Is promoter a signatory to the memorandum?

In Prabir Kumar Misra v. Ramani Ramaswamy [2010] 104 SCL 174 case, the Court held that to fix liability on a promoter, it is not necessary that he should be either a signatory to the Memorandum/Articles of Association or a shareholder or a director of the company.

Is promoter a member of a company?

Promoters are a group of persons who conceive the idea of setting up a company. They are the shareholders of the company. Shareholders, as the term suggests, are the people who own the shares of the company. They invest in the company and are technically its owners.

Which of the following is mentioned in the memorandum of association?

A memorandum of association (MOA) contains a name clause, registered office or business location clause, objective or objects clause, liability clause, capital clause, as well as an association clause.

Who is promoter of a company and kinds of promoters?

A promoter conceives an idea for setting-up a particular business at a given place and performs various formalities required for starting a company. A promoter may be a individual, firm, association of persons or a company.

Who are called promoters?

A promoter is an individual or organization that helps raise money for some investment activity. Promoters often tout penny stocks, an area where false promises and misrepresentation of the company or its prospects have become commonplace.

Is promoter the owner of a company?

Promoters are the investors in the company. They are the owners of the company and have the right in profits of company. Promoters hold the shares of a company. Anyone can be a promoter of the company, its not necessary that a promoter is a directors.

What is MOA and AOA in company?

Memorandum of Association (MOA) is a document that contains all the fundamental data which are required for the company incorporation. Articles of Association (AOA) is a document containing all the rules and regulations that govern the company.

What is a MOA in business?

Memorandum of Agreement (MOA) A Memorandum of Agreement (MOA) is a written document describing a cooperative relationship between two parties wishing to work together on a project or to meet an agreed-upon objective. An MOA serves as a legal document and describes the terms and details of the partnership agreement.