16 June 2010
As per some of study done by me I have a view that an Individual cannot be appointed as a whole-time director of two company at a same time. And in our case MR P is already a WTD in two Company ie., A LTD & B PVT LTD and know Further, it is propose to Appoint MR.R as WTD in B PVT LTD who is already a WTD in A LTD. I have a doubt that we are not in a lawful compliance of Companies Act, 1956 relating to appointment of MR R as WTD in B PVT LTD. FURTHER A LTD & B PVT LTD as holding subsidiary relation. u can also view point (d) of schedule XIII PART I. PLS REPLY
17 June 2010
A person can be a WTD in more than one public limited company with the permission of CLB. There is no such restriction for Pvt Ltd Companies.According to u Mr B is already a WTD in B LTD find out since when and pl c the Co Sec and Auditors' Report filed with ROC for those years on this issue.
17 June 2010
IS EVEN THERE IS NO RESTRICTION ON APPOINTMENT OF PERSON AS WTD IN PRIVATE LIMITED WHICH IS A SUBSIDIARY OF LISTED PUBLIC CO.AND THE SAME PERSON IS ALREADY WTD IN THAT HOLDING LISTED PUBLIC CO.
17 June 2010
PRABHAKAR SIR CAN U TELL UNDER WHAT PROVISION WE MAY TAKE APPROVAL OF CLB. AS PER UR REQUIREMENT THE CO. HAD APPOINT THE MR R AS WTD IN YEAR 2005 AND ALSO AUDITOR REPORT OF THAT YEAR DOES NOT CONTAIN ANY QUALIFICATION FOR THE SAME. PL. CLARIFY THIS.
18 June 2010
Never heard regarding CLB approval for the appointment of WTD in more than one company or Two company.
Technically a person can be appointed as WTD only in one company at a time.
However as there is no provision/restriction in law regarding this so you may find few instances where a person is working as WTD in more than 1 company.
18 June 2010
ya ankur even i have never heard CLB Requirement.can u pl. tell me any future consequences if a person is appointed as such. even i have seen such appointment in big listed co. but logically this is not correct na?? how can an wtd in two co....
21 June 2010
RoC may object later on. We have to maintain good practice as authority may ask you questions any time and things may also change drastically any time. So why to take risk?
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