Director disqualification: person declared not fit barred from holding director or management office, with limited tribunal-approved exception. The amendment to section 243 bars a person declared not fit and proper under section 242(4A) from holding the office of director or any office connected with company management for five years, subject to Central Government permission with Tribunal leave to permit earlier re appointment; it also provides that such removed persons shall not be entitled to or paid any compensation for loss or termination of office, irrespective of this Act, other law, or contractual terms.
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: person declared not fit barred from holding director or management office, with limited tribunal-approved exception.
The amendment to section 243 bars a person declared not fit and proper under section 242(4A) from holding the office of director or any office connected with company management for five years, subject to Central Government permission with Tribunal leave to permit earlier re appointment; it also provides that such removed persons shall not be entitled to or paid any compensation for loss or termination of office, irrespective of this Act, other law, or contractual terms.
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