Discuss the role and legal status of a promoter.

The promoter has not been defined any where under the Companies Act, 1956. The Act, only states that a promoter of the company shall also liable for mis-statement in the prospectus.

Therefore, from the functional point of view, a promoter can be defined as a person who does the necessary preliminary work identical to the formation of the company. The first persons who control a company’s affairs are its promoters.
Functions of promoter: The following are the functions of a promoter they are follows:
(a) Who conceives the idea of business.
(b) Originates the scheme for formation of the company.
(c) Takes necessary steps to incorporate the company
(d) Provides initial capital or loan funds.
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