155B. Debarment for default of relevant requirement of this Act

Question 1

155B. Debarment for default of relevant requirement of this Act

Answer 1

General overview
[155B.01] This section introduces a new provision called debarment against directors and secretaries who have not complied with a relevant requirement of the Act, which will be lifted when the default is rectified. This mechanism for ensuring compliance with the Act is less draconian than the disqualification regime. It will, in all likelihood, be used by the registrar against defaulters under s 155 because of its temporary nature.