a Director (Company)
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Directors are the mind behind the setup of a company or we can say they are the brain of the company. They are the person who manage, control and administer the operations of the company. The rotation of the directors takes place in one or the various ways- either by the appointment of new director or resignation of the existing one. Aim to carry out change of directors is always to ensure optimum combination of experts on board for the company’s interest. The authority to appoint a director must be made through consent of shareholders whereas the authority to approve the resignation of the director lies with the members of BoD. Whether it is an appointment, resignation or removal, the intimation is made to Ministry of Corporate affairs for the change to come in effect.
Why Change in Directors is Required?
On board hiring a new talent: with the emergence of growth of business, strategies and alliances are developed, it basically requires inputs or contribution of each department for effective planning. Also, with the addition of new product line or department, an expert to lead the team can be hired in a managerial position being the director of the company. This benefits the company with focused efforts and specialization.
Inability to work by existing directors: The present director may not be able to serve the company after a certain period due to retirement or other personal reasons. Whether it is his death or resignation by the director, the company must needs to make sure that the work is unaffected. It needs to process for both appointment of a new director if any or discontinuations.
Without dilution ownership assign operational responsibility: for day to day operations Directors are responsible. With the appointment of an additional director, the shareholder can assign the responsibilities related to operations to director for keeping strategic control in hand. Here, a director does not requires to subscribing to share capital, hence, voting rights and ownerships of shareholders does not dilute with a new person on board.
Number of director’s fall under statutory limit: the minimum number of directors in the company has been described by The Companies Act, which is 2 and 3 for Private and Public company respectively. At any time during the existence of the company, the number of directors shall not reduce below the limit. The company must appoint a new director(s) within 6 months if there is reduction in the number below 2/3.
What Are the Mandatory Documents Required for Addition or Removal of Director?
Digital Signature Certificate
Proof of residence
What Is the Minimum Number of Directors?
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Subject to Government processing time
Process for Addition or Removal of Directorss
- Day 1
- Consultancy for requirement of change of directors
- Collection of basic Information & documents
- Application for DSC (for director to be appointed)
- Day 2-4
- Drafting necessary resolutions and documents
- Provide documents required provided after signature
- Day 5-7
- Preparation of online application
- Filing of application for changing directors
- Sharing master data from MCA with updated information