as per section 196(3) of CA act 2013
No company shall appoint or continue the employment of any person as managing director, whole-time director or manager who —
(a) is below the age of twenty-one years or has attained the age of seventy years:
Provided that appointment of a person who has attained the age of seventy years may be made by passing a special resolution in which case the explanatory statement annexed to the notice for such motion shall indicate the justification for appointing such person;
however law is silent for part time directors, by taking plain interpretation at first instance it seems that a person below the age of 21 years can be appointed as a part time director
but when we file DIR-3 for application for DIN it shows error if Date of birth is such that 18 years are not completed for applicant,
therefore, it can safely be concluded that a person below the age of 18 years can not be appointed as a director due to DIN
a minor can become member of the company only for fully paid-up shares of the company there is a celebrated case law of Dewan Singh Hira Singh vs Minerva Films Ltd. on 24 September, 1958
NRE Certificate format required for filing on FIRMS (RBI)
Issue of shares under Employees Stock Options Scheme and/or sweat equity shares to person resident outside India
Can I receive payment from my clients in my bank account before applying for the commencement of the business certificate (Form INC 20A) ?Click here to view / answer Share it on
Will my company account get freezed if my client didnt filed INC 20A : Commencement of Business within 180 days from the date of incorporation?Click here to view / answer Share it on
What is the remedial action in case of a company whose name is removed from the register of CompaniesClick here to view / answer Share it on
Can a Handicraft Manufacturer create a Producer company. If Yes, then No Agriculture certificate is require to attach as the producers are not farmers.
However while incorporation It mandates to upload RTC or Agriculturist Certificate issued by revenue officer.
Kindly Clarify instead of Agriculturist Certificate, can we attach the Handicraft Board issued certificate.
Please clarify will be waiting for the reply.
Can we pay salary to Non Executive Director?
Could we issue single share certificates to transferee if multiple shareholders have transferred their shares to a single transferee on the same date by mentioning issued in liew of consolidation of share certificates from no. 13 to 43 .
Compliance Calendar LLP is Recognised as Startup by DIPP Under Ministry of Commerce & Industry, Government of India
Proposed director must have attained age of 18 years. PAN is required for registration process.