Director disqualification: defaults on privately placed debt by public financial institutions will not trigger disqualification. Defaults on privately placed bonds, debentures or other privately issued debt instruments by public financial institutions shall not be treated as defaults that disqualify directors under the Companies Act; this clarification, issued in continuation of Circular No. 8/2002, is directed to Regional Directors and Registrars of Companies for administrative guidance.
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: defaults on privately placed debt by public financial institutions will not trigger disqualification.
Defaults on privately placed bonds, debentures or other privately issued debt instruments by public financial institutions shall not be treated as defaults that disqualify directors under the Companies Act; this clarification, issued in continuation of Circular No. 8/2002, is directed to Regional Directors and Registrars of Companies for administrative guidance.
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