Director of 2 companies
This query is : Resolved
Querist : Anonymous
Querist :
Anonymous
(Querist)
09 December 2013
can someone be Director of two companies at the same time.
Ganeshbabu K
(Expert)
09 December 2013
yes one can act as director in more than one company,,
Ajay Mishra
(Expert)
09 December 2013
Yes, very much possible. a person can be a director of many companies.
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.
Penalty
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]
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.
Penalty
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]
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