The correct answer is: D. Promoters
The promoters are the persons who initiate the process of forming a company. They are the ones who come up with the idea for the company, raise the necessary capital, and file the necessary paperwork with the government. Once the company is formed, the promoters become the first board of directors.
The shareholders are the owners of the company. They elect the board of directors, who are responsible for managing the company on behalf of the shareholders. The central government does not have any direct role in appointing the board of directors. The registrar of companies is a government agency that is responsible for registering companies and ensuring that they comply with the law. However, the registrar of companies does not have the authority to appoint the board of directors.
In conclusion, the first board of directors is appointed by the promoters. The promoters are the persons who initiate the process of forming a company. They are the ones who come up with the idea for the company, raise the necessary capital, and file the necessary paperwork with the government. Once the company is formed, the promoters become the first board of directors.