Director disqualification u/s 164(2)

This query is : Resolved

Querist : Anonymous

Querist : Anonymous (Querist)

25 July 2014 Dear All,

I need to ask about the possible remedies against the provisions of Section 164(2).

In the present situation the director is disqualified due to non filing of financial statements of the F.Y. 2007-08,2008-09,2009-10 and did not vacate the office,thus punishable with fine or imprisonment.

Defaults exists in two companies one is a private co. in which he is a director and the other one is a public company in which he is a managing director.

Kindly provide your guidance on the above mentioned situation.

Ankur Garg

Ankur Garg (Expert)
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25 July 2014 As per my opinion he will continue to be defaulting director until company makes the default good by filing all pending documents. He can continue in the defaulting company as director but cannot join any other company. You may consider the option of resignation. However it would be tuff for you to complete resignation formalities like form file on ROC site as status of the company is defaulting.

Regards

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