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Appointment of Director ( 1 unit )

2499

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Appointment of Director (Appointment of Director)


    Important Points

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Meaning of Appointing a Director (Additional Director)

Appointment of a Director is not only a crucial administrative requirement but is also a procedural requirement that has to be fulfilled by every company. Under the Companies Act, only an individual can be appointed as a Director; a corporate, association, firm or another body with artificial legal personality cannot be appointed as a Director.

Documents Required:

Person's: PAN Card.
Any Id: Any of Aadhar Card/Voter Card/Passport/Driving License.
Address Proof: Any of Aadhar/Bank Statement/Electricity Bill/Water Bill/Gas Bill/Telephone Bill.
Person's: Photographs

Process to be followed

(1) Appointment Letter to be given and consent to be taken
(2) Passing of Board Resolution
(3) Fill the required Forms and Declaration from New Director like DIR-2, MBP-1, etc
(4) Intimate the Appointment within 30 days of passing the Board Resolution with the Respected ROC through e-Form DIR-12.

Eligibility

Disqualifications:
A person shall not be eligible for appointment as Director of a company, if:

(a) He is of unsound mind and stands so declared by a competent court;

(b) He is an undischarged insolvent;

(c) He has applied to be adjudicated as an insolvent and his application is pending;

(d) He has been convicted by a court of any offence, whether involving moral turpitude or otherwise, and sentenced in respect thereof to imprisonment for not less than six months and a period of five years has not elapsed from the date of expiry of the sentence: Provided that if a person has been convicted of any offence and sentenced in respect thereof to imprisonment for a period of seven years or more, he shall not be eligible to be appointed as a director in any company;

(e) An order disqualifying him for appointment as a director has been passed by a court or Tribunal and the order is in force;

(f) He has not paid any calls in respect of any shares of the company held by him, whether alone or jointly with others, and six months have elapsed from the last day fixed for the payment of the call;

(g) He has been convicted of the offence dealing with related party transactions at any time during the last preceding five years; or

(h) He has not been allotted the Director Identification Number

(i) No person who is or has been a director of a company which:
(a) has not filed financial statements or annual returns for any continuous period of three financial years; or
(b) has failed to repay the deposits accepted by it or pay interest thereon or to redeem any debentures on the due date or pay interest due thereon or pay any dividend declared and such failure to pay or redeem continues for one year or more, shall be eligible to be re-appointed as a director of that company or appointed in other company for a period of five years from the date on which the said company fails to do so. The Committee shall also consider its policies with respect to retirement age, change in employment status, as well as all other relevant facts and circumstances in making its recommendations to the Board.