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of <h1>Public companies need at least three directors; section 43A exception applies. Small shareholders can elect a director.</h1> Every public company, except those that became public under section 43A, must have at least three directors. Public companies with a paid-up capital of five crore rupees or more or with one thousand or more small shareholders may elect a director from small shareholders, defined as those holding shares worth twenty thousand rupees or less. All other companies must have at least two directors. Collectively, the directors are referred to as the 'Board of directors' or 'Board' under the Companies Act, 1956.
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