Sec 2(67) DEFINITION OF PROMOTER

No a shareholder can become a promoter of a company as he wasn't a shareholder at the incorporation of the company

Following is the definition of promoter as per companies act 2013

Section 2 clause 69

(69) "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;

If Shareholder Have Controlling power ,than can be classified as promoter/promoter group ,if company is listed then what is control ,is to be seen so deeply that investor is not protecting his investment only ( like Sebi Order in Jet Airways and Etihad) else Takeover will trigger...for listed company refer ,Promoter definition as per ICDR which is more comprehensive than as per companies act,2013

 

Definition of Promoter asper Companies Act and ICDR is same.

Provided further that a financial institution, scheduled commercial bank, foreign portfolio investor other than individuals, corporate bodies and family offices , mutual fund, venture capital fund, alternative investment fund, foreign venture capital investor, insurance company registered with the Insurance Regulatory and Development Authority of India or any other category as specified by the Board from time to time, shall not be deemed to be a promoter merely by virtue of the fact that twenty per cent. or more of the equity share capital of the issuer is held by such person unless such person satisfy other requirements prescribed under these regulations;