12 June 2018
Can a Promoter Director who is also a 50% shareholder in a Pvt Ltd be disqualified under section 164(1)(f) if he has not brought in his share capital within six months after incorporation? If yes, what should be the evidence of cessation to be provided in DIR 12, because in my view it is automatic vacation of office once he is disqualified.
2. Automatic vacation. CTC of noting in BM can be attached with DIR-12 & 'vacation of office u/s 167' can be selected from the drop down menu against clause 5 (xvii) of the said form.
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