Disqualification of Directors under Section 274(1)(g) of the Companies Act, 1956 – Clarification. - Companies Law - 05/2003

General Circular No. 05 of 2003 F. No. 2/5/2001-C.L.V. Government of India Ministry of Finance and Commerce Affairs Department of Company Affairs ************ 5 th Floor, A wing Shastri Bhawan, Dr, R.P. Road, New Delhi-110001. Dated the 14 th of January, 2003 To All Regional Directors, All Registrar of Companies Subjects: 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 nd March 2002, it is hereby clarified that default of privately placed bonds/debentures/debt instrument by public financial institutions will not be considered as default to disqualify directors u/s 274(1)(g) of the Companies Act, 1956. Yours faithfully, (E. Selvaraj) Joint Director (T) Endt. No: No. 2/5/2001-CL.V Dated: 14.01.2003