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West Delhi Study Circle Of NIRC Of ICAI

West Delhi Study Circle Of NIRC Of ICAI. OM PRAKASH SAH ARTICLE-KHATUWALA ASSOCIATES (Chartered Accountants) Ph:+91-8447991742 Email: omprakashsah62@gmail.com. VACATION OF OFFICE OF DIRECTOR. SECTION 167 OF THE COMPANIES ACT 2013.

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West Delhi Study Circle Of NIRC Of ICAI

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  1. West Delhi Study Circle Of NIRC Of ICAI OM PRAKASH SAH ARTICLE-KHATUWALA ASSOCIATES (Chartered Accountants) Ph:+91-8447991742 Email: omprakashsah62@gmail.com

  2. VACATION OF OFFICE OF DIRECTOR SECTION 167 OF THE COMPANIES ACT 2013

  3. Who shall be liable to vacate office of Directorship under Section 167 ? • he incurs any of the disqualifications specified in section 164 if, 1. He is of unsound mind; 2. He is an undischarged insolvent; 3. He has applied to be adjudicated as an insolvent and his application is pending; Continue.......

  4. 4. He has been convicted by a court of any offence and sentenced in respect thereof to imprisonment for not less than six months and a period of five years has not elapsed from the date of expiry of the sentence. If a person has been convicted of any offence and sentences thereof to imprisonment is seven year or more then he shall not be appointment as director in any company. • 5. An order disqualifying him for appointment as a director has been passed by a court or Tribunal and the order is in force; Continue.......

  5. 6. If a person is not paid any call money in respect of share held by him and six month elapsed from the date fixed for the payment. • 6. If a person is not paid any call money in respect of share held by him and six month elapsed from the date fixed for the payment. • 7. He has been convicted of the offence dealing with related party transactions under section 188 at any time during the last preceding five years; or • 8. He has not complied with sub-section (3) of Section 152. Provided that the disqualifications referred to in clauses (4), (5) and (7) of section 164 shall not take effect— Continue.......

  6. (i) for thirty days from the date of conviction or order of disqualification; • (ii) where an appeal is preferred within thirty days as aforesaid against sentence or order, until expiry of seven days from the date on which such appeal or petition is disposed off; or • (iii) if further appeal preferred against such order within seven days until disposed off; Continue.......

  7. (b) Absence from Board Meeting He absents himself from all the meetings of the Board of Directors held during a period of twelve months with or without seeking leave of absence of the Board; Continue.......

  8. (c) Acts in contravention of section 184 He acts in contravention of the provisions of Section 184 relating to entering into contracts or arrangements in which he is directly or indirectly interested; Continue.......

  9. (d) fails to disclose his interest u/s 184 He fails to disclose his interest in any contract or arrangement at the very first meeting of the board attended by him which he is directly or indirectly interested, in contravention of the provisions of Section 184; Continue.......

  10. (e) order of a court or the Tribunal; He becomes disqualified by an order of a court or the Tribunal; Continue.......

  11. (f) Offence involving moral turpitude He is convicted by a court of any offence, whether involving moral turpitude or otherwise and sentenced in respect thereof to imprisonment for not less than six months: The office shall be vacated by the director even if he has filed an appeal against the order of such court. Continue.......

  12. (g) Ceases to hold office or other employment He, having been appointed as director by virtue of his holding any office or other employment in the holding, subsidiary or associate company, ceases to hold such office or other employment in that company. Continue.......

  13. Sub Section-2 of Section 167 If a person, functions as a director even when he knows that the office of director held by him has become vacant on account of any of the disqualifications specified in subsection (1), he shall be punishable with imprisonment for a term which may extend to one year or with fine which shall not be less than one lakh rupees but which may extend to five lakh rupees, or with both. Continue.......

  14. Sub –section 3 of Section 167 Where all the directors of a company vacate their offices under any of the disqualifications specified in sub-section (1), the promoter or, in his absence, the Central Government shall appoint the required number of directors who shall hold office till the directors are appointed by the company in the general meeting. Continue.......

  15. Sub –section 4 of Section 167 A private company may, by its articles, provide any other ground for the vacation of the office of a director in addition to those specified in sub-section (1). Continue.......

  16. Thank you !!

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