Resident/ Nominee Director shall have all the power and duties which are define for other Director of the company but subject to the approval of Board. He shall abide by all the provision for directors defines under Companies Act, 2013.
Penal Provisions
If a company contravenes this provision of companies act, 2013 then the company and every officer of company who is in default shall be punishable with fine which shall not be less than fifty thousand rupees but which may extend to five lakh rupees.
It was an ease process to get an Indian Director from the LEGASERV CONSULTANT. It just took a month to complete mine process and my business is running spontaneously.
It is important to note here that all companies – public or privately held – are required to appoint at least one Director to their Board who has stayed in India for not less than 182 days in the previous calendar year i.e. he should be a resident of India, at the time of company incorporation
For example: Annual return, Financial Statements and other key docs as may be required by law.
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