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Add a Director's Introduction
The Articles of Association of a corporation are the source of power from which the Board of Directors derives the right to appoint new directors to the Board or dismiss existing ones, in accordance with sections 260 and 284 of the Companies Act, 1956. The addition of Directors must be covered under the articles of incorporation. The individual chosen must meet the requirements of the applicable Articles of Association sections and provide written consent to serve as a director, which the company must record with itself.
Process
- In accordance with Section 161(1) of the Companies Act of 2013, confirm whether the company's articles (AOA) enable the appointment of an extra director. If the company's articles of incorporation do not contain any such clauses, they should be modified to include a provision for the addition of a second company director.
- Second, submit a DSC application (Digital Signature Certificate)
- Request a DIN (Director Identification Number)
- If the individual set to become the new Director does not have a DIN, the company must be informed. In this scenario, the Company must adopt a Board Resolution before requesting a DIN for the suggested individual. This Resolution and Form DIR 3 must be submitted together.
- Once acquired, the DIN acts as the Director's permanent identification number.
- Gather the essential information and documents needed for the process.
- Forms DIR-2, DIR-12, and Form DIR-8 must be recorded at the ROC.
- The proposed Director must sign Form DIR-2 indicating his or her agreement to serve as the Director. Before suggesting somebody to be the Director, it is necessary to collect this document because it is one of the most crucial ones that is required to add a new director.
- Obtain the consent or approval of the person who will be chosen to serve as a director of the organisation under the suggested design.
- If the company wishes to nominate him as a director, then the individual should be confirmed as a director by shareholder resolution at the general meeting.
After the process
- Organize a board meeting.
- The Company must give notice of an Extra-Ordinary General Meeting in order to appoint the Director, which requires a General Meeting. It is important to make sure that this notice is published in compliance with the requirements of the Companies Act of 2013 and the Secretarial Standards established by the Institute of Company Secretaries of India.
- Adopt the resolution calling for the hiring of a new director.
- A letter of appointment should be issued.
- The Company must submit Form DIR-12 to the Registrar of Companies within 30 days of the appointment date after the appointment letter has been issued and the payment terms have been agreed upon.
- The company must then add the appropriate information on the Register of Directors and Managerial Personnel.
- The Company must also submit applications for any necessary updates to the Director's information on the GSTN and other Certificates as needed.
- As a result, the name of the new company director will be available on the MCA website.
Documents needed for Pvt Ltd Company Changes
- Passport
- PAN card as identification proof, self-attested
- Residency documentation (electricity bill, rental agreement, Aadhar Card, Voter ID, Passport, Driving License)
- A passport-sized photo
- Certificate of the proposed Director's digital signature
- (Passport required for foreign applicants; PAN card required for applicants from India)
FAQ
Who is the director of a company?
Directors are defined as the officers of a company. The directors are termed to be the person who are elected by the shareholders to direct, conduct and manage the affairs of the Company.
A board of directors can be expanded by adding new members, but how?
A resolution must be approved at an EGM or Annual General Meeting in order to add a new Director to the Board of Directors.
Does a director need to have a digital signature?
No, having a digital signature is not seen as being required for any director. However, if a director has a DIN, they are eligible for a digital signature.
Can DIN be renewed?
A DIN cannot be renewed, sorry. Its legality is contingent on the annual KYC file, nevertheless.
What is the bare minimum and maximum of directors that a corporation can have?
A private limited company must have a minimum of two directors and a maximum of fifteen. At least one of the directors must be an Indian national.
Can directors be appointed by the Board of Company?
Although the shareholders of the Company appoint the Director of a Company in a general meeting, the Board of the Company, if authorised by the Article of Association of the company can appoint an additional director along with nominee and alternate directors.
Can company directors be held accountable for crimes committed during their tenure?
Yes, directors may be held accountable for any such criminal conduct or transactions that took place under their watch.
Is shareholder ship a prerequisite for a directorship?
No, it isn't thought necessary for a director to own stock in the company.
Do directors have the right to receive compensation from the company?
In accordance with Company policies, directors are qualified to receive compensation from the Company if they work there full-time
Do additional directors have the authority to sign a balance sheet?
Additional directors are, in fact, qualified to sign the balance statements. A second director is qualified to sign a balance sheet since they have the same privileges and authority as the other directors of the company.
Can an additional director be appointed as a managing director of a company?
Yes, an additional director can be appointed as a managing director of a company only if the shareholders of the company approve such an appointment at the general meeting of the company.
Is it possible to fire a director from the company?
It is true that directors may be fired from the Company. By voting in favour of an ordinary motion at a general meeting, the Company's shareholders can remove a director.