Direct Tax
Consulting
ESG Advisory
Indirect Tax
Growth Advisory
Internal Audit
BFSI Audit
Industry Audit
Valuation
RBI Services
SEBI Services
IRDA Registration
AML Advisory
IBC Services
NBFC Compliance
IRDA Compliance
Finance & Accounts
Payroll Compliance Services
HR Outsourcing
LPO
Fractional CFO
General Legal
Corporate Law
Debt Recovery
Select Your Location
Table of Contents
Section 164 of the Companies Act 2013, deals with disqualifications for the appointment of directors. It provides that:
And such failures continue for one year or more.
What Does Companies (Appointment and Qualification of Directors) Rules, 2014 Lay Down for Director Disqualification?
Rule 14 of the Companies (Appointment and Qualification of Directors) Rules, 2014 provides that if a director has been disqualified under section 164(2), Companies Act then he shall inform the concerned company about his director disqualifications, in Form DIR-8 before being appointed or re-appointed.
Rule 14 also states that when a company has failed to file the annual returns or financial statements, or has failed to repay the deposits accepted by the company or pay interest, or to redeem any debentures on the due date or pay interest due, or pay any dividend declared, as per section 164(2), the company must immediately file Form DIR-9, with the Registrar. The form shall include the names and addresses of all the directors of the company during the relevant financial years.
If a company fails to file the Form DIR-9 within a period of 30 days, it shall attract the disqualification of officers of the company who is in default.
When the Form DIR-9 has been filed, the Registrar must register the document and place it for public inspection.
An application for removal of disqualification of directors has to be made inForm DIR-10.
General Circular No.34/2014 was notified by the Ministry of Corporate Affairs on 12.08.2014 for Company Law Settlement Scheme, 2014. Its objective was to give opportunities to the defaulting companies to make their default good by filing the belated documents. Also, it gave the opportunity to inactive companies to be declared as ‘Dormant Company’.
This scheme was introduced by the MCA through General Circular No.16/2017 and came in effect on 01.01.2018, remained in force till 31.03.2018. The time was further extended through General Circular No. 02/2018& General Circular No. 03/2018 till 01.05.2018
With the rising inflation rates and various other economic factors, wealthy Americans are incre...
Before approaching the new suppliers or any other third parties, you should always go for the v...
With the increasing landscape of Fintech Companies, it is increasingly vital that fintech compl...
This blog gives a detailed description through an audit report for industrial waste by examinin...
On 1st March 2024, the IRDAI came up with a notification via F. No. IRDAI/Reg/5/199/2024 for Bi...
Are you human?: 1 + 9 =
Easy Payment Options Available No Spam. No Sharing. 100% Confidentiality
In case of late filing or non-filing of Annual ROC Return before the due date or the last date will attract a penal...
13 Sep, 2022
Every Public Company or Private Limited Company is required to conduct an Annual General Meeting that provides an o...
19 Oct, 2019
Chat on Whatsapp
Hey I'm Suman. Let's Talk!