Can any one tell me what will happen if a director has applied for qualification shares within stipulated time limit but shares are not alloted to him by co. within that stipulated time limit???????
04 March 2011
In my opinion, as per the provisons of section 283 of the Companies Act, 1956, the office of the Director shall become vacant if he fails to obtain the qualification shares within 2 months from the date of appointment.
CAclubindia
