The Registrar also insists on it to be filed at the time of incorporation.
Ø The particulars of the director’s shareholding will be entered in the Register of Directors’ Shareholdings. Ø Information relating to the director’s interests in other companies, firms and also names of his relatives for the purposes of sections 297 and 299 of the Act will be obtained.A general notice of the interests under section 299 will also be given in Form No.24 AA prescribed under the Companies (Central Government’s) General Rules & Forms, 1956.Appointment of first directors at a general meeting A public company and a private company which is a subsidiary of a public company must hold an extra ordinary general meeting before the first annual general meeting and appoint the first directors by passing ordinary resolutions.In that case, regulation 64 provides that the names of the first directors shall be determined in writing by the subscribers of the memorandum or a majority of them.In such a case, the subscribers must determine the names before or at the incorporation of the company and give intimation thereof to the Registrar by Form No.Section 253 says that only individuals can be appointed as directors.
Thus, a body corporate, an association of persons or a partnership firm cannot be appointed as director of any company.
Procedure for appointment of first directors at general meeting Ø Consent of the directors named in the articles of association in Form No.29 prescribed under the Companies (Central Government’s) General Rules & Forms, 1956 shall be filed with the Registrar of Companies [section 264].
This is not required in the case of a private company unless it is a subsidiary of a public company.
The above statement can be inferred by reading section 254 of the Companies Act, 1956 which says that in default of and subject to any regulations in the articles of a company, subscribers to the memorandum who are individuals shall be deemed to be the directors of the company, until the directors are duly appointed in accordance with section 255.
The articles may adopt the provisions of Table A (Regulations for Management of a Company Limited by Shares) of Schedule I to the Companies Act, 1956 in the articles of association of the company.
Therefore, a private company is free to provide in its articles the manner of appointment of first directors.