Greetings Members,
As per the provisions of the Section 252 of the Companies Act, 1956, a Public Limited Company needs to appoint at least 3 Directors in the Company. This minimum limit shall be maintained for ever till the time period the Company is not either wound up or become defunct.
My query is that, if suppose for a period of say 1 year this statutory minimum requirement of 3 Directors goes below 3 & not complied with, which means for a period of 1 year, if Company operates and transact all regular businesses with 2 Director, then what will be the repercussion. What penal provisions will be imposed on the Company as per the provisions of Companies Act, 1956.
Waiting for your quick response.
Thanks & Best Regards
Rajeev
