Provision for disqualification of directors is prospective and not retrospective: Gujarat HC

CL: Section 164(2) which had come into force from 1-1-2014 would have prospective and not retrospective effect and defaults contemplated under section 164(2)(a) with regard to non-filing of financial statements or annual returns for any continuous period of three financial years would be defaults to be counted from financial year 2014-15 only and not 2013-14

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