10 December 2015
If I'm a director in 4 private limited companies and one of the company has not filed it's annual return & financial statements then will I be disqualified to act as director in all the 4 companies?
11 December 2015
Section 164(2) only applies when the company has not filed financial statement or annual return for CONTINUOUS PERIOD of 3 years.
Suppose, even if one of your company has not filed financial statement or annual return for continuously 3 years, your directorship won't be affected in any of your current companies. However, if you are additional director in any of those 3 companies, then that company can not reappoint you further till five years. Additionally, no other company can appoint you as Director.
CAclubindia
