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Qualifications And Disqualifications Of Directors - Company Management & Remuneration

   Posted On :  14.05.2018 09:44 pm

Qualifications And Disqualifications Of Directors - Company Management & Remuneration

Qualifications And Disqualifications Of Directors
 
A director must

1. be an individual,
2. be competent to contract, and
3. hold a share qualification, if so required by the Articles.

Disqualification Of Directors (Sec. 274)

 
The following persons are disqualified for appointment as directors of company:

1. A person of unsound mind.
2. An undischarged insolvent.
3. A person who has applied to be adjudicated as an insolvent and his application is pending.
4. A person who has been convicted by a court of any offence involving moral turpitude and a period of 5 years has not elapsed from the date of expiry of the sentence.
5. A person whose calls in respect of shares of the company held for more than 6 months have been in arrear.
6. A person who is disqualified for appointment as director by an order of the court under Sec. 203.
7. Such person is already a director of a public company which
i. Has not filed the annual accounts and annual returns for any continuous three financial years commencing on and after the first day of April, 1999; or
ii. Has filed to repay its deposit or interest thereon on due or redeem its debentures on due date or pay dividend and such failure continues for one year or more.
Tags : Business Environment and Law-Company Management & Remuneration
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