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2020 (12) TMI 249 - HC - Companies LawPermission to contest election for directorship of Respondent No.3 without insisting on deposit - Section 160 of the Companies Act, 2013 - HELD THAT:- As per this provision, a person is eligible for election to the office of directorship at any general meeting, provided that his name is proposed not less than 14 days from the meeting by notice in writing along with deposit of ₹ 1 lakh or such higher amount as may be prescribed which is refunded if the person proposed gets elected as director or gets more than 25% of the total valid votes cast. When the law requires that there should be deposit of ₹ 1 lakh to contest for directorship of a company, we fail to understand as to how the same can be waived off at the instance of the petitioner. In such circumstances, we are not inclined to accede to the prayer for interim relief made by the petitioner. Accordingly, prayer for interim relief is declined. Stand over to 2nd February, 2021.
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