 "The concept of ‘promoter’ is dead")
In other countries, the concept of the founder/promoter of a company has relevance at the time of the founding — whose idea it was or who initiated formation of the company, a bit like the parents’ names when a child is born. Thereafter the founder/promoter becomes a mere record; certainly so, after decades have passed. The firm is supposed to be under the control of a management, overseen by directors, acting on behalf of the shareholders.
In India, the concept of promoter continues forever and is stated in statutory records. This is ridiculous because the promoter is neither a trustee nor
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