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TMI BlogMANAGEMENT AND CONTROL OF COMPANIES - I - INSTITUTION OF DIRECTORSX X X X Extracts X X X X X X X X Extracts X X X X ..... ction 274 A person shall not be capable of being appointed director of a company having :- * Unsound Mind. * Un- discharged insolvent * Applied to be adjudicated as an insolvent and his application is pending. * Convicted by a Court * Has not paid any call in respect of the shares * Order disqualifying him for appointment as Directors has been passed by Court in pursuance of Section 203 * Such person is already a director of a public company which has not filed the annual returns Duty of Statutory Auditor to report on disqualification - Section 227(3) (f) To report to members of Company whether any director is disqualified and to furnish a certificate each year as to whether on the basis of his examination of the books and ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... By Central Government Section 408, 409 To prevent the affairs of the Company being in the manner which is oppressive or in the manner which is prejudicial to the interest of the company or public interest. * By third parties if Article provides - By financial institution or banks or other lenders to represent their interest on the Board. * By small shareholders if the articles provide Section 252 Removal of Directors * Removal by Shareholders - Section 284(1) Passing an ordinary resolution at a general meeting before the expiry of period of his office. * Removal by Central Government - Section 338E * Removal by Tribunal - Section 397 On letter by any member of a company who complain that the affairs of the company Penalty ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... ofit - Section 314 No Director except with the previous consent of the company accorded by a special resolution,___ (a) no director of a company shall hold any office or place of profit, and (b) no partner or relative of such a director, no firm in which such a director or relative is a partner, no private company of which such a director is a director or member, and no director, managing agent, secretaries, and treasures, or manager of such a private company shall hold any office or place of profit carrying a total monthly remuneration of five hundred rupees or more, except that of managing director, managing agent, secretaries and treasures, manager, legal or technical adviser such sum of five hundred rupees or more except that of ma ..... X X X X Extracts X X X X X X X X Extracts X X X X
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