Section 215, The Companies Act, 2009

(1) The shareholding qualification for directors may befixed by the articles of association or by the company in general meeting and unless and until so fixed no shareholding qualification shall be required. (2) It shall be the duty of every director who is by the articles of the company required to hold a specified share qualification, and who is not already so qualified, to obtain his qualification within 2 months after his appointment or such shorter time as may be fixed by the articles. (3) The office of director of a company shall be vacated if the director does not, within 2 months from the date of his appointment, obtain his qualification or after the expiration of the period, he ceases at any time to hold his shareholding qualification. (4) A person vacating office under this section shall be incapable of being re-appointed director of the company until he has obtained his shareholding qualification. (5) For the purpose of any provision in the articles requiring a director to hold a specified share qualification, the bearer of a share warrant shall not be deemed to be the holder of the shares specified in the warrant.