50. In section 160 of the principal Act, in sub-section (1), the following proviso shall be inserted, namely:- ''Provided that requirements of deposit of amount shall not apply in case of appointment of an independent director or a director recommended by the Nomination and Remuneration Committee, if any, constituted under sub-section (1) of section 178 or a director recommended by the Board of Directors of the Company, in the case of a company not required to constitute Nomination and Remuneration Committee.".
51. In section 161 of the principal Act,- (i) in sub-section (2), after the words "alternate directorship for any other director in the company", the words "or holding directorship in the same company" shall be inserted; (ii) in sub-section (4),- (a) the words "In the case of a public company," shall be omitted; (b) after the words "meeting of the Board", the words "which shall be subsequently approved by members in the immediate next general meeting" shall be inserted.
52. In section 164 of the principal Act,- (i) in sub-section (2), the following proviso shall be inserted, namely:- "Provided that where a person is appointed as a director of a company which is in default of clause (a) or clause (b), he shall not incur the disqualification for a period of six months from the date of his appointment."; (ii) in sub-section (3), for the proviso, the following proviso shall be substituted, namely:- "Provided that the disqualifications referred to in clauses (d), (e) and (g) of sub-section (1) shall continue to apply even if the appeal or petition has been filed against the order of conviction or disqualification.".
53. In section 165 of the principal Act, in sub-section (1), the Explanation shall be renumbered as Explanation I and after Explanation I as so numbered, the following Explanation shall be inserted, namely:- "Explanation II.-For reckoning the limit of directorships of twenty companies, the directorship in a dormant company shall not be included.".
54. In section 167 of the principal Act, in sub-section (1),-
(i) in clause (a), the following proviso shall be inserted, namely:-
"Provided that where he incurs disqualification under sub-section (2) of section
164, the office of the director shall become vacant in all the companies, other
than the company which is in default under that sub-section.";
(ii) in clause (f), for the proviso the following proviso shall be substituted,
namely,-
"Provided that the office shall not be vacated by the director in case of orders
referred to in clauses (e) and (f)-
(i) for thirty days from the date of conviction or order of disqualification;
(ii) where an appeal or petition is preferred within thirty days as aforesaid
against the conviction resulting in sentence or order, until expiry of seven
days from the date on which such appeal or petition is disposed of; or
(iii) where any further appeal or petition is preferred against order or
sentence within seven days, until such further appeal or petition is disposed
of.".
55. In section 168 of the principal Act, in sub-section (1), in the proviso, for the words, "director shall also forward", the words "director may also forward" shall be substituted.
Section 1, 2, 3A, 4, 7 of Companies Act 2017
Section 12, 21, 26, 35, 42 of Companies Act
Section 47, 53, 54, 62, 73, 74
Section 76a, 77, 78, 82, 89, 90
Section 92, 94, 96, 100, 101, 110
Section 121, 123, 129, 130, 132, 134
Section 135, 136, 137, 140, 141, 143
Section 147, 148, 149, 152, 153, 157
Section 160, 161, 164, 165, 167, 168
Section 173, 177, 178, 180, 184, 185
Section 186, 188, 196, 197, 198, 200
Section 201, 216, 223, 236, 247, 366
Section 374, 379, 384, 391, 403, 406
Section 409, 410, 411, 412, 435, 438
Section 439, 440, 441, 446A, B, 447, 458