Disqualifications (Section 141)

Additional disqualifications under the new Act:

• a body corporate other than a limited liability partnership registered under the LLP Act, 2008;
• a person who, or his relative or partner—
• is holding any security of or interest (not exceeding face value of `1,000 or such sum as may be prescribed ) in the company or its subsidiary, or of its holding or associate company or a subsidiary of such holding company
• is indebted or has given a guarantee or provided any security in connection with the indebtedness of any third person to the company, or its subsidiary, or its holding or associate company or a subsidiary of such holding company, in excess of such amount as may be prescribed
• a person or a firm who, whether directly or indirectly, has business relationship with the company, or its subsidiary, or its holding or associate company or subsidiary of such holding company or associate company of such nature as may be prescribed
• a person whose relative is a director or is in the employment of the company as a director or key managerial personnel