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OVERVIEW
ADD A DIRECTOR
A director may be appointed or dismissed from the company at any time. The Provisions of Companies Act 2013 governs who can be appointed as a new director, even though the articles of incorporation should contain provisions allowing it. Following several formalities, it is necessary to appoint new directors to the firm, but Taxkey is here to simplify the process. You can also easily get the director appointment form.
A person who has been appointed to the Board of Directors is referred to as a “Director” under Section 2 (34) of the Companies Act of 2013, and they are appointed to perform the duties and tasks of a company’s director in line with the Companies Act of 2013.
DIRECTORS
CATEGORIES OF DIRECTORS
- Managing Director
- Executive Director
- Non-Executive Director
- Residential Director
- Independent Director
- Women Director
- Additional Director
- Small Shareholder Director
- Alternate Director
- Nominee Director
DIRECTOR IN THE COMPANY
CRITERIA FOR A DIRECTOR IN THE COMPANY
- Minimum age must be 18 years
- Should not be disqualified in accordance with the 2013 Company Act.
- To be added as a director, a person must receive the approval of the Board, the shareholders, and themselves.
REASONS FOR ADDING A DIRECTOR
- It’s possible that the current directors are unable to perform their duties due to retirement, personal issues, family issues, health issues, or other factors. It would be best if you appointed new directors in such circumstances.
- You will need to hire fresh personnel as your business expands and changes to meet new demands and challenges. It is only normal to try to improve or alter top-level management.
- The daily operations of a firm are the responsibility of the board of directors. The owners can allocate greater operational responsibility without sacrificing strategic control by adding or nominating an additional director.
- Every kind of business requires a specific number of directors. You will need to appoint a new director to your company in the event that an existing director passes away unexpectedly or announces plans to retire.
APPOINTMENT OF DIRECTOR
DOCUMENTS REQUIRED FOR APPOINTMENT OF DIRECTOR
- PAN card (mandatory for an Indian applicant)
- Passport (mandatory for a Foreign applicant)
- Address Proof (electricity bill, rental agreement, Aadhar Card, voter ID, passport, driving license)
- Passport size photograph
- Digital signature certificate of the proposed director
PROCEDURE OF ADDING A COMPANY DIRECTOR
Contrary to popular belief, adding a director is a more difficult task.
- Verify that adding an additional director is permitted by the company’s articles of incorporation (AOA). If the business’s AoA does not contain any such clauses, it should be changed to permit the appointment of an additional company director.
- Using a director appointment form, the proposed director must express their agreement to serve as the director.
- The corporation must approve a board resolution before appointing a director.
- Obtain DIN (director identification number) and DSC (digital signature certificate) for the new director.
- Gather the essential information and papers needed for the procedure, then complete Forms DIR-2, DIR-12, and Form DIR-8 at ROC.
A few further procedures must be fulfilled after these fundamental steps are finished, and our experts will explain them to you.
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