14 October 2011
Section 270 of the companies act deals with the provisions relating to Qualification shares. It shall not apply to private company unless it is a subsidiary of public company.
First directors are required to take up qualification shares if mentioned in articles. They are not exempted from this.
Consent of the first directors (unless they are named in the articles of association) in e-Form No. 32 shall be filed electronically with ROC within 30 days after incorporation.
14 October 2011
1. Not exempted unless Company gets the articles ammended to that effect and since the body to act on behalf of the Company is Board Of Directors and constitution of such Board will not complete unless the prescribed formalities per articles and Companies act are duly compled with. Under Section 272 penal provisions are also given in this regard. However the scenario as above does not apply to an independent Private Company. 2. As mentioned by Mitesh
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