Companies Act and SEBI Act - Promoter
Pankaj
(Querist) 06 April 2011
This query is : Open
Dear Sir,
A company is established in 1960 as public company.with 3 directors and promoter. The company is also listed on BSE.
Later the company was acquired by others through acquisition of shares in the year 1970.
The people who acquired were not involved in promotion of the company in any way however they only responsible for growth of the company.
The 3 promoter directors resigned from the office of director and acquirer were appointed on the board of the company.
Now whether these acquirer can be termed as promoters? (under SEBI Act as well as companies Act)
