What is disqualified from being appointed as director under section 274 Instagram?

According to Sec 274(1)(g) of the Companies Act,1956, A director of a public company is disqualified from being appointed as director of any other public company for a period of 5 years, if the public company in which the individual is already a director, A.

When Indian Companies Act 1956 was lately amended?

Later in 2013, the Government of India has amended the Indian Companies Act 1956 and added a new Act called as Indian Companies Act 2013. The Companies Act, 1956 has been replaced in a partial manner by the Indian Companies Act 2013. The President of India gave his assent to the bill on 29 August 2013.

What is disqualified from being appointed as Director under section 274 1 g?

Provided that all the directors who have been directors in the relevant year, from the due date to the expiry of one year after the due date, will be disqualified: Provided further that disqualification on account of the reasons cited under this Rule shall also apply to the reappointment as a director.

What is company under Companies Act 1956?

(i) ” company” means a company formed and registered under this Act or an existing company as defined in clause (ii);

What is the minimum number of directors in public limited?

3 directors
Section 149(1) of the Companies Act, 2013 requires that every company shall have a minimum number of 3 directors in the case of a public company, two directors in the case of a private company, and one director in the case of a One Person Company.

Who is not eligible for director?

However, if a person has been convicted of any offence and has served a period of seven years or more, he shall not be eligible to be appointed as a director in any company. If an order has been passed disqualifying him from being appointed as a director by a court or Tribunal.

When was Section 274 of the Companies Act amended?

The Department of Company Affairs vide its General Circular No. 2/5/2001-CL.V, clarifies that the provisions of section 274 of the Companies Act, 1956 were amended through Companies (Amendment) Act, 2000, w.e.f. 13-12-2000 and a new clause (g) was inserted to sub-section (1) of this section.

Can a director be disqualified under the Companies Act 1956?

A director shall attract disqualification under section 274 (1) (g) (A) of the Companies Act, 1956 if and only if a company has defaulted in filing of both ‘annual accounts and annual returns’ for continuous 3 financial years. The legislature has used the word “AND” and not “OR”. IMPLICATION OF DISQUALIFICATION OF DIRECTORS

When does SEC 274 ( 1 ) ( g ) apply?

Point (a) of Sec 274 (1) (g) specifies that, the disqualification applies only when the company fails to file BOTH the annual accounts and the annual returns. So, disqualification does not apply where the company files either of the annual accounts or annual returns.

Is the Companies Act of 1956 applicable to the whole of India?

[ (3) It extends to the whole of India:] [* * *] [Provided [* * *] that it shall apply to the State of Nagaland subject to such modifications, if any, as the Central Government may, by notification in the Official Gazette, specify.] Statement of Objects and Reasons. -The object of this Bill is to amend and consolidate the law relating to Companies.