Should a director necessarily be a share holder of a company in order to be appointed to that post, let alone the fact he need not hold qualification shares as per sec 270 of the old act ?
6 Replies
Vandana J Doshi
(Practising Company Secretary)
(12562 Points)
Replied 28 April 2014
As per my understanding, he need not be a shareholder of the company....
Ekta
(Practicing CS)
(423 Points)
Replied 28 April 2014
Agree with Vandana.. further check the Articles of Asso. of Company for this matter. If it contains any article to hold qualifiacation shares, then the Director must hold shares of co. accordingly.
Avneesh Mishra
(CS Trainee)
(502 Points)
Replied 28 April 2014
Agree with Vandana Ma'am and Ekta Ma'am.
Chandresh Bardia
(Corporate Laws and Indirect Tax (GST) Consultant )
(51 Points)
Replied 28 April 2014
According companies act 1956 there are no concept of qualification shares but if its required by AOA of the company than follow provision of section 270 and also liable to penalty provision u/s 273 and both sec not apply on a private company unless its a subsidiary of public company
Gowtham
(Student)
(1174 Points)
Replied 28 April 2014
Thanks everyone.. how abt new companies act? Any change in policy stance...
CA Vivek Jain
(SERVICE)
(1550 Points)
Replied 29 April 2014
Hi Please provide detail for director appointment letter requirement as per new companies act 2013
who will issue and what content need to mentioned
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