Amendment status not verified — confirm the current text below against the official source.
See now the relevant provisions of the Companies Act, 2013 (Central Act 18 of 2013). Central Act I of 1956. 8 [Act No.30 of 1998] allowed by the State Government on the recommendation of the selection committee, divest himself from the interest in the businesses mentioned in sub-section (3) of this section as a condition of his appointment. (6) If a person to be appointed as a member of the Commission holds any office under the State or Central Government or any public sector corporation or any Government body, he shall submit his resignation or take voluntary retirement from that service and shall not seek reappointment in the service of the State Government or any Government corporation or body dealing with the power sector in Telangana at any time within a period of two years after he ceases to be a member of the Commission. (7) So long as the person holds the office of the member and for a period of two years after he ceases to be a member for any reason whatsoever, he shall not acquire, hold or maintain, directly or indirectly any office, employment or consultancy arrangement or businesses mentioned in sub-section (3) of this section within or outside the State and if he acquires any such interest involuntarily or by way of succession or testamentary disposition he will divest himself from such interest within a period of three months of such interest being acquired. (8) Before recommending any person as a member of the Commission, the selection committee, shall satisfy itself that the person does not have any financial or other interest as referred to in sub-section (3) or otherwise which is likely to affect prejudicially his functions as a member.