In Writ C No. 12498/2019, Jai Shankar Agrahari v. Union Of India & Anr., the Allahabad High Court has upheld the constitutional validity of Section 164(2) of the Companies Act, 2013, which stipulates that a Director whose company has not filed financial statements or annual returns for any continuous period of three financial years, shall be disqualified from holding the position for five years.
The Court has also held that the “financial year” for the purpose of the Section will start only from 2014-15.
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