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Who is the Director of a Company?
- Director is an individual who directs, manages, oversees, or controls the affairs of the Company.
- He is a person appointed to the Board of a company to perform the duties and functions of a company in accordance with the provisions of The Company Act, 2013.
- Director of a company is a natural person elected by the shareholders as per the Memorandum of Association and Articles of Association of the company.
- The Board of Directors means a group of those individuals elected by the shareholders of a company to manage the affairs of the company.
Minimum number of director based on the type of the company:
Necessity / Reasons of appointing an additional Director in a company
The following are the circumstances in which it would be necessary to add or appoint a director:
- When there is sudden death or plans of retirement/resignation or other personal reasons, if the existing Directors are unable to work for a long time, in such cases appointing an additional director is necessary to meet the statutory limit of the company.
- For the growth of a business, it is necessary to hire new talent in the management of the company.
- In the case where there is a new product line or the department added in the company, then to lead the team, appointing an expert as a director is necessary.
- When the specified statutory number of directors reduce, then it is mandatory for a company to appoint a new director.
- To help the shareholders assign more operational responsibilities without losing any strategic control.
Eligibility criteria for a person to be appointed as a director in a company:
- The person appointed must be eligible as per the relevant clauses in the Articles of Association.
- The proposed individual must be above the age of 18 i.e. a major.
- He or she must qualify as per the laws mentioned under the Companies Act, 2013.
- It must be noted that the Companies Act does not mention any educational qualification in order to be eligible to become a Director.
- Indian National, Non-Resident Indians, and Foreign Nationals can be appointed as a director in India.
Types of Directors
- Managing Director
- Executive Director
- Additional Director
- Alternate Director
- Ordinary Director
Documents required for appointing/adding a director in a company
- Self-attested copy of PAN
- Self-attested copy of identity and address proof such as passport or Aadhar card or Election card
- Consent to act as director in format of DIR-2
- Copy of resolution passed by the shareholders
- Notice for shareholders meeting
- PAN card: Mandatory for an Indian Applicant
- Passport: Mandatory for a foreign Applicant
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