Appointment of Directors: Minimum and Maximum Limit

Director means a person appointed as Director by the Board of the Company. He worked as an Agent as well as the trustee of the company.

Minimum No of Directors required:-

As per section 149(1), minimum no of directors required in respective companies are-
In a Public company- 3
In a Private company- 2
In a One Person company- 1

Maximum No of Directors permissible as per the Company's Act 2013:-

As per section 149(1), maximum no of directors a company can appoint is 15.
Also, as per first proviso to section 149(1), company may appoint more than 15 directors after getting an approval of members by passing an special resolution.

Exemption Available:-

The provision related to maximum no of directors and subsequent passing of special resolution for increasing the no of directors beyond 15, do not apply to Government companies and section 8 companies, provided they have complied with the provisions of section 92 (Annual Returns) and section 137 (Filing of Financial Statements with Registrar).

Disclaimer
The contents of this article are solely for informational purpose. It does not constitute any professional advice. The author does not represent that the contents of the article are accurate or complete. Neither the Site/Blog ‘Your Instasolv’ and the author accepts any liabilities for any loss or damage of any kind arising out of any information in this article nor for any actions taken in reliance thereon.

Comments

Difference between Loans and Deposits under the Companies Act, 2013

Loans : As per Companies Act, 2013, the following types of money received by a company are termed as loans: 1. Money received from the Central Government or a State Government or Local Authority or Statutory Authority, or any amount received from any other source whose repayment is guaranteed by the Central Government or a State Government. 2. Money received from foreign Governments, foreign or international banks, multilateral financial institutions (including, but not limited to, International Finance Corporation, Asian Development Bank, Commonwealth Development Corporation and International Bank for Industrial and Financial Reconstruction), foreign Governments owned development financial institutions, foreign export credit agencies, foreign collaborators, foreign bodies corporate and foreign citizens, foreign authorities or persons resident outside India subject to the provisions of Foreign Exchange Management Act, 1999. 3. Money received as a lo...

Difference between Exemptions & Deductions under the Income Tax Act

What are Deductions under the Income Tax Act, 1961? Chapter VI-A of Income Tax Act contains various sub-sections of section 80 that allows an assessee to claim deductions from the gross total income on account of various tax-saving investments, permitted expenditures, donations, etc . What are Exemptions under the Income Tax Act, 1961? Exemptions are provided on particular sources of income and not on the total income. It can also mean that you do not have to pay any tax for income coming from that source. For example - As per Section 10(1) of the Income Tax Act, 1961 - Income from agriculture is exempted. Difference between Exemptions & Deductions Basis Exemptions Deductions Incidence These are not included in our Taxable income. These are deducted from our Gross total income. Application Applied at each head of income. Applied at Gross total income...

Commercial Banks of India and its types

Commercial Banks are regulated under the Banking Regulations Act, 1949. They are profit making institutions and earn profit in the form of interest, commission, etc. Their primary function is to accept deposits and grant loans to households, entrepreneurs, businessmen, etc. The operations of all commercial banks are regulated by the Reserve Bank of India (RBI) which is also known as the central bank or apex bank of India. Oudh Commercial Bank (1881-1958) – the first commercial bank of India. Types- The Commercial Banks can be broadly classified under two heads:- i. Scheduled Banks ...

Your Instasolv

Search This Blog