BANK SEBI Grade A Phase 1 & Phase 2 Mock Test 2024 Legal Aspects of Business The Companies Act, 2013
If a director violates Section 164 by failing to repay deposits, what is the immediate effect?
1
They can continue as a director but with limited power
2
They must vacate their office immediately
3
They must repay within the next fiscal year
4
They need board approval to continue
5
They are penalized but can retain their position