Friday, January 23, 2009

Companies Act_Practical Problems_50

Lalit, a director of Rich Look Ltd., is seeking re-election at the company’s AGM. While the chairman puts the resolution for Lalit’s re-appointment, which has been duly proposed and seconded, to vote, two shareholders point out to the chairman that Lalit is disqualified to act as director since Padma Ltd., of which Lalit is also a director, has failed to repay its depositors for the past 3 years and the default continues.

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