The Ministry of Corporate Affairs (MCA) has removed all the Disqualification of Director Identification Number (DINs).
As per the Companies Act, directors for five years are disqualified, if they are part of a company that defaulted on filing financial statements or annual returns for three years, or has failed to repay the deposits accepted by it or pay interest on it.
The disqualification also covers directors of companies that defaulted on redeeming any debentures on the due date or pay interest due on it or pay any dividend declared. These directors cannot be re-appointed as a director of that company or in any other company for five years from the date of the default.
However, removing all the Disqualification of Director Identification Number would enable these professionals to take up fresh assignments.