‘DISQUALIFICATION OF DIRECTORS UNDER SECTION 164(2) OF COMPANIES ACT 2013 AND CONSEQUENT VACATION UNDER PROVISO TO 167(1)(A) OF THE COMPANIES ACT, 2013 ARE PROSPECTIVE’ SAYS CALCUTTA HIGH COURT.
January 8th, 2021
The Calcutta High Court recently ruled in ‘Naresh Kumar Poddar v. Union of India, through Secretary, Ministry of Corporate Affairs and another ‘ that the 2014 amendment to Section 164(2) and the 2018 amendment to proviso to Section 167(1)(a) of the Companies Act, 2013 are prospective in nature opining that their retrospective application would be anomalous, absurd, unreasonable and could potentially ruin the economy.
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