Relevant Extract of Sec. 274

Relevant Summary of Sec. 274(I)(g) sec. 274 g of the companies act

274(1)(g) A person shall not be capable of being appointed director of a company, if such person is already a director of a public company which, -

A)   has not filed the annual accounts and annual returns for any continuous three financial years commencing on and after the first day of April, 1999; or

B)   has failed to repay its deposit or interest thereon on due date or redeem its debentures on due date or pay dividend and such failure continues for one year or more.