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of <h1>Special Directors Under SICA Section 16(4) Exempt from Companies Act Disqualification Due to Section 16(5) Override.</h1> The circular clarifies that Special Directors appointed under Section 16(4) of the Sick Industrial Companies (Special Provisions) Act, 1985 (SICA) by the Board for Industrial and Financial Reconstruction are not subject to disqualification under Section 274(1)(g) of the Companies Act, 1956. This is due to the overriding effect of Section 16(5) of SICA, which ensures the validity and effectiveness of such appointments regardless of conflicting provisions in the Companies Act, 1956 or any other applicable laws or instruments. Therefore, Special Directors maintain their eligibility for appointment as directors despite the disqualification criteria outlined in the Companies Act.
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