Restraint on fraudulent management: courts can bar convicted or fraudulent officers from company management without leave for a set period. Section 203 empowers the Court or Tribunal to bar a person convicted of offences connected with company promotion, formation or management, or found during winding-up to have committed offences, fraud, misfeasance or breaches of duty as an officer, from being a director or taking part in company promotion, formation or management without leave for a specified period; it prescribes jurisdictional rules, notice and participation rights, eligible applicants, the role of the Official Liquidator or liquidator at hearings, and penal consequences for contravention.