11 November 2009
No it is not mandatory for any kind of director in any kind of company.
However a public company can provide through articles for qualification share under section 270. In this case it would be mandatory for such director of public company to obtain qualification share with in 2 month of his appointment. Otherwise his office shall be deemed as vacated u/s 283(1)(a).
11 November 2009
SEC 270 to 273 is not applicable for private companies. But Articles provide for Qualification share for director then do accordingly. SEC.270 to 272 are applicable only for public co.