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2018 (5) TMI 2032 - HC - Companies LawDisqualification of Directors - Section 164(2)(a) of the Companies Act, 2013 - case of respondent is that Section 164(2) of the said Act of 2013 came into operation with effect from 1st April, 2014 and hence the same can be made applicable only from the financial year 2013-14 and not for any period prior thereto and as such, the direction to disqualify the petitioners with effect from the financial years 2013-14 is not sustainable - HELD THAT:- Prima facie, an arguable case has been made out by the petitioners and it appears that the disqualification under Section 164(2) of the said Act of 2013 would not prevent the petitioners to continue to act as directors of other companies which are not in default - Accordingly, there shall be an interim order staying the operation of the impugned list of disqualified directors published by the respondent no.1 so far as it pertains to the petitioners herein. There shall be a further interim order allowing the petitioners to continue as directors in all the companies in which the petitioners have been serving as directors and to comply with the formalities as provided under the Companies Act, 2013 - The said interim orders shall continue till the end of August, 2018 or until further orders whichever is earlier. List this matter for further consideration in the combined monthly list of July, 2018.
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