General Circular No. 5/2003, dated 14/01/2003

Disqualification of Directors under Section 274(1)(g) of the Companies Act,1956 – Clarification

General Circular No. 5/2003

F. No. 2/5/2001-C.L.V

Government of India

Ministry of Finance and Company Affairs

Department of Company Affairs

**********

5^th Floor, ‘A’ Sing Shastri Bhavan,

Dr. R.P. Road, New Delhi-110001.

Dated 14^th of January, 2003

To

All Regional Directors,

All Registrar of Companies

Sub: Disqualification of Directors under Section 274(1)(g) of the Companies Act, 1956 – Clarification

Sir,

In continuation of this Department’s Circular No.8/2002 dated 22′¹ March, 2002, it is hereby clarified that default of privately placed bonds/debentures/debt instruments by public financial institutions will not be considered as default to disqualify directors u/s 274(1)(g) of the Companies Act of 1956.

Yours faithfully,

(E. Selvaraj)

Joint Director (T)