Who are the promoters of company??

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CA Devesh Bisht (Querist)

12 December 2015 Dear experts

If the persons who have started the company have exited from it, then who will be termed as PROMOTER of the company .
I am asking this regarding details to be filled in MGT-7 as "SHAREHOLDERS PATTERN-PROMOTERS"

Thanks

Anand Verma

Anand Verma (Expert)

12 December 2015 The promoters are the person who have started the company. If all the promoters have exited from the company then leave the space blank in MGT-7. The persons who are named in the MOA are the promoters and not the subsequent shareholders.

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Pratik Shah

Pratik Shah (Expert)

12 December 2015 I do not agree with answer of Anand Bhai.

Please refer Section 2(69) of Companies Act, 2013. the Act has given definition of the Promoter. Accordingly, fill up the details of the Promoters in MGT-7.
Thanks

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KAVIRAJA ADDANGADI

KAVIRAJA ADDANGADI (Expert)

12 December 2015 “promoter” means a person—
(a) who has been named as such in a prospectus or is identified by the
company in the annual return referred to in section 92; or
(b) who has control over the affairs of the company, directly or indirectly
whether as a shareholder, director or otherwise; or
(c) in accordance with whose advice, directions or instructions the
Board of Directors of the company is accustomed to act:Provided that nothing in sub-clause (c) shall apply to a person who is acting merely in a professional capacity

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