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TMI Blog2017 (11) TMI 1908X X X X Extracts X X X X X X X X Extracts X X X X ..... ng a penal or quasi-penal provision. We also feel that the balance of convenience is in favour of granting interim relief to the appellant/writ petitioner. There will be an interim order as follows:- An order of injunction staying the operation of the impugned list of disqualified directors published by the Respondent No. 1 so far as it pertains to the Appellant herein - An interim order allowing the Appellant to continue as director in all companies in which the Appellant has been serving as director. The interim order, passed herein, shall continue until disposal of the writ application by the learned single Judge - the appeal and the application for stay filed in connection with this appeal are, thus, disposed of. - M.A.T. 187 ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... t been filed in respect of respondent no.3 since its incorporation. It is for non-filing of annual returns of the respondent no.3 for a consecutive period of 3 years that the petitioner has been sought to be disqualified from acting as Director of any company with effect from 1st November, 2016. Mr. Saha submitted that firstly, Section 164(2) of the said Act came into operation with effect from 1st April, 2014. It cannot be given retrospective effect. The effect of Section 164(2) of the said Act can operate only from 1st April, 2017 and not for any period prior thereto. Secondly, he submitted that under Section 164(2) of the said Act, disqualification is as regards re-appointment or further appointment as director of a company. If a pers ..... X X X X Extracts X X X X X X X X Extracts X X X X ..... eing a penal or quasi-penal provision. We also feel that the balance of convenience is in favour of granting interim relief to the appellant/writ petitioner. Accordingly, there will be an interim order in terms of prayers (b) and (c) of the stay petition which read as follows :- b) An order of injunction staying the operation of the impugned list of disqualified directors published by the Respondent No. 1 so far as it pertains to the Appellant herein. c) An interim order allowing the Appellant to continue as director in all companies in which the Appellant has been serving as director. However, this order will not be construed as entitling the appellant to continue as a Director of the respondent no.3 company since prima facie ..... X X X X Extracts X X X X X X X X Extracts X X X X
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