In accordance with whose advice, directions or instructions the Board of Directors of the company is accustomed to act: Who has control over the affairs of the company, directly or indirectly whether as a shareholder, director or otherwise or Who has been named as such in a prospectus or is identified by the company in the annual return referred to in section 92 or The term Promoter is defined in Section 2(69) of the Companies Act 2013 as It entails conceptualizing a business idea and taking the initiative to start a company so that the available business opportunity can be put into practice. Unlike a public limited company, which is forbidden from raising funds from the public, a private corporation is not required to produce a prospectus or complete the formalities of a minimum subscription. There are three important steps in this process: Formation of a Company is a time-consuming process that requires the completion of numerous legal formalities and processes,
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