Section 275 of the Act provides that no person, shall hold directorship in more than 15 companies. In calculation of 15 companies pursuant to the provisions of section 275 the following companies shall be excluded:— (a) a private company which is not a subsidiary/holding company of a public company; (b) an unlimited company; (c) an association not carrying on business for profit — section 25; (d) if he is an alternate director in another company.
Any person who holds office, or acts, as a director in more than 15 in contravention, of the provisions shall be punishable with fine up to Rs. 50,000. [Section 279]
CAclubindia
