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    As per section 164(2)(a), no person who is or has been a director of a company which has not filed financial statements or annual returns for any continuous period of three financial years shall be eligible to be Re-appointed

    Posted By : mahimajain / Published on : 23-Mar-2023 04:17 AM / View : 248 / Comment : 0

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    Hello Professionals!!

    As per section 164(2)(a), no person who is or has been a director of a
    company which has not filed financial statements or annual returns for any continuous period of three financial years shall be eligible to be re-appointed as a director of that company or appointed in other company for a period of five years from the date on which the said company fails to do so. Under the 1956 Act, such disqualification was with respect to non-filing of annual accounts or annual returns of a public company. In case, all the directors disqualify, how the company would function. Some time period needs to be given to regularize the default.
    Read more on : financial period continuous three returns years appointed eligible shall annual

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