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2019 (1) TMI 1387 - HC - Companies LawDefaulting director of a ‘Vanishing Company’ - Restrictions / Penalties imposed by the SEBI - Non-executive director, not holding any share - Held that:- It is apparent from the averments made in the petition that the petitioner cannot be held as a defaulting director of a vanishing company. In this view, the petition is allowed and respondent no.1 is directed to remove the petitioner’s name as a defaulting director of a ‘Vanishing Company’, including from the list as published on its website. However, if the respondent no.1 is of the view that there is material to indicate that the petitioner is an officer in default, it will be open for respondent no.1 to issue a separate show cause notice indicating the material on which such a view is premised and take an appropriate decision after hearing the petitioner. All contentions of the parties in this regard are reserved.
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