TaxTMI 
TaxTMI 
2020 (8) TMI 432
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....tion 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 along with other Directors, namely, Mr....
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....017) 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 facie and issue not conclusively decided. ....
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....tion 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 it is found that directors in several companies act in a perfu....