This document consist of draft Board resolution, to take note on the confirmations received from directors, along with Preamble in editable word format making it handy to use and save time and efforts of a professional.
Chapter: XI
Section: 164(2)
Rule: The Companies (Appointment and Qualification of Directors) Rules, 2014
Approximate Time Saving: 30 minutes
This document consist of draft Board resolution, to take note on the confirmations received from directors, along with Preamble in editable word format making it handy to use and save time and efforts of a professional.
Section 164(2)
(2) No person who is or has been a director of a company which—
(a) has not filed financial statements or annual returns for any continuous period of three financial years; or
(b) has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues for one year or more,
shall be eligible to be re-appointed as a director of that company or appointed in other company for a period of five years from the date on which the said company fails to do so.
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