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Prasenjit Ghosh. Rpllno. 50


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Prasenjit Ghosh. Rpllno. 50

  1. 1. CompanyManagement Directors<br />PresentedBy,<br />PrasenjitGhosh<br /> Sec. C , Roll No. 50<br />Ist sem. EIILM<br />
  3. 3. INTRODUCTION<br /><ul><li>Section 2(13) – “any person occupying the position of director, by whatever name called.”
  4. 4. In reality, Directors are the person who directs, conduct, manage or superintend a company’s affairs
  5. 5. A Company is an artificial person , no physical existence, acts through human agency, for every company to have a Board of Directors</li></li></ul><li>LEGAL POSITION OF DIRECTORS<br /><ul><li> The director acts as-agents, trustees or managing partners
  6. 6. Directors are not agents for the individual shareholders, they are the agents of the company-the artificial person
  7. 7. The exact position of ‘director’ is hard to define</li></li></ul><li>NO. OF DIRECTORS<br /><ul><li> Public company minimum 3 maximum 12
  8. 8. In general meeting by passing an resolution can increase or reduce</li></ul>the number of directors<br />
  9. 9. QUALIFICATION OF DIRECTORS<br /><ul><li> The companies act has not prescribed any</li></ul> academic or professional qualification for the <br />directors<br /><ul><li> Where a share qualification is fixed by the</li></ul> Articles of a company [Section 270] .<br /><ul><li> A director cannot hold positions in more than 15</li></ul> companies<br />
  10. 10. APPOINTMENT OF DIRECTORS<br /><ul><li>The first directors are usually named in the articles howeverif they are not so named ,the subscribers to the memorandum who are individuals are deemed to be directors.
  11. 11. By shareholders in general meetings.
  12. 12. By board of directors.
  13. 13. By central government.</li></li></ul><li>REMOVAL OF DIRECTORS<br /><ul><li> REMOVAL BY SHAREHOLDERS</li></ul>By ordinary resolution passed in general meeting after<br /> specialnotice, remove a director before the expiry of <br /> histerm of office[SEC 284].<br /><ul><li>REMOVAL BY CENTRAL GOVERNMENT</li></ul>On an reference to and after an adverse findings against<br /> him<br /><ul><li>Removal by the tribunal</li></ul>Can remove a director for preventing oppression and <br />mismanagement<br />
  14. 14. SHARE QUALIFICATION SEC 270 <br /><ul><li> It must be disclosed in the </li></ul>prospectus<br /><ul><li> The notional value of the qualification shares must</li></ul> not exceed Rs.5,000 or the nominal value of one<br /> share where it exceeds Rs.5,000.<br /><ul><li> Must take share qualification within 2 months </li></ul> afterthe appointment.<br />
  15. 15. ADDITIONAL DIRECTORS SEC 260<br /><ul><li> If the articles authorize , the board may appoint </li></ul> additional directors. Such additional directors<br /> together with the directors constituting the board<br /> should not exceed the maximum number fixed by<br /> the articles.<br /><ul><li> The additional directors are entitled to hold office</li></ul> only up to the date of the next AGM of the <br />company.<br />
  16. 16. ALTERNATE DIRECTORS SEC 313<br /><ul><li> In place of a director who is absent from the state </li></ul>in which board meetings are held for not less than <br />three months.<br /><ul><li> May be appointed by the board.
  17. 17. The alternate director shall not hold office for a</li></ul> period longer than that permissible to original <br />director and shall vacate office when the original <br /> director returns to state.<br />
  18. 18. DIRECTOR’S POWER SEC 291-293<br /><ul><li>General powers: powers listed in the articles.
  19. 19. Powers which can be exercised only in board’s </li></ul> meeting.<br /> a. Power to make call on shareholders in respect of <br /> money unpaid on their shares. <br /> b. Power to issue debentures.<br /> c. The power to invest company’s funds.<br />
  20. 20. CONCLUSION<br />Thus we can conclude company management is very <br /> important in our life and without the directors it is not <br />possible to manage a company.<br />
  21. 21. THANK YOU<br />

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