Qualification shares of directors

This query is : Resolved

Sobhan De (Querist)
Follow

03 March 2012 Dear All,

If nothing is mentioned in the articles,then will an additional director or a director appointed to fill in a casual vaccancy has to subscribe to the qualifying shares of that of any other director.

Thanks & Regards,
SK De

Jiten Gupta

Jiten Gupta (Expert)
Follow

03 March 2012 As per section 270 of companies act, if AOA authorise to take Qualification Shares then only Director is required to take Qualification Shares!!!!!

Apart from this AOA of public company can not provide for qualification shares of value of more than Rs. 5000 and where value of one share exceeds Rs. 5000 than only one Shares!!!!

NOTE: Section 270 is not applicable to Pvt Ltd company which is not subsiadiary of public company!!@!!