Professional Documents
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Structure
The number of members of a board can vary in size:
Firstdirectors
First directors of a firm are appointed by the original
Appointment of Directors
The shareholders, who are individuals shall be deemed
164.
He does not remain present in all the meeting of Board of
directors held during the period of 12 months or without
seeking leave of absence of the Board.
He acts in contravention of the provisions of section 184
relating to entering into contracts or arrangements in which
he is directly or indirectly interested.
He fails to disclose his interest in any contract or
arrangement in which he is directly or indirectly interested.
He becomes disqualified by an order of a court or the
Tribunal
Convicted by court for any offence.
Appointed as an employee in the holding subsidiary or Any
associate company.
Section 167-2
Continues to function as director even after
of a company vacate
their offices under
any of the
disqualifications
specified till now.
In such cases the
promoter or, in his
absence, the Central
Government shall
appoint the Director.
The Board shall, on receipt of such notice within 30 days intimate the Registrar in
Form DIR-12
The director shall also forward a copy of resignation along with detailed reasons
for the resignation to the Registrar in Form DIR-11 within 30 days from the date of
resignation
The notice shall become effective from the date on which the notice is received
by the company or the date, if any, specified by the director in the notice,
whichever is later.
The director
who has resigned shall be liable even after his resignation for the
offences which occurred during his tenure.
Removal by Court
Under section 402 read with section 397 and
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