Director disqualification for statutory filing and payment defaults prompts mandatory disclosure, auditor reporting, and public listing of names. Rules prescribe director disqualification where public companies fail to file annual accounts and returns for three consecutive years, or fail to repay deposits, interest, redeem debentures, or pay declared dividends where such failure persists for one year; disqualification extends to all directors who held office during the relevant period and to reappointment. Companies must file Form DD-B and directors must file Form DD-A; statutory auditors must report annually on director disqualification. Registrar files and forwards returns to the Central Government, which publicizes and updates disqualified directors, and officers in default face penalties for noncompliance.
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 for statutory filing and payment defaults prompts mandatory disclosure, auditor reporting, and public listing of names.
Rules prescribe director disqualification where public companies fail to file annual accounts and returns for three consecutive years, or fail to repay deposits, interest, redeem debentures, or pay declared dividends where such failure persists for one year; disqualification extends to all directors who held office during the relevant period and to reappointment. Companies must file Form DD-B and directors must file Form DD-A; statutory auditors must report annually on director disqualification. Registrar files and forwards returns to the Central Government, which publicizes and updates disqualified directors, and officers in default face penalties for noncompliance.
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