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The board of directors of a public company is elected by shareholders. The board makes key decisions on issues such as mergers and dividends, hires senior managers, and sets their pay. Board of directors candidates can be nominated by the company's nominations committee or by outsiders seeking change.
According to section 152(2) every director shall be appointed by the company in general meeting except where the Act provides otherwise.
Every business should have a board of directors to oversee its operations. The board creates governing documents, sets policy, and hires and directs executive employees. Board members have a fiduciary duty of responsibility for the corporation's assets and its shareholders.
1. Except as provided in the Act, every director shall be appointed by the company in general meeting. 2. Director Identification Number is compulsory for appointment of director of a company.
Section 2 (34) of the Act prescribed that director means a director appointed to the Board of a company. A director is a person appointed to perform the duties and functions of director of a company in accordance with the provisions of the Companies Act, 2013.
Provisions and Process of Appointment of Director in a Private Limited CompanyConsent of the Director in Form DIR 2.Obtain DSC and DIN of proposed Director.Call for a Board Meeting and EGM.Issue letter of Appointment.File Form DIR-12 to ROC.10-Nov-2021
According to the Companies Act, only an individual can be appointed as a member of the board of directors. Usually, the appointment of directors is done by shareholders. A company, association, a legal firm with an artificial legal personality cannot be appointed as a director. It has to be a real person.
Generally, the board of directors is responsible for making major business and policy decisions and the officers are responsible for carrying out the board's policies and for making the day-to-day decisions.
A new Director can be appointed to the company by the Board of Director by passing an ordinary resolution in an Extraordinary General Meeting or an Annual General Meeting.
The Format of Board Resolution for Appointment of Director of a Company can be used to record the appointment of Director in a General Meeting. For a person to become a Director in Private Limited Company, he/she requires a Director Identification Number (DIN Number).