Qualification shares
This query is : Resolved
18 October 2013
is there any exception to section 270......... lyk does director is bound to purchase a share of the company as qualification share where value of a share is rs.10000???
watng 4 experts opinion on ths
19 October 2013
Dear Rahul,
A director is required to purchase qualification shares only if it is prescribed under the Article of the company.
However, if it is provided under the Articles, then it shall be necessary to purchase the share irrespective of the nominal value of 1 share be it Rs 1000 or Rs 10000 or 1 lakh.
Refer sub-section 3 of Section 270.
A director is required to purchase qualification shares only if it is prescribed under the Article of the company.
However, if it is provided under the Articles, then it shall be necessary to purchase the share irrespective of the nominal value of 1 share be it Rs 1000 or Rs 10000 or 1 lakh.
Refer sub-section 3 of Section 270.
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