Prohibition on appointment of managing directors when person is undischarged insolvent, has suspended payments, or convicted of moral turpitude. No company may appoint, employ, or continue as a managing or whole-time director any person who is an undischarged insolvent or has been adjudged ... Summary
Cases where this provision is explicitly mentioned in the judgment/order text; may not be exhaustive. To view the complete list of cases mentioning this section, Click here.
Prohibition on appointment of managing directors when person is undischarged insolvent, has suspended payments, or convicted of moral turpitude.
No company may appoint, employ, or continue as a managing or whole-time director any person who is an undischarged insolvent or has been adjudged insolvent, who suspends or has suspended payments to creditors or has made a composition with them, or who is or has been convicted of an offence involving moral turpitude.
Full Summary is available for active users!
Note: It is a system-generated summary and is for quick reference only.