Vacation of office by directors triggered by conviction, specified repayment defaults, non filing and failure to hold elections. Vacation of a director's office in a Producer Company occurs on specified disqualifying events: conviction involving moral turpitude with imprisonment of not less than six months; company default in repayment of advances or loans for ninety days; director's default in repaying advances from the Producer Company; failure by the Company to file annual accounts and return for any continuous three financial years or to repay deposits/withheld price/patronage bonus/interest or pay dividend for one year or more; failure to hold elections or call required general meetings except for natural calamity.
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.
Provisions expressly mentioned in the judgment/order text.
Vacation of office by directors triggered by conviction, specified repayment defaults, non filing and failure to hold elections.
Vacation of a director's office in a Producer Company occurs on specified disqualifying events: conviction involving moral turpitude with imprisonment of not less than six months; company default in repayment of advances or loans for ninety days; director's default in repaying advances from the Producer Company; failure by the Company to file annual accounts and return for any continuous three financial years or to repay deposits/withheld price/patronage bonus/interest or pay dividend for one year or more; failure to hold elections or call required general meetings except for natural calamity.
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