Section 274 (1) (g) of Act 1956, the corresponding provision to Section 164 (2) of the Act 2013, which deals with disqualification of directors, was not applicable to private companies. 2 Section 13 (1). An Act to reform company law and restate the greater part of the enactments relating to companies; to make other provision relating to companies and other forms of business organisation; to make provision about directors' disqualification, business names, auditors and actuaries; to amend Part 9 of the Enterprise Act 2002; and for connected purposes. Meaning thereby, same is continuous in nature i.e. Section 164(2)(a) of the Act deals with the disqualification of directors. What does Section 164(2)(a) of Companies Act say? Section 164 of the Companies Act, 2013 (herewith referred to as the 'Act') states various disqualifications for appointment/ reappointment of Director in a company. Section 164, of Companies Act, 2013 provides the information on the Disqualification of Directors, i.e. If a private company has failed to file its financial statements for the F.Y. There are changes that may be brought into force at a future date. EXTRACT OF THE COMPANIES ACT 2008 SECTION 164 . Refer: a) Section 164(2) of the Companies Act, 2013; b) Rule 14(1) of the Companies (Appointment and Qualifications of Directors) Rules, 2014. Companies Act 2006, Section 164 is up to date with all changes known to be in force on or before 25 November 2020. Companies Act 2014 Permanent Page URL. 164. It states that when a company has not filed financial statements or annual returns, for any three consecutive years, it will result in the disqualification of its directors for a period of five years. Section 164(2) (a) of the Companies Act, 2013 prescribes that a person who is or has been a director of a company which has not filed financial statements or annual returns for any continuous period of three financial years is not eligible to be re-appointed as a director of the company or appointed as a director of any other company for five years from the date of default. Registers, etc., to be evidence. This an Act to consolidate and amend the law relating to companies. Amendment of section 169 of Act 71 of 2008 45 108. Inserted by The Companies (Amendment)Act,2017 - Amendment Effective from 7th May 2018. However, in the present section 164(2) of the Companies Act, 2013, there is no such date mentioned. by s. 67, ibid. Any person disqualified under Section 164(2) of the Companies Act, 2013 is advised not to act as a director during the period of the disqualification and not to file any document or application with MCA as the same shall be summarily rejected, the corporate affairs ministry had said in a notice. Different provisions of the Companies (Amendment) Act, 2017 including any amendments, references in any provisions there in , shall come into force on such date or dates as the Central Government may, by notification in the Official Gazette appoints. Whereas, section 164(2) of the Act read with section 167 of the Companies Act,2013 [the Act], which provisions were commenced with effect from 01.04.2014, provide for disqualification of a director on account of default by a company in filing an annual return or a financial statement for a continuous period of three years. Under the Companies Act 61 of 1973 (“ the current Act ”), the Memorandum of Association is the founding document of the company. 164. Section 164 in The Companies Act, 1956. Further vide Companies (Amendment) Act, 2018, the Central Government with effect from 07.05.2018, introduced a proviso to Section 167(1)(a), whereby it was provided that any director , who incurs disqualification under sub-section (2) of section 164, the office of the director shall become vacant in all the companies, other than the company which is in default under that sub-section. Substituted by the Companies (Amendment) Act,2017- Amendment Effective from 7th May 2018. Subs. The Ministry of Corporate Affairs, last month, disqualified around 200,000 directors, under Section 164(2)(a) of the Companies Act, 2013 (2013 Act)… by Act 31 of 1988, s. 67 (w. e. f. 15- 7- 1988 ). Amendment of section 166 of Act 71 of 2008 106. Amendment of section 172 of Act 71 of 2008 110. the conditions in which a person could be disqualified to hold the position of a director in a company. 2. Posted By : CS Shiriti / Published on : 10-Oct-2018 02:56 AM / View : 201 / Comment : 0 . Section 164(2) of the new Companies Act, 2013 has made it mandatory to file both, annual accounts and annual return and no person who is or has been a director of such a company shall be eligible to be re-appointed as a director of that company or be appointed in any other company; for a period of five years from the date on which the said company fails to do so. 103. G.S.R. The register of members, the register of debenture holders, and the annual returns, certificates and statements referred to in. Section 164(3) of companies act 2013. Amendment of section 175 of Act 71 of 2008 … Most of the companies were deregistered for non-compliance and hence all the Directors of such companies, under section 164(2) of the Companies Act, were disqualified for 5 years from the date of issuance of the notice. The Companies Act, 2013 passed by the Parliament has received the assent of the President of India on 29th August, 2013. Further, Section 167 of the Act states the instances for the occurrence of the vacation of the office of director. the defaults prior to introduction of the said Section 164(2) will be considered for the purpose of determining … The appraisal remedy in section 164 of the Companies Act 2008 is the result of this particular recommendation. Introduction. Section 164 (2) shall not apply to a Government Company, vide notification no. Delhi High Court: Vibhu Bakhru, J. while addressing the petitions filed in respect to the impugned list of directors stated to have been disqualified under clause (a) of Section 164(2) of the Companies Act, 2013, explained with reasons and logic, the scheme of Section 164(2) and Section 167(1)(a) of the Act that was materially amended by the Companies (Amendment) Act, 2018. Amendment of section 165 of Act 71 of 2008 105. View by Section Amharc de réir Ailt; View Full Act Amharc ar an Acht ... Next Section An Chéad Alt Eile; Print Section Priontáil an tAlt; Signing, drawing, etc., of negotiable instruments and receipts. Disqualification of Directors under Section 164(2)(a) of The Companies Act, 2013: Madras High Court clears the Air. Amendment of section 164 of Act 71 of 2008 104. Subs. Default under section 164(2) of the COMPANIES ACT, 2013. 3. 463(E) dated 5th June, 2015. According to section 164(3) of the Companies Act, 2013, a private company may by its articles provide for any disqualifications for appointment as a director in addition to those specified in sub-sections (1) and (2) of section 164 of the CA 2013. Section 164 of companies act Latest Breaking News, Pictures, Videos, and Special Reports from The Economic Times. The Single Judge Bench of Justice Vibhu Bakhru held, “Concededly, Section 164(2) of the Act operates prospectively. Read More News on . Changes to Legislation . Revised legislation carried on this site may not be fully up to date. Amendment of section 168 of Act 71 of 2008 107. student at Symbiosis Law School, Pune. Page 1 of 10 NOTICE OF THE GENERAL MEETING OF SHAREHOLDERS SUBTROPICO LIMITED (Incorporated in the Republic of South Africa) REGISTRATION NUMBER 1993/000220/06 (the “Company”) NOTICE IS HEREBY GIVEN that The General Meeting of the Company will be held on Friday, 27 October 2017 at 11h00 in No 5 Parkland Building, … Posted By : CS Shiriti / Published on : 02-Apr-2020 10:10 AM / View : 111 / Comment : 0 . Therefore, the ambit of Act 2013 is wider than the erstwhile Act. 1. As the companies had failed to file financial statements or annual returns the past three years, the directors were disqualified under Section 164(2)(a) of the Act. A private company (not being a subsidiary of a public company) may by its articles provide for any disqualification for appointment as a director in addition as specified in section 164 (1) or 164(2) of companies act. (w. e. f. 31- 5- 1991 ). (Hons.) 3. If a private company has failed to file its financial statements for the F.Y. Posted on November 10, 2018 November 19, 2018; by CBCL [Devina Srivasatava] Devina is a 4th year BBA LL.B. Section 164(2) and 167(1)(a) of the Act are that they would demit their office in all companies other than the defaulting company. Default under section 164(2) of the COMPANIES ACT, 2013. Sub: Declaration under Section 164(2) of Companies Act, 2013 Dear Sir, Pursuant to Section 164(2) of the Companies Act 2013, I hereby confirm that the Companies, in which I am a Director, have not made any defaults in; (a) Filing of Financial Statements or Annual Returns for any continuous period of three financial years. Amendment of section 171 of Act 71 of 2008 109. The title of Section 164, “Disqualifications for Appointment of Director” which clearly states the grounds on which a person can be considered to be disqualified. Changes that have been made appear in the content and are referenced with annotations. 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