(1) Any person holding office as director in more than 1[fifteen] companies immediately before the commencement of this Act shall, within two months from such commencement,-1. Subs. by Act 53 of 2000, sec. 134, for "twenty" (w.e.f. 13-12-2000).
(a) Choose not more than 1[fifteen] of those companies, as companies in which he wishes to continue to hold the office of director;(2) Any resignation made in pursuance of clause (b) of sub-section (1) shall become effective immediately on the despatch thereof to the company concerned.
(b) Resign his office as director in the other companies; and
(c) Intimate the choice made by him under clause (a) to each of the companies in which he was holding the office of director before such commencement, to the Registrar having jurisdiction in respect of each such company, and also to the Central Government.
(3) No such person shall act as director-
(a) in more than 1[fifteen] companies, after the expiry of two months from the commencement of 2[the Companies (Amendment) Act, 2000]; or
(b) of any company after dispatching the resignation of his office as director thereof, in pursuance of clause (b) of sub-section (1).
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