Q: State Resident Director and Nominee Director under Companies act, 2013 ?

Ans: Resident Director is defined under section 149(3) of companies act, 2013,  a person must be the resident in India for atleast 182 days in previous calender year to become resident director. 

Nominee director is nominated by financial institution and is Non-executive and non-independent director. It is mentioned under section 149(7) of companies act, 2013.

Comments

Post a Comment

Popular posts from this blog

Q: When was the concept of limited liability first introduced?

Ans: In the 17th century, the joint stock charters were awarded by the crown to monopolies such as the East India Company. The world's first modern limited liability law was enacted by the state of New York in 1811. In England,  it was to be incorporated a joint stock company following the Joint Stock Companies Act 1844 as well as Joint stock companies act, 1850 even if the investors in such companies carried unlimited liability until the Limited Liability Act 1855.
Read more

Q: Elaborate Section 2(68) of companies act, 2013 ?

Ans: Section 2(68) of Companies Act, 2013 defines private companies. According to that, private companies are those companies whose articles of association restrict the transferability of shares and prevent the public at large from subscribing to them. This is the basic criterion that differentiates private companies from public companies. This definition had previously prescribed a minimum paid-up share capital of Rs. 1 lakh for private companies, but an amendment in 2005 removed this requirement. Private companies can now have a minimum paid-up capital of any amount. No minimum capital required: There was a minimum paid-up share capital requirement of Rs. 1 lakh previously, but that is omitted now. The Section further says private companies can have a maximum of 200 members (except for One Person Companies). This number does not include present and former employees who are also members. Moreover, more than two persons who own...
Read more