DIRECTORS (Composition, Qualification & Appointment) – COMPANY LAW
A director in Company Law is the one who directs. This significant term follows the normal meaning under the Company Law as well. A Company being an artificial juridical person cannot act by itself. It is the individuals who severally and jointly run the business as representatives of the company and act on behalf of it.
The concept of the Board of Directors under Company Law, it is an extensive topic. Especially the Companies Act, 2013 which brought many new concepts of directors in order to be consistent with other laws in force such as Listing Regulations.
This article will cover the basics of directors, Board of Directors, the composition of Board of Directors, qualification of Director and appointment of Director, etc. Being one of the vast topics, it is hard to line up all about directors in one brief article. Let us begin with the basic terms:
BOARD OF DIRECTORS
Section 2(10) – “Board of Directors” or “Board”, in relation to a company, means the collective body of the directors of the company
As mentioned earlier, the company being an artificial person, its decisions are made by the group of individuals who are collectively called as Board of Directors, where it cannot be a body corporate or association or firm. Section 149 specifically states it is individuals who can become directors.
Section 2 (34) – “director” means a director appointed to the Board of a company;
This definition is more of a circular reference; it just tries to convey that one who is being appointed by the Board to be part of it is termed as director. It can be construed as a director is a person appointed to perform the duties and functions of the director of a company following the provisions of the Companies Act, 2013.
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