law: Companies (Amendment) Act, 2000
  132.
  
  Amendment of section 274.-
  In
  
  section 274 of the principal Act, in sub-section (1), after clause (f), the
  
  following shall be inserted, namely:-
  "(g)
  
  such person is already a director of a public company which,-
  (A)
  
  has not filed the annual accounts and annual returns for any continuous three
  
  financial years commencing on and after the first day of April, 1999; or (B)
  
  has failed to repay its deposit or interest thereon on due date or redeem its
  
  debentures on due date or pay dividend and such failure continues for one year
  
  or more:
  Provided
  
  that such person shall not be eligible to be appointed as a director of any
  
  other public company for a period of five years from the date on which such
  
  public company, in which he is a director, failed to file annual accounts and
  
  annual returns under sub-clause (A) or has failed to repay its deposit or
  
  interest or redeem its debentures on due date or pay dividend referred to in
  
  clause (B).".