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Question
Answer in brief:
Mention any four ways in which the office of a Direction becomes vacant.
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Solution
The office of a director becomes vacant in the following ways:
(1) Any disqualification under Section 164 of the Companies Act 2013: If a person adjudicated as insolvent by the court or becomes unsound mind or convicted by the court for any offence cannot continue as a director. He has to vacate his office for such reason.
(2) Absentee at Board Meeting under Section 167 of the Act: If a director remains absent in the meeting of the Board of Directors held (a period of 12 months with or without taking leave of absence from the Board.
(3) Contravention of Provisions of Act: If a director is acted in contravention of a provision or section 184 which is related to entering into contracts where he is directly or indirectly Interested.
(4) Imprisonment for an offence: If a director is convicted by a court of law for an offence involving moral grounds or otherwise and for such offence sentenced to imprisonment of 6 months or more, he has to vacate his office.
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