Directors not liable to vacate office on failing to file returns as company was barred to hold meetings by an injunction

The Company Law Board, Kolkata Bench held that where an interim injunction had been imposed upon company not to hold general meeting due to which financial statements could not be filed for three consecutive years, directors of company could not be said to have vacated their offices in terms of section 167(1), read with section 164(1) due to default in filing financial statements.