This document discusses promoters and pre-incorporation contracts under Indian company law. It defines a promoter as a person who takes the initiative to establish a business organization. Though not defined in the Companies Act, promoters have certain fiduciary duties like disclosing profits and not making secret profits. The document discusses definitions of promoters and promoter groups under DIP Guidelines and judicial interpretations. It also outlines promoter liabilities and duties to disclose personal profits when dealing with the company. Pre-incorporation contracts are binding on companies after incorporation if adopted or ratified by them.

1. Module III Formation of Company Promoters Meaning, position, duties, and liabilities; Pre-incorporation contracts Sunday, June 7, 2009 Dr. Tabrez Ahmad, KLS, KIIT, BBSR, Company Law-I

22. Pre-incorporation contract Sunday, June 7, 2009 Dr. Tabrez Ahmad, KLS, KIIT, BBSR, Company Law-I