Court Rules Section 164(2) Applies Prospectively from 2018, Includes 2014 Filing Defaults Without Being Retrospective.

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....Disqualification of Directors - defaulting directors - Section 164(2) of the Act operates prospectively i.e. w.e.f 7.5.2018. - However, such prospective operation would entail taking into account failure to file the financial statements pertaining to the financial year ending 31.03.2014 on or before 30.10.2014. This Court is of the view that the taking into account such default does not amount to a retrospective application of Section 164 of the Act and the contentions advanced by the petitioners in this regard, are unmerited.....