In my opinion, the director who was disqualified by virtue of Section 274 (1)(g) of the Companies Act, 1956 will be allowed to be re-appointed as director in the same public company provided the default is being made good by the concerned company. Once the default is being made good the status of the company will no longer will be the disqualifying Company (Disqualifying Company is defined in Companies (Disqualification of Directors under Section 274 (1)(g) of the Companies Act,1956) Rules, 2003 as the Company in which the default has occured on account of which a director stands disqualified. Therefore, in my opinion, when the there will be no default then the director can be re-appointed in the same company.
Further, the restriction specified in proviso of Section 274 (1)(g) is pertaining to appointment of Director, who was disqualified, in any other Public Company.
I hope you would find the above in order.