Director disqualification for non-filing or payment defaults triggers ineligibility after sustained failure to comply with filing and payment obligations. Directors are disqualified where a company fails to file annual accounts and returns for three continuous financial years commencing on or after April first, 1999, for persons who were directors on the last due date; and where a company fails to repay deposits, redeem debentures, or pay declared dividends for one year from the respective due dates, all directors who served from the due date to the expiry of that year are disqualified, with these disqualifications applying to reappointment; specified non-payment causes such as unclaimed dividends or payments into the Investor Education and Protection Fund are excluded.
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.
Director disqualification for non-filing or payment defaults triggers ineligibility after sustained failure to comply with filing and payment obligations.
Directors are disqualified where a company fails to file annual accounts and returns for three continuous financial years commencing on or after April first, 1999, for persons who were directors on the last due date; and where a company fails to repay deposits, redeem debentures, or pay declared dividends for one year from the respective due dates, all directors who served from the due date to the expiry of that year are disqualified, with these disqualifications applying to reappointment; specified non-payment causes such as unclaimed dividends or payments into the Investor Education and Protection Fund are excluded.
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