What can a Company do if all of its Directors have been disqualified on the grounds of Non Filing of Annual Returns for 3 consecutive years. Is there any way to remove Disqualification?
Furthermore, How can a company now file its annual Returns and What should be done by company or directors at present.
Thanks for the reply but I read that still i want to know in simple words. What i understood is that there is no way to remove the disqualification, but how will the new directors would be appointed, if the promoters are the same who are disqualified to be directors can they appoint new directors and how the disqualification to be submitted and who will sign the Removal of Directors on behalf of company since there no Directors to approve.
Let us go by common-sense angle. Show must go on. The disqualified directors are the promoters/signitories to MA/AA (hope so). As stake-holders-members subject to provisions of the Act, they have a right to convene an extra-ordinary meeting on their own, propose two names. As members pass the resolution. These two perons will furnish to company their DIN and later the Company thro any one of the Directors report the matter to ROC. They convene Board meetings and sort out the line of administration. There is nothing called as impossible. Commonsense over a period of time will become Law. That is it in my considered view. If the appropriate rejects the action, then the promoters can ask the Authority as to why they have not provided a solution for the same. Heavens will not fall and none will be hung.
CAclubindia
