As such promoter has not been defined anywhere in the companies Act, 1956. But in the normal defined sense promoters are the persons who come together to form a company with some object.
They take the necessary steps to carry that object into operation. Section 62 of the companies Act only refers to the liability of a promoter.
“The term promoter is a term not of law but of business usefully summering up in a single word a number of business operations familiar to the commercial world by which a company is generally brought into existing”. The promoters are the persons who bring a company into existence.
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