Unanswered questions under Condonation of Delay Scheme 2018 (CODS 2018) introduced by MCA (Ministry of Corporate affairs)
Introduction of Condonation of Delay Scheme 2018 (CODS 2018) would certainly provide relief to the disqualified Directors however there are still some unanswered questions like:
Clarification may be required from MCA
That CODS 2018 is pursuant to provisions of section 460 (b) of the Act and hence the Director who is disqualified at present pursuant to the provision of Section 164 (2) of the Act and he has been either re-appointed in the Company or appointed in any other company, and he is aware that he has already vacated his position as per Section 167 (1)(a) of the Act but continue to act as a director, whether he shall be punishable for violation of section 167 (2) of the Act? – The obvious answer should be not liable, however MCA can clarify the same specifically would clear all doubts of the concerned Directors and Auditors.