the date on which the company fails to file financial statements and annual
returns for a continuous period of three financial years.
·
The office of the director shall become vacant
if he incurs the disqualification specified in Section 164 of Companies Act,
2013. (Section 167)
·
The Auditor’s report shall state whether any
director is disqualified from being appointed as director under Section 164(2)
of Companies Act, 2013.
·
A director cannot be appointed as first director
in case of incorporation of company if he is disqualified under Section 164(1) of
Companies Act, 2013.
List of disqualified directors can be downloaded from the following
link:
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