Disqualification of directors 162(2)(a)

Respected professional mates,

Please guide whether the disqualification applies if either financials statements or annual return has not been filed for continuous period of 3 years or disqualification applies if both have not been filed for three years.

By the second interpretation I mean if any one of the documents have been filed the director is not disqualified.

A leading author has taken the stand of second interpretation. As per plain reading of law I believe the first interpretation is what the law intends. Please clarify