Disqualification of the petitioners as Directors - repayment of ...
Companies Law
December 13, 2021
Disqualification of the petitioners as Directors - repayment of deposits - In view of the exemption under the 1975 Rules, more specifically Rules 2(b)(ix) and (xi) of the same, no liability within the contemplation of Sections 164 and 167 could have been imposed on the Company and/or the petitioners - the disqualifications envisaged under Section 164 and Section 167 of the Act were not applicable to the petitioners and, as such, the decision disqualifying the petitioners' DIN and the consequential vacation of office were illegal and bad in the eye of law. - HC
View Source
