InstaFinancials is the first company to give information of directors on Disqualified u/s 164(2) and Directors DIN Deactivation.
What is Directors Disqualified u/s 164(2)?
As per Ministry of Corporate Affairs Section 164(2) of the Companies Act, 2013, the below points ascertain if a director has been Disqualified u/s 164(2).
- The person has an unsound mind and a competent court has declared it;
- The person is an undischarged insolvent;
- The person is an undischarged insolvent; and has applied to be adjudicated as an insolvent and his application is pending;
- He has been convicted by a court of any offense, whether involving moral turpitude or otherwise, and sentenced in respect thereof to imprisonment for not less then six months and a period of five years has not transpired from the date of expiry of the Sentence
- A court or Tribunal has passed an order disqualifying him for appointment as a director and the order is in force;
- The shares of the company that are held by him, he has not paid any calls in respect of any shares; whether alone or jointly with others, and six months have elapsed from the last day fixed for the payment of the call;
- He has been convicted of the offense dealing with related party transactions under section 188 at any time during the last preceding five years; or
- He has not complied with sub-section (3) of Section 152
- He has not filed financial statements or annual returns for any continuous period of three financial years; or
- He has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues for one year or more, shall be eligible to be re-appointed as a director of that company or appointed in other company for a period of five years from the date on which the said company fails to do so.
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