Regulation 12 — Appointment of First Directors and Chief Executive Officer

(1) The subscribers
to the memorandum shall d etermine the number of directors and the names of the first directors in
terms of provisions of section 157 of the Act.

(2) The subscriber to the memorandum shall also determine the name of the first chief
executive officer in terms of provisions of section 186 of the Act.
(3) The number of directors as determined by the subscribers and particulars of first
directors and first chief executive officer shall be stated in the application for incorporation of
company as per Form-1.