Power of Branch Auditors

744 views 1 replies

Hello Friends,

 

Suppose there is a Private Limited Co. and the Directors of the Private Limited will be generally relatives or friends, and if this company has 2 directors i.e., 2 persons are relatives say both are brothers. And if this company wants to convert it to public limited then can these two brothers become directors for the company forever ? Is it in their hands ? Or they will remain as promoters only ?

 

The Business idea belongs to these brothers and its a private company and if they wanted it to convert the company as public limited then they should have a min. of 5 lakhs as capital. And if the entire 5 lakhs are brought by these two brothers then can they only become directors of the company including some other relatives as directors to make it as 7 members ? When these two brothers are bringing the capital 5 lakhs from their pocket then will there be any obligation that the directors should be appointed by central govt. or any other body ?

 

I have too many queries like this so please let me know the answers for the above queries and then later i'll post all my queries if any further.

 

Thank You...!!

Replies (1)

They can frame the MOA and AOA accordingly to suit the purpose. They would continue to remain directors and other directors would be rotational directors.

 

There is no requirement of any approval from any authority for this purpose.


CCI Pro

Leave a Reply

Your are not logged in . Please login to post replies

Click here to Login / Register