15 April 2011
Is it compulsory for a private limited company to appoint a managing director, manager or a whole time director? Please specify section if any..
15 April 2011
No need to appoint any managerial person (Managing director, manager, WTD) for Private company.
However sec. 269 of companies act,1956 Every public and every private company which is subsidiary of any public company, having a paid up capital of Rs. 5 Crore or more shall require ton appopint managerial person( MD or Manager or WTD)in accordance with provision of Sch. XIII
So in reply of your quetion: no need to appoint any Managerial person in private company under the companies act,1956
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