Before forfeiture of Rahul's shares, who are required to issue notice in this regard.

The correct option is Directors.

Step-by-Step Explanation:

1. Understanding Share Forfeiture:
Share forfeiture is a legal process where a company cancels the shares held by a shareholder (in this case, Rahul) due to non-payment of calls or installment money. Since it leads to the termination of membership, it must strictly follow the provisions of the Companies Act and the company's Articles of Association (AoA).

2. Authority to Forfeit Shares:
The management and administration of a company are vested in its Board of Directors. The power to forfeit shares is a fiduciary power held by the Board. Therefore, any decision regarding the forfeiture of shares, including the issuance of the mandatory warning notice to the defaulting shareholder, must be authorized and issued by the Directors (or by the company secretary acting under the express authority of the Board of Directors).

3. Why other options are incorrect:
- Promoters: Promoters are responsible for the incorporation and initial setup of the company. Once the company is formed and the Board of Directors is constituted, promoters do not have the administrative authority to manage share operations or issue forfeiture notices.
- Employees: General employees have no management control or legal authority over share capital and membership matters.
- Members: Members (shareholders) are the owners of the company, but they do not manage day-to-day administrative functions like issuing notices for unpaid calls. That responsibility lies solely with the Board of Directors.