Case Study - CS Student - 1
Ques. Mr. X is a director in ABC Ltd. He is a man of wide knowledge of Commercial matters. The company has not filed FS with the ROC for the year ended 31st March 2014, 31st March 2015 and 31st March 2016. However, it has filed the annual return for that year in compliance of the provision of the companies Act 2013. Considering Mr. X’s huge experience, XYZ Ltd. Wants to induct him as a director on its board. Referring to the Provision of Companies Act, 2013, examine the Validity of such provision. (5 Marks)
Ans. 1. The given case pertains to the provision relating to Disqualification of Directors.
2. Provision of the Act state that any Director of Company which has default in filing its FS or Annual Return for 3 consecutive financial years shall be disqualified from being appointed as director in any company or in the same company for the period of 5 years.
3. By applying the above provision to the given case, Mr. X who is a director of ABC Ltd. Has defaulted in filing its financial statement for consecutive 3 F.Y. All the director of such company shall be disqualified from being appointed as a director of ABC Ltd. For the period of 5 years and from being appointed in a public company and hence he cannot be appointed in XYZ Limited.
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