Mr X is the promoter and is one of the subscribers to the Memorandum...
What is his position in the hierarchy of the company JUST AFTER it is incorporated?
Ankur Garg
(Company Secretary and Compliance Officer)
(114773 Points)
Replied 12 May 2010
Hello,
Position of Mr. A depends on the treatment he received from the company after incorporation. I mean if he got himself a position in the board as a director (mostly happened) then he must be treated as a director and can take active part in the management.
Company law does not give him any position as a promoter regarding management. However he may control the things from behind. But no specific and open position as a promoter.
Wait for other opinion.
Aneesh
(Pursuing CA)
(101 Points)
Replied 12 May 2010
yes i agree Sir,...he would be the first director and therefore a deemed director.
as per the co. law section 254 first director department hasadviced that at least one of the promoters of the company must be the first director. (Department circular no. 1/95 14/06/94-cl-v- dated 16-2-1995),
so i think if the company thought him to be good for the position of first director then co. can select him as first director.
GSTR 9 and 9C for FY 23-24 as amended by Notification 12/2024 dated 10th July 2024(with recording)
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