164(2) director disqualify
CA.Narasimha Rao.Dontineni (Team Leader) (28 Points)
24 April 2017CA.Narasimha Rao.Dontineni (Team Leader) (28 Points)
24 April 2017
Sudhir Todkar
(CS Professional)
(1021 Points)
Replied 24 April 2017
CA.Narasimha Rao.Dontineni
(Team Leader)
(28 Points)
Replied 25 April 2017
Thank You sir,
But the above company's audit report is silent on this issue and how to know whether company has filed DIR-9 or not.
Please share
Jatin Bajaj
(CS)
(2930 Points)
Replied 25 April 2017
As per section 164(2) of the Companies Act 2013, if the Company fails to repay the deposit accepted by directoprs or pay the interest thereon or to reedem any debentures on the due date or pay interest thereon or pay any dividend declared and such failure to pay or reedem continues for one year or more , then such Director becomes disqualified and shall not be appointed in the same company or any other company within the period of 5 years from the date the Company fails to do seo.
For Example : if the maturity date of repayment of deposit is 20th March 2017, and if Company fails to do so , then Company shall file DIR 9 , within 30 days , i.e. maximum by 19th April 2017 to avoid disqualification. but if company does not file DIR 9 within that period , then Director becomes disqualified and the Director would come under the category of officer in default.
After filing DIR 9 , Company shall immediately file application for removal of Disqualification of Director in Form DIR 10
Live Course on Invoice Management System (IMS) - 2nd Batch(With Recording)