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High Court notice on disqualification of shell companies' directors
By IndianMandarins- 13 Oct 2017
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The Delhi High Court has issued notices to the Ministry of Corporate Affairs and Registrar of Companies (RoC) on a petition challenging the disqualification of more than one lakh directors of shell companies. The HC also stayed the disqualification of three such directors, while issuing notices.
Last month, the Ministry of Corporate Affairs identified 1,06,578 directors of shell companies for disqualification.
The petitioners have challenged the powers the MCA and RoCs under Section 164 (2) of Companies Act, 2013 which was notified in 2014. Under the said Act, 2013, a director in a company that has not filed financial statements or annual returns for three years in a row is not eligible for reappointment as a director in that or any other company for five years.
High Court notice on disqualification of shell companies' directors
By IndianMandarins - 2017-10-13 12:00:33
The Delhi High Court has issued notices to the Ministry of Corporate Affairs and Registrar of Companies (RoC) on a petition challenging the disqualification of more than one lakh directors of shell companies. The HC also stayed the disqualification of three such directors, while issuing notices.
Last month, the Ministry of Corporate Affairs identified 1,06,578 directors of shell companies for disqualification.
The petitioners have challenged the powers the MCA and RoCs under Section 164 (2) of Companies Act, 2013 which was notified in 2014. Under the said Act, 2013, a director in a company that has not filed financial statements or annual returns for three years in a row is not eligible for reappointment as a director in that or any other company for five years.
