Section 164(2)(b) pertains to the disqualification of the director in case a company in which he is a director
i. Has not filed financial statements or annual returns for a continuous period of 3 years OR
ii. Has failed to repay deposits or pay interests thereon or redeem debentures on the due date or pay interest/dividend declared and such failure to pay or redeem continues for 1 year or more.
In case a director was to incur disqualification under section 164(2), then he shall not be eligible to be re-appointed as a director of that company or be appointed in other company for a further period of 5 years from the date on which the company fails to do so