Appointment of Directors in Company
An individual person can be appointed as a Director in the Board of the Company to manage the day-to-day affairs and carry out business transactions after following the due process of law.
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Appointment of Directors in Company
Directors in a company are appointed by the shareholder/owners to manage the affairs of the company. The company being an artificial entity requires a natural person to carry out the business activities and all other day-to-day affairs, so directors are appointed in order to manage the activities of companies accordingly. Board of Director are the main reasons behind the success and profitability of the business.
The initial director (known as First Directors) are appointed by the company at the time of incorporation through Articles of Association (AOA) and thereafter additional directors can be appointed by the company at any point of time as per the requirements by the shareholders. AOA of the company shall have the provisions governing addition or removal of directors.
Who shall be appointed as a Director of Company?
- There are no specific qualifications required for appointment of a person as director of company under the law.
- However, only a natural person can be appointed in a company and any body-corporate, association, firm or any other artificial person cannot be appointed as director.
- A person should be above 18 years of age and shall have a valid Director Identification Number (DIN)
- Further, the person should not be Disqualified from being appointed as Director
Who cannot be appointed as a Director of Company?
There are certain disqualifications for a person which shall bar him from being appointed as a director of company which is mentioned under the act. A person will not be appointed as director if he satisfies any of the following conditions:
- He is of unsound mind
- He is an undischarged insolvent
- He is adjudged insolvent/applied to be an insolvent
- He is convicted by court for an offence and imprisoned for at least 6 months and post imprisonment 5 years has not been elapsed.
- He/she has been convicted of any offence and sentenced in for a period of seven years or more, he shall not be eligible to be appointed as a director in any company.
- Court and tribunal has declared him disqualified for appointment of director.
- Not paid any calls on shares of company held by him.
- Convicted of any offence dealing with related party transaction and 5 years has not elapsed
- He does not have Director Identification Number (DIN) or holds a Deactivated DIN
Advantages of Appointment of Directors in Company
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Procedure for Appointment of Directors in Company
Documents Required for Appointment of Directors in Company
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