New Delhi: Seemanto Roy has ceased to be a director of Sahara Housingfina Corporation as the company did not file the financial results in preceding three financial years in a row, making a case for the Corporate Affairs Ministry to disqualify the director.
The company is engaged in the business of providing housing finance.
Seemanto is son of Sahara group chairman Subrata Roy.
Sahara Housingfina said it was brought to its notice through a notification on Corporate Affairs Ministry website pertaining to disqualification of directors of companies who defaulted in filing financial results and annual report in preceding three financial years continuously.
"One of our director Seemanto Roy, Director was found enlisted as Director in default u/s 164 (2) of the Companies Act, 2013," Sahara Housingfina said in a regulatory filing.
The matter was placed in the board meeting held on November 13, 2017 as one of the agenda for discussion and necessary action as per the law of land, it added.
"The board after several deliberations on the matter decided to recast (the board) by way of cessation of Seemanto Roy from the position of Director with immediate effect ie November 13, 2017 and passed necessary resolution for the same," the company said.
"In light of the above, this is to inform that Seemanto Roy has been derostered from the board of directors and necessary filling by way of submission of DIR-12 has already been done with the ROC," it added further.
As per the website of the company, Seemanto was the non- executive director of the firm. There are three more directors --one non-executive and two independent. The position of executive director showed no name.
Sahara Housingfina net profit was up 16 percent at Rs 58.27 lakh in the second quarter ended September this fiscal, against Rs 50.27 lakh in the same period of 2016-17.
Total income of the company was Rs 344.78 lakh from Rs 334.26 lakh year ago, as per a regulatory filing.
Sahara Housingfina shares closed 5.44 percent down at Rs 66.05 on BSE.