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Vacation of office of director for specified disqualifications triggers removal and penal liability for knowing continuation. Vacation of office of director occurs upon prescribed disqualifications, prolonged absence from board meetings, contraventions or nondisclosure of interests in contracts, court or Tribunal disqualification, qualifying criminal conviction, statutory removal, or cessation of the office entitling appointment; continued exercise of duties despite vacancy attracts imprisonment or fine. If all directors vacate, the promoter or, failing him, the Central Government shall appoint interim directors until the company elects replacements. Private company articles may add grounds, and the provision excludes cases disposed by plea bargaining.
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.
<h1>Vacation of office of director for specified disqualifications triggers removal and penal liability for knowing continuation.</h1> Vacation of office of director occurs upon prescribed disqualifications, prolonged absence from board meetings, contraventions or nondisclosure of interests in contracts, court or Tribunal disqualification, qualifying criminal conviction, statutory removal, or cessation of the office entitling appointment; continued exercise of duties despite vacancy attracts imprisonment or fine. If all directors vacate, the promoter or, failing him, the Central Government shall appoint interim directors until the company elects replacements. Private company articles may add grounds, and the provision excludes cases disposed by plea bargaining.
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