Relief to Defaulting Companies and not to Strike off companies or - - PowerPoint PPT Presentation

Relief to Defaulting Companies and not to Strike off companies or its Directors Yet !!!!

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Views expressed are of my own and this presentation is based

• n my understanding of the General Circular no. 16/2017

Several issues relating to CODS Scheme requires clarity

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1.The law has changed and the flexibility in filing tax returns has been reduced.

• 2. Now, one has to file ITR for FY 2015-16 & 2016-17 by 31

March, 2018 otherwise one may face scrutiny and penalty. After 31 March , 2018 you cannot file ITR for earlier FY and you may loose out some benefit .

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Section Particular

A

Responsibility of the Co and its Director in India

B

Provisions in other Countries

C

Powers of SEBI

D

MCA Action

E

Provisions of the Act

F

Report of the CLC

G

MCA ----CODS 2018

H

Options for Struck Off Companies

I.

Clarification required

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• 1. One of the responsibility of Directors is to ensure the

Compliance of all applicable laws by the Company as they are at the helm of the affairs of the Company. 2. Director shall exercise his duties with due and reasonable care, if fails to do so it may lead to “Disqualification”

• 3. Director shall intimate his Disqualification, if any, by

submitting Form DIR 8 Pursuant to Section 164(2) and rule 14(1)

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Responsibility of Company and its Director in India

Section 137 & 92 of CA 2013 Companies Registered in India require to file annually atleast (i) Annual Financial Statements (FS) and Annual Return (AR) with ROC, otherwise the Company and Officer in Default shall be punishable with fine and imprisonment.

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Upon Strike Off : Section 248 (6) ROC takes undertaking of Director in respect of realization of all amount due to the Company and for the payment or discharge

• f its liabilities and obligations by the Company.

Upon Dissolution : Section 248 (7) Even after dissolution

• f

the Company, Directors and Shareholders of the Company continues and may be enforced as if the Company had NOT been dissolved

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Section 248(8)

NCLT has power to order for winding up of the Company whose name has been struck

• ff from the register of RoC .

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Section 250 provides for effect of strike off

• Certificate of Incorporation of the Company shall be

deemed to be cancelled

• However the power and obligation of the Company shall

continue for realizing and payment of liabilities and dues. STRIKE OFF ≠ DISSOLUTION OF LIABILITY

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In UK , Directors can be ‘disqualified’ if they don’t meet legal responsibilities. Anyone can report a company director’s conduct as being ‘unfit’. ‘Unfit conduct’ includes:

• allowing a company to continue trading when it can’t pay its debts;
• not keeping proper company accounting records;
• not sending accounts and returns to Companies House;
• not paying tax owed by the company;
• using company money or assets for personal benefit

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United Kingdom (UK)

Consequences of disqualification ? Director may be disqualified for upto 15 years. If disqualified Director cannot:

be a director of any company registered in the UK or an

• verseas Company that has connections with the UK.

be involved in forming, marketing or running a Company.

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United Kingdom (UK)

Director could be fined or sent to prison for up to 2 years if

he breaks the terms of the disqualification

Director can be prosecuted and become personally liable for

the company’s debts if he carries out company’s business on the instructions of someone who’s disqualified.

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Disqualification under Section 155

• f

the Singapore Companies Act A Director will be disqualified if he is convicted of at least 3 offences related to required filings with, delivery of documents or giving of notice to, the ROC within a period

• f 5 years.

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Even though the Director will be disqualified

for 5 years from the date of his last conviction in Court, he can apply to the High Court for permission to act as a director during his disqualification period.

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Section 11 of the SEBI Act, 1992, empowers the SEBI to restrain persons who according to the SEBI has been indulging in insider trading or fraudulent and unfair trade practices relating to securities market, from accessing the securities market and to buy, sell or deal in securities for any period as SEBI deem fit.

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On 14 August 2017, SEBI has given directive to stock exchanges to initiate action against 331 suspect shell companies and ban them from trading. BSE and NSE moved 162 and 48 companies, respectively, into Stage-VI of the Graded -VI of the Graded Surveillance Measure (GSM), implying these stocks would not be available for active trading.

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Article No. 14 and 19 of the Constitution of India, gives to its citizens :

Right of Equality and Right to Practice any profession or to carry on any occupation, trade or business, to its citizen.

However Article 19 (6) states that nothing in sub-clause 19 (1) (g) shall affect the

• peration of any existing law.

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• Section 248 (1) and (5) of CA 2013 , gives power to ROC
• n having reasonable cause to believe, to Strike off the

name of a Company from the register of Companies.

• As per Rule 3 of Companies (Removal of Names of

Companies from the Register of Companies) Rules, 2016 ROC cannot Strike of certain categories of Companies.

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• 1. Listed Companies;
• 2. Delisted Companies;
• 3. Vanishing Companies;
• 4. Companies where inspection or investigations are pending in

the Court;

• 5. Companies where Notice u/s Section 206 to 208 is pending

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6.

Companies against which prosecution for an offence is pending;

• 7. Companies whose application for compounding is pending
• 8. Companies which have accepted public deposits which are either
• utstanding or the Company is in default in repayment of the same
• 9. Companies whose charges are pending for satisfaction and

10.Companies registered under Section 25/ 8 of the Companies Act, 1956 /2013

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• 1. CLSS 2014:

On 15 August 2014 , CLSS 2014 notified : MCA had provided one time opportunity for condoning the delay in filing Annual Documents in CLSS 2014 (and amendment) during 15 August 2014 to 15 November 2014.

• 2. Section 248 (1) :

Notice of intention In March, 2017, Notice by ROC to all companies informing his Intention to Strike Off the name of the Company

• 3. Section 248 (5) :

Notice of Strike Off In June, 2017, Notice by ROC cancelling / strike off name of approx 210,000 defaulting Companies.

• 4. Section 164:

Disqualification of Directors: In September, 2017, MCA took bold step & identified 309,614 Directors associated with Defaulting Companies and barred them from accessing the online registry and DINs were deactivated.

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Reason for MCA to Strike Off

To clean up the database and system of Registrar To support Government’s initiative of Ease of doing business To identify and strike off of Shell Companies To make demonetization more effective To control the Money Laundering and black money To prevent misuse of corporate structure by shell companies

for various illegal purposes.

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Reaction on Action of MCA of Disqualifiying approx 3 Lac Directors

Industry, Corporate Houses and Business man had never

expected such action from MCA which is harsh to debar them.

Representation were received from all seeking an opportunity

for compliances.

Many had filed Writ Petitions before the High courts of various

States , challenging the action of MCA as unconstitutional.

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• Article 226 of Constitution of India gives right to any citizen

to file Petition for infringement of Fundamental Rights conferred under Article 14 and Article 19 (1) (g).



Writ of CERTIORAR--- Higher court to compel the inferior court to pass the record of the proceedings

• Writ of MANDAMUS – Act of infringement of rights by any

Government Authority ( RoC)

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• 1. Retrospective Application of Section 164
• 2. Disqualification made effective from an earlier date

3.No

• pportunity
• f

being heard granted to the disqualified director

• 4. Rights of third party Companies affected for no

default of theirs and without hearing 5. No

• ther remedy

available to the disqualified Directors.

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Hon’ble Madras High Court has granted interim stay and Order RoC to

stay disqualification of Directors who had filed Writ Petition. (BhagvanDas DhananjayaDas Vs UoI)

Hon’ble Delhi High Court has also granted interim stay and Order RoC to

stay disqualification of Directors who had filed Writ Petition (Shikha Pahuja & Ors vs. MCA)

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Hon’ble Bombay HC on October 12, 2017 gave following clarification: a) The effect of the provision of Section 167 (2) (a) is not retrospective; b) Applicant may file DIR-10; c) ROC/ MCA can take appropriate actions which will be independent of the Petition

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Bombay High Court has passed an order dated on March 22, 2018 w.r.t. Restoration of the name of the company, Availing the benefits of CODS - 2018 scheme and Removal of disqualification of directors is based on the judgment passed by the Delhi High Court dated on March 06,2018 in the case of Sandeep Jain & anr. Vs. Union of India & ors. W.P.(C)No.2051 of 2018, Hon’ble Bombay HC passed an order.

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Hon’ble Delhi HC on December 21, 2017 in the matter of Raman Nada Vs UOI has passed the following Orders:

a) Petitioner may file all the requisite returns in relation to the

Company to avail the CODS – 2018 ; b) Necessary resolution for voluntarily striking off may be filed U/S 248(2); c) Petitioner to make a necessary application under CODS- 2018 alongwith the requisite charges; d) Offline submission allowed to be made to ROC.

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Hon’ble Delhi HC

• n

January 10, 2018 in the matter

• f

Prem Prakash Sethi Vs UOI has passed the following Orders: a) Petitioner may file all the requisite returns in relation to the Company to avail the CODS – 2018; b) Petitioner to make a necessary application under CODS- 2018 along with the requisite charges. c) Online submission to be made to ROC.

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Hon’ble Delhi HC on February 26, 2018 in the matter of Nandlal Bhatia Vs UOI has passed the following Orders:

• 1. Directives contained in Sandeep Singh (supra) will apply mutatis

mutandis to the petitioners as well;

• 2. The Petitioners will take requisite steps under Section 248 (2) of the

Companies Act, 2013 for voluntary strike off;

• 3. The operation of the impugned list Disqualified Directors insofar as

the petitioners were concerned was stayed till 31.3.2018;

• 4. The ROC directed to activate the Petitioners’ DIN and DSC.

Disclaimer

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The CA 1956 Vs. The CA 2013

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274 (1) (g) CA 1956 164 & 167 CA 2013

Applicable to Public Companies. Applicable to all Companies It did not result in vacation of

• ffice u/s 283.

It does result in vacation of office u/s 167

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As CA, 2013 came into effect from April 01, 2014, hence it was understood that section 164 (2) (a) shall be effective

• nly after 3 years of continuous default in filing of B/s and A/r,

that is for FY 2014-15, 2015-16 and 2016-17, for which the last date of filing was October 30, 2017. Hence disqualification will start from November 01, 2017.

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MCA vide Circular No. 41/2014 has clarified that in case of Company who have filed their Balance Sheet and Annual Return on or after 01.04.2014 but prior to launch of CLSS 2014, disqualification u/s 164(2) (a) shall apply only for the prospective defaults , if any, by such companies. This includes filing for FY 2013-14 which is filed after 01.04.2014

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Vacate their office as Director in all companies

• Sec. 167(1)(a)

not eligible to be re-appointed in the defaulting Company

• r appointed as a director in another company for a period
• f 5 years, from the date on which the defaulting company

failed to file said documents.

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Section 164: Disqualification for appointment of Directors Section 167: Vacation of Office of Director Section 248 : Power of Registrar to remove name of company Section 252: Appeal to Tribunal Section 403: Fee for Filling Section 459: Powers of CG or Tribunal to accord approval. Section 460 (b): Condonation of delay by CG 41

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Section 164 mentions the primary requirements that who may

• r may not be appointed to be a director.

AND

the company may in its Articles provide additional grounds for

ineligibility

• r

disqualification,

• r

additional minimum qualifications that should be met by its directors.

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Section 164 (1) provides for disqualification which are incurred by a Director in his Personal capacity like, If he is of :

• unsound mind ,
• undischarged insolvent,
• adjudicated as an insolvent
• convicted by a court of any offence,
• court order disqualifying him,
• failed to pay any calls in respect of shares ,
• convicted for offence of dealing with related party transactions,
• not having DIN etc.

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Section 164 (2)--- No person who is or has been a director of a company which— (a) has not filed financial statements or annual returns for any continuous period of

three financial years; or (b) has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues for one year or more, shall be eligible to be re-appointed as a director of that company or appointed in other company for a period of five years from the date on which the said company fails to do so.

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• As per Sec 164 (2) (a) – Not Personal But Company

defaulted in filing the Annual Financial Statements or Annul Return for a continuous period of 3 years

• Auditors also need to report u/s 143 (3)(g) about

Disqualification of Directors u/s 164(2).

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• Sec. 167 (1)The office of a director shall become

vacant in case — (a) he incurs any of the disqualifications specified in section 164;

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Proviso added to Section 164 (2),which reads as follows: “Provided that where a person is appointed as a director of a company which is in default of clause (a) or clause (b) he shall not incur the disqualification for a period of six months from the date of his appointment.” Immunity is given to new appointee Director, otherwise from day One he is disqualified

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Under Section 167 (1)(a), the following proviso is inserted "Provided that where he 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."

He shall continue to be director of defaulting company even after default.

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CLC was set up on 4th June 2015 to make recommendation to the

Government on issues arising from the implementation of CA 2013

In the Report of the CLC, issued in February 2016, it has been

discussed as follow with respect to the stringent provision of disqualification and vacation of Director.

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CLC Report had a mention that Section 164(1) provides for

disqualifications which are incurred by a director in his personal capacity, and Section 164(2) lists out disqualifications related to the Company

In this regard, the CLC recommended that the vacancy of an office

should be triggered only where a disqualification is incurred in a personal capacity and therefore, the scope of Section 167(1)(a) should be limited to only disqualifications under Section 164(1).

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The CLC acknowledged that this Section created a

paradoxical situation, as the office of all the directors in a Board would become vacant where they are disqualified under Section 164(2), and

A new person could not be appointed as a director as

they would also attract such a disqualification.

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The CLC also recommended that a disqualification under

Section 164(2) be only applicable to a person who was a director at the time of the non-compliance, and in case of a continuing non-compliance, there should be a period of 6 months time allowed for a new Director to make the company compliant.

(Now added in the Companies Amendment Act 2017)

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• G. MCA ----To find a solution for

updating their Data –CODS 2018

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CODS 2018 - A golden opportunity

For Defaulting Companies to rectify the default Not For Disqualified Directors

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Powers of MCA :

 Sections 403 – Fee for Filing  Section 459 – Powers of CG or Tribunal  Section 460 – Condonation of Delay

Duration of CODS : January 1, 2018 to March 31, 2018

Whether last date of filing e-form CODS – 2018 will also be March 31, 2018.

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 Company: It means a Company as defined in section 2(20) of the Companies

Act, 2013. Foreign companies having BO or LO are not covered : As per Sec. 381 & 384 Foreign Companies need to file B/s & A/r in Form -FC-3 & FC-4 which is to be certified by authorised Signatory and not Director.

 Defaulting Companies:

It means a company which has not filed its FS or AR as required under the Act and the Rules made there under for a continuous period of 3 years. Struck Off Companies are not covered

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Defaulting Companies & not Struck Off by the ROC Continuous period of 3 years Annual Return Financial Statements

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Overdue Documents: FS or AR or other associated

documents, as applicable, in the case of a defaulting company and refer to documents mentioned in paragraph 5 of CODS What is to be understood of “other associated documents” under the definition of Overdue Documents?

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Ambiguity in Def. and Para 5 for Overdue Documents: Definition of Overdue Documents read as other Associated Documents and ref Para 5 and in Para 5 it reads that only B/s , A/r, Secretarial Audit Report and Appt

• f Auditors.

Without filing various other relevant / associated forms like PAS 3, DIR 13, SH 7 etc, technically the company may not be able to file B/s and A/r. Hence MCA should allow such other associated Documents also in Para 5.

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 It is applicable to all Defaulting Companies and

not to companies struck off u/s 248 (5) .

It is applicable for Overdue Documents which

were due for filing till 30th June 2017.

Can Active Companies file other documents under CODS?

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What is the ‘relevance of 30th June 2017’??

For the annual filing documents for FY 2015-16 , assuming AGM was on 30th Sept 2016, the last date of filing as per Section 403 of the Act, 2013 is July 27, 2017 ( 30 Plus 270 Days)

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• 1. DIN ACTIVATION BY MCA

(Temporary activation of DIN DURING VALIDITY of CODS 2018.) Re-activation has commenced from January 12, 2018

• 2. FILING OF PENDING E-FROM

The Defaulting Company shall file the Overdue Documents in respective form with Additional Fees i.e. as per section 403

• 3. APPLICATION FOR CONDONATION

After filling documents in Step 2 Company shall seek condonation

• f delay by filling of e-form E-CODS 2018 with fees Rs. 30,000/-

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(1) In the case of defaulting companies whose names have not been removed from register of companies,- i) The DINs of the concerned disqualified directors de-activated at present, shall be temporarily activated during the validity of

the scheme to enable them to file the overdue documents.

ii) The defaulting company shall file the overdue documents in the respective prescribed e -Forms paying the statutory filing fee and additional fee payable as per section 403 of the Act read with Companies (Registration Offices and fee) Rules, 2014 for filing these overdue documents

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(iii) The defaulting company after filing documents under

this scheme, shall seek condonation of delay by filing form e-CODS attached to the scheme online on the MCA21 portal. The fee for filing application e form CODS is Rs.30,000/- (Rupees Thirty Thousand

• nly).

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• iv. The DINs of Director’s associated with the Defaulting

Companies that have not filed their Overdue Documents and E-form CODS-2018, and these are not taken on record in the MCA21 registry and are still found to be disqualified on the

conclusion of the Scheme in terms of section 164(2)(a) r/w

167(1)(a) of the Act shall be liable to be deactivated on expiry of the scheme period.

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v.

In the event of defaulting companies whose names have been removed from the register of companies under section 248 of the Act and which have filed applications for revival under section 252 of the Act up to the date of this scheme, the Director's DIN shall be re-activated only NCLT order of revival

subject to the company having filing of all overdue documents.

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• 1. Ambiguity of period mentioned in Pt 4(i) (iv) and (v) ---

“during the validity, on conclusion and upto the date of scheme” 2. CODS 2018 does not have any mention of permanent activation of DIN of Directors after filing all Overdue Documents by the Company

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• 3. Whether DIR 10 to be filed in e-Form GLN 1 or by simply filing

e-Form CODS, the disqualification will be removed by RoC?

• 4. Company has made application for revival u/s 252 upto the date of

this Scheme but if NCLT Order comes after the closure of the Scheme, will the Company be allowed to file Overdue Documents under CODS ?

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SR. NO. FORM DESCRIPTION

1 20 B / MGT-7 Annual Return by a Company having Share capital 2 21 A/ MGT-7 Annual Return by a Company not having Share capital 3 23 AC, 23 ACA, 23AC- XBRL, 23ACA-XBRL, AOC-4, AOC-4 (CFS), AOC (XBRL) and AOC-4 (non XBRL) Forms for filing Balance sheet/ Financial Statements and Profit and Loss Account 4 66 Form for submission of Compliance Certificate with the Registrar 5 23B/ ADT-1 Form for intimation for Appointment of Auditors CODS 2018 shall not apply to the filing of documents other than following documents

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Hanging Sword : ROC can take action under section 167 (2) of the Act or civil and criminal liabilities, if any, of such disqualified directors during the period they remain disqualified.

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1. After filing all Overdue Documents under CODS, can Directors Disqualification is automaticlly considered to be removed ? And

• 2. Can he act as Director in any other company after filing all overdue

documents or whether it will attract penal action u/s 167 (2) of the Act from RoC as para 6 of CODS 2018 ? ---- MCA need to clarify it.

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ROC shall take necessary actions :

• 1. Will he initiate prosecution u/s. 167(2) against earlier Directors ? Or

against newly appointed Directors u/s 167 (3) also? ( CAA 2017) , as Section 164 (2) reads , No Person who is or has been director of such defaulting company

• 2. Can company file compounding application u/s 441 for the action

taken by RoC after CODS ? Who will sign such application?

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• e-form CODS 2018 was made available on MCA website from

February 26, 2018

• In e-form CODS 2018 Maximum 20 SRNs can be entered
• the e-form CODS will be taken on record on Straight through

Process (STP)

• MCA had requested the Defaulting Companies to file all Overdue

Documents without waiting for availability of the e-form CODS form.

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SRNs of the Overdue Documents filed by the Defaulting Company Details of any appeal(s) filed against any notice issued or complaint filed

before the competent Court for documents filed under CODS ;

Details of any prosecution(s) is pending in court against the Company

and its officers in respect of documents filed under CODS; &

Details of any Director(s) of the Company is declared as proclaimed

• ffender or facing criminal case(s) for economic offences.

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Indirectly, through e-Form CODS , MCA will be identifying

the Directors who are declared as proclaimed offender or facing criminal cases for economic offences

The overdue documents up to June 30, 2017, can be filed

under this scheme, however filing of B/s and A/r for FY 2016-17 shall not be covered under CODS-2018

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• 1. File Application before NCLT u/s 252 during the validity of

CODS 2018 (assumed as Pt 4 (v) of CODS 2018 mention upto the date of this scheme) and

• 2. Obtain NCLT Order u/s 252 ( NCLT order revival with

penalty of 10K to 200K as the Bench decides)

• 3. File all Overdue Documents within time mentioned in Order
• 4. Assume that DINs of Directors shall be re-activated

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• HC - Writ Petition

OR

• NCLAT - Appeal against Order of NCLT

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• 1. How disqualification of Directors can be removed for

Directors of a Struck Off company (which is Defaulted in filing) which has neither done any activity nor have

• pened any Bank account and intend to close the

company or its restoration application is rejected by NCLT?---- Can they get one more chance ?

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• 2. MCA to clarify that companies which are struck off can

still file the Application for its revival u/s 252 of the Act during the validity of the scheme. And if the Order of NCLT will be after the closure of CODS , RoC will allow such companies to file Overdue Documents?

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3.Can Active Companies also file any other document with DIN of Defaulting Directors which is now activated by RoC– in view of section 167 (2) read with Para 6 of CODS

• 4. Is Form DIR 10 required to be filed or not?

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• 5. What is the fate of Shareholders / Creditors of

Struck Off Companies if, assets are still there or Bank charges are subsisting ?

• 6. What is the fate of Companies whose all Shareholders

are Corporate entities, which all are now Struck Off ?

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• 7. What will be the status of Additional Directors of such

Defaulting Companies or Struck Off Companies, who had resigned immediately after their appointment or their appointment were not regularized by Shareholders and the Company had not filed Form 32 as per CA 1956 for resignation and now their names are shown in MCA as Director and they are disqualified by RoC ?

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• 8. Whether extension of CODS 2018 be made due to –

a) Delay in temporarily activating DIN of Defaulting Companies b) Delay in making e-Form CODS 2018 available till 20.02.18 And c) Delay in obtaining NCLT Orders u/s 252.

• 9. Allow to file Other Associated Documents – MCA to allow all other

relevant Forms like SH 7, DIR 12, INC 22 etc .

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• 10. Whether ROC will make an Application to NCLT as

per 2nd proviso of 252 (1) to restore the Companies which he has inadvertently struck off?

• 11. No action u/s 167 (2) will be taken by MCA against

the Directors of the Defaulting Companies for their using digital signature and filing Overdue Documents

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• 12. MCA to clarify that

Form DIR 8 given by Directors of Defaulting Companies till 30th Sept 2017 and Auditors have taken it on record in B/s for FY 2016-17 shall be considered as valid.

• 13. Whether Auditors ( CA and CS ) need to clarify such

details in annual filing ?

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14.What is to be done for inactive and dormant Struck Off Companies , who had never done any business or prepared any FS , can such companies be allowed to make application u/s 248 (2), without filing prior period Overdue Documents.?

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• 15. Situation where Form DIN - 3 was not filed intimating DIN and such

Company is Struck Off but Directors in such companies are not yet disqualified

• Should these Director’s be considered as disqualified
• Do they require to make application to NCLT u/s 252 and revive the

company and then file application u/s 248 (2) for voluntary strike off of the Name

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(a)Can struck off companies itself or aggrieved persons make application to NCLT u/s 252 after the implementation of CODS or upto the date of the Scheme ? (b) What about struck off companies which had never done any operations : We suggest that such companies be allowed to make an Application to NCLT u/s 252 and NCLT gives Direction to RoC to first revive the company and allow it to file application u/s 248 (2) for voluntary strike off and remove the disqualification of Directors

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B Li Limi mited ted (Ac Active) tive)

Can Contin inue ue as Non Disquali alifi fied Director ctors

Can not continu tinue e u/s 167 7 (1) (a) and va vacate te his office ice

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• Mr. Y
• Mr. X

Direct ctor

• rs

A Li Limited ited (Def efaulting) aulting)

If CODS S avail iled and default ault st status tus is s removed

• ved

If CODS S not avail iled and Defaul ault t is c conti tinued nued

• Mr. Y
• Mr. X
• Mr. Y
• Mr. X

B Li Limi mited ted (Ac Active) tive)

Can Contin inue ue as Non Disquali alifi fied Director ctors Can not conti tinue ue u/s 167 (1) (a)

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• Mr. Y
• Mr. X

Direct ctor

• rs

A L A Limite mited d (Struck truck Of Off) f)

U/s 252 if revival ival order r pass ssed ed by NCLT LT U/s 252 revival ival order r reje jecte cted or not obtaine ned

• Mr. Y
• Mr. X
• Mr. Y
• Mr. X

B Li Limi mited ted (Ac Active) tive)

Directors ectors are disqualified qualified u/s s 167 67 (1) (a) altho hough ugh their ir names mes are not in the disqualific qualificati tion

• n list

AMITA DESAI & CO

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• Mr. Y
• Mr. X

Direct ctor

• rs

A L A Limite mited d (Struck truck Of Off) f)I

DIR 3 no not file led d hence ce Directors ctors are not Disqualified qualified

• Mr. Y
• Mr. X

SH SHAREHOLDE LDERS RS Co Company any 1 a 1 and Company any 2 a are St Struck off

AMITA DESAI & CO

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A L A Limite mited d (Def efaulting aulting Co.) .) has as 2 corporate rporate shareh areholders

• lders

Wh What at is the fa fate of f such ch Defaulting faulting Company mpany?

QUESTIONS

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AMITA DESAI & CO

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AMITA DESAI & CO

Amita Desai & Co. Company Secretaries Mumbai- India Tel 91 22 2684 5920/21/23 Mobile: 9820177691 Email : info@amitadesai.com Website : www.amitadesai.com

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AMITA DESAI & CO