Companies Act, 1956
Sec 252 - Minimum number of directors.
(1) Every public company (other than a public
company which has become such by virtue of Section 43A), shall have at least
three directors.
Provided that a public company
having, -
(a) a paid-up capital
of five crore rupees or more;
(b) one thousand or
more small shareholders, may have a director elected by such small shareholders
in the manner as may be prescribed.
Explanation : For the purposes of
this sub-section "small shareholders" means a shareholder holding
shares of nominal value of twenty thousand rupees or less in a public company
to which this section applies.
(2) Every other company shall have at least two directors.
(3) The directors of a company collectively
are referred to in this Act as the "Board of directors" or
"Board".