Appointment of Director

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Documents required for Appointment of Director

The following documents must be submitted to the FSSAI for obtaining Central FSSAI License:

• Passport
• Identification proof (PAN card)
• Proof of residence (electricity bill, rental agreement, Aadhar Card, voter ID, passport, driving licence)
• Passport size photograph
• Digital signature certificate of the proposed director
• PAN card: mandatory for an Indian applicant
• Passport: mandatory for a foreign applicant.

Types of Directors

There are various types of director of the company, the following are mentioned below:

Executive Director

An executive director is also known as “Whole-time director” he is the one who is a full-time employee for a particular company.

Managing Director

A “Managing Director” means a Director who, by virtue of an agreement with the company or a resolution passed in its general meeting, or by its Board of Directors, is entrusted with substantial powers of management of affairs of the company.

Ordinary Director

The ordinary director is the one who will attend the Board of meeting or some important matters in the company.

hese types of directors are a way different to the Managing director and Executive director.

Alternate director

Usually, alternate Directors are appointed for a person who is Non-Resident Indian (NRI) or for foreign collaborators of a company. Alternate Director is someone appointed by the Board of Directors in a general meeting to act for a Director called the “original director” during his absence.

Nominee Director

Banks and Private Equity investors who grant debt or equity assistance to a company generally impose a condition as to the appointment of their representative on the Board of the concerned Company. These nominated persons are called Nominee Director.

Professional Director

Any of the directors acquiring the professional qualifications and do not have enough interest in financial interest is known as Professional Director.

Who can be the Director of a Company?

The following conditions are applicable when appointing a director

He or she should not have been sentenced to imprisonment for any period, or a fine imposed under a number of statutes.

They should not have been detained or convicted for any period under the Conservation of Foreign Exchange and Prevention of Smuggling Activities Act, 1974.

He or she should have completed twenty-five (25) years of age, but be less than the age of seventy (70) years. However, this age limit is not applicable if the appointment is approved by a special resolution passed by the company in general meeting or the approval of the Central Government is obtained.

They should be a managerial person in one or more companies and draws remuneration from one or more companies subject to the ceiling specified in Section III of Part II of Schedule XIII.

He or she should be a resident of India. ‘Resident’ includes a person who has been staying in India for a continuous period of not less than twelve (12) months immediately preceding the date of his or her appointment as a managerial person and who has come to stay in India for taking up employment in India or for carrying on business or vocation in India.

Current Account Opening

A current account is a type of deposit account that helps the professionals and businessmen to run their business. Businessmen can avail various benefits by Online Current Account such as:

• Unlimited transactions
• Customized features
• Online banking services

Online current account reduces the hassle and provides the benefit to complete the banking process anytime and anywhere.

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