2020 (8) TMI 432

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....he respondent ORDER The writ petition is directed against a communication received from the State Bank of India to the Directors of M/s. S & H Manufacturing and Trading Private Limited dated 15th February, 2020 in which the newly appointed Director Mrs. Medhawi Verma wife of Mr. Sourajit Ghosh of the said company was not allowed to operate the bank account since she was declared disqualified....

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....h -Vs- Union of India Ors. (MAT 1874 of 2017) dated 15th November, 2017 in which on an interpretation of Section 167(1)(a) read with Section 164(2)(a) of the said Act, it was held that disqualification under Section 164(2) of the said Act would not prevent the petitioner to continue to act as director of other companies which are not in default. The view expressed by the Division Bench was prima f....

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....o has failed to file financial statements incurs disqualification for appointment of a director in another company or re-appointment as a director as the case may be would immediately forfeit his right to continue as director in all the companies which may have filed the financial statements of annual returns as required under the Companies Act. The inclusion of the said proviso has an object as i....