Clarification on section 274(1)(g)
This query is : Resolved
20 July 2012
Sir,
Section 274(1) (g):-
A person shall not be capable of being appointed director of a company, if such person is already a director of a public company which-
(A) Has not filed the annual accounts and¹ annual return for any continuous three financial years commencing on and after 1st day of April 1999;
(B) Has failed to repay its deposit or interest thereon on due date or redeem its debentures on due date or pay dividend and such failure continues for one year or more.
What I understood after reading this Section that if public Company dose not file both annual accounts(form 23AC & 23ACA) and annual return(form 20B) then all the directors of the such public company will be disqualified from being appointment as directors in another public company for the period of 5 year from the date when he is disqualified.
My query is
1. A person is director both in private and public company and MCA is showing his status as defaulting in private company not in public company and MCA is not accepting his form in public company.
2.A person is a director in public company and MCA is showing his status as defaulting (for not filling only annual accounts for one year only) here also he is not disqualified, as default is for only annual accounts and not annual returns and that to for one year only so why MCA is not accepting his form in another company.
Section 274(1) (g):-
A person shall not be capable of being appointed director of a company, if such person is already a director of a public company which-
(A) Has not filed the annual accounts and¹ annual return for any continuous three financial years commencing on and after 1st day of April 1999;
(B) Has failed to repay its deposit or interest thereon on due date or redeem its debentures on due date or pay dividend and such failure continues for one year or more.
What I understood after reading this Section that if public Company dose not file both annual accounts(form 23AC & 23ACA) and annual return(form 20B) then all the directors of the such public company will be disqualified from being appointment as directors in another public company for the period of 5 year from the date when he is disqualified.
My query is
1. A person is director both in private and public company and MCA is showing his status as defaulting in private company not in public company and MCA is not accepting his form in public company.
2.A person is a director in public company and MCA is showing his status as defaulting (for not filling only annual accounts for one year only) here also he is not disqualified, as default is for only annual accounts and not annual returns and that to for one year only so why MCA is not accepting his form in another company.
20 July 2012
For this filing purpose section 274(1)(g) is nothing to do.. For this the ministy has decided to put the directors under defaulter category in respect of whose company the annual filing is not completed.
In this case the Defaulting Director can file certain forms in dafaulting Company only and not in active company.
Complete the filing in that defaulting company all the forms would be filed.
This defaulting list is not under section 274(1)(g)....
In this case the Defaulting Director can file certain forms in dafaulting Company only and not in active company.
Complete the filing in that defaulting company all the forms would be filed.
This defaulting list is not under section 274(1)(g)....
20 July 2012
Sir,
thank you very much for your reply.
But sir in my case we had appointed a person as additional director and filled the form-32 for the same, which MCA accepted but latter on the said director became defaulted in private company and now when we are filling e-form-32 for his regularization after AGM the MCA is not accepting his e-form-32 as he is in default in private company. and sir he is not signing any form we just want to regularize him.
thank you very much for your reply.
But sir in my case we had appointed a person as additional director and filled the form-32 for the same, which MCA accepted but latter on the said director became defaulted in private company and now when we are filling e-form-32 for his regularization after AGM the MCA is not accepting his e-form-32 as he is in default in private company. and sir he is not signing any form we just want to regularize him.
21 July 2012
If the Company is not in defaulter list then sign the form with any director signatures who is not in the defualter list.
If the company is in defaulter list then there is no problem any one can sign.
If the company is in defaulter list then there is no problem any one can sign.
21 July 2012
thanks a lot its really useful to me.
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