REGULATORY UPDATE: MINISTRY OF CORPORATE AFFAIRS – DISQUALIFICATION OF A DIRECTOR.

The Ministry of Corporate Affairs has notified a list of Directors who have been disqualified to act as directors pursuant to section 164(2)(a) of the Companies Act, and the Rules made thereunder. Hence Directors are requested to note that no person who is or has been a director of a company which has not filed financial statements or annual returns for any continuous period of three financial years, 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.

Source: http://www.mca.gov.in/MinistryV2/disqualifieddirectorslist.html

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