Functions

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Trade Unions

An organisation formed by trade workers that work for their common interest is Trade Union. Basically their aim is to work for their common interest and show it to the management. It was the year 1890, when for the first time the association of mill workers was formed in the name of Bombay Millhands Association. …

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Lokpal and Lokayukta

India is a country which can be the most preferred destination for investors and businesses by its high potential of the domestic market. It can be in the list of developed countries, but due to the presence of corruption and maladministration it is dragging behind. According to Corruption Perception Index(CPI) which is prepared by Transparency …

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Promoters of a Company: Legal Position

Promoters of a Company

Promoter is someone who brings about the incorporation and organization of a corporation. He brings together the persons who become interested in the enterprise, aids in procuring subscriptions, and sets in motion the machinery which leads to the formation itself.
Section 2(69) of The Companies Act, 2013 defines the term “promoter” as a person who has been named in the prospectus or is identified by the company in the annual return referred to in section 92, a person who has control over the affairs of the company, directly or indirectly whether as a shareholder, director and a person in accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to the act.