Sec. 274(1) of the Companies Act, 1956… The Story of My Life

I was on the phone last night, talking to Sandeep in my study room when my mom walked in. The time must’ve been around past eleven. She walked in and just started talking to me about something all the while knowing not only that I was on the phone, but also fully aware of whom I was talking to. I was almost expecting to listen to a long lecture about how I was wasting time over the phone and on the computer (I generally also play FreeCell on the computer while I’m talking over the phone – full utilization of the break time by multi-tasking).

Fortunately, right about when she walked in, we were discussing something about studies after giving up on talking about the Deccan Chargers vs. Kolkatta Knight Riders’ match which by the way Deccan – the team that he and therefore even I support – lost. I don’t know how badly we lost because I didn’t watch the match, but from the disappointed tone in his voice, I’m guessing quite badly. These days apart from my CA syllabus, I’m also getting educated about cricket… bit by bit, but its happening and I’m getting there.

Anyway, so when my mom did say something about me sitting in front of the computer and wasting time (surprisingly she didn’t mention anything about the phone call that was still going on) I got away with saying that I was discussing studies and was playing while talking – and felt good to not have to lie; and she didn’t push it any further. She stood there showing me a dress material that she had purchased in the evening and started discussing other routine stuff with me (which also involved singing a few lines somewhere in the middle) when Sandeep was on the phone all the while getting entertained. I was glad that my mother was in a good mood and I told her that I’d be with her as soon as I finished the call.

When she left the room Sandeep and I spoke about whether my mom knew that he was on the phone with me and I told him. “Good yaar. She knew I was on the phone and didn’t react. That must mean she likes me,” he said.

“Of course she likes you. I had told you that a long time ago,” I told him.

“But what is it about me that she likes?” he asked. Now that was a little tough. Had he asked me what was it that I liked about him, I’d have given him a huge list that would have been the topic of discussion for the entire next twenty-thirty minutes that the conversation lasted.

“There’s nothing in specific. It’s just that…” and I paused before I thought how to best put it and said, “Do you remember the qualifications for a Director??”

“There are no specific qualifications for being appointed as a Director,” he said almost immediately.

“Exactly. So unless a person looking to be appointed as a Director in any company does not attract any of the disqualifications under section 274(1), he is qualified to be appointed as a Director. Same is the case with you. You don’t attract any of the disqualifying parameters set by my parents. Why should they not like you then?” I explained.

And it made perfect sense. It was as if section 274(1) of the Companies Act, 1956 was crafted just so that I could turn what otherwise could have been a totally mushy conversation into a technically correct way of explaining to a guy why his girl’s parents like him (or rather do not disapprove of him).

“You are right. I am not of unsound mind, I am not an undischarged insolvent, I have not been convicted of any offence…” he said as we began to list down each of the provisions from (a) to (g) under section 274(1) of the Companies Act, 1956.

We may sound like two totally nerdy people who make everything technical and relate everything to accounting or law or (worse) taxation. But it’s just our way of taking a detour from routine conversations. The story of my life and I love it!

4 thoughts on “Sec. 274(1) of the Companies Act, 1956… The Story of My Life

  1. @Gaurav: My life isn't that sad that it needs a whole statute by itself to govern it. But my God isn't the comparison itself so funny! I'm sure many more such correlations will come up. Wait for sometime and I'll write about a conversation that had a reference to the Income Tax Appellate Authority! And good that you commented. I was starting to believe that you don't even read these anymore! 😛

    @Kellie: Yeah! They sometimes do that. A lot of times actually, but what can you do? They're parents!


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