Dear Tanveer,
In addition to the disqualifications specified in sub-section (1) of Section 274 of The Companies Act, 1956, there is another disqualification, :
The person should not be a minor or under any other disability but should be one competent to contract.
In the case of a minor, though there is no provision in the Act, expressly disqualifying him, as he is not competent to contract, he cannot file either with the company or with the Registrar any valid consent to act as director, as required by section 264. But, as section 264 applies only to public companies and private companies which are their subsidiaries, there is nothing prohibiting a minor being a director of private companies.
But from a practical point of view, a minor can only be an ornamental director as he cannot be party to any transaction which requires competency to contract nor for the same reason can be delegated with any powers of the Board. He may possibly vote on all resolutions at Board meetings.
This is the answer to your question Tanveer...
Regards,
Veeral Gandhi