Director disqualification rules are expanded to cover prior audit and insolvency roles, fit and proper screening, and shorter default periods. Section 164 of the Companies Act, 2013 is amended to expand director disqualifications, including persons subjected to penalty for default, persons who served as auditor, secretarial auditor, cost auditor, registered valuer or insolvency professional of the company or its group entities during the relevant period, and persons not assessed as fit and proper under prescribed criteria. The amendment also reduces the default period in the relevant compliance clause from three financial years to two financial years and clarifies that failure to comply results in vacation of office under section 167(1).
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Director disqualification rules are expanded to cover prior audit and insolvency roles, fit and proper screening, and shorter default periods.
Section 164 of the Companies Act, 2013 is amended to expand director disqualifications, including persons subjected to penalty for default, persons who served as auditor, secretarial auditor, cost auditor, registered valuer or insolvency professional of the company or its group entities during the relevant period, and persons not assessed as fit and proper under prescribed criteria. The amendment also reduces the default period in the relevant compliance clause from three financial years to two financial years and clarifies that failure to comply results in vacation of office under section 167(1).
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