Category : GST
Recently, Ministry of Corporate Affairs (MCA) has published list of directors who are disqualified under section 164(2)
As per the section 164(2) of the Companies Act 2013,
the 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 not 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.
The list of the Directors disqualified has been published on MCA website. The list contains names of nearly 2 Lakh directors. Such directors have been disqualified for the period starting from 1st November 2016 to 31st October 2021.
Ministry is scrutinizing another set of companies and may come-up with more names.
It is advised to all companies file ROC annual returns for all the previous years, if not filed already, to avoid disqualification / penalty on the directors.
Click here to see the full list published on MCA website.