12 April 2016
But section 203(3) says that A whole-time key managerial personnel shall not hold office in more than one company except in its subsidiary company at the same time.
With the permission of the Board of a company, a key managerial personnel can act as a director of any other company.
12 April 2016
As per my interpretation :- the phrase "shall...office" , the term “office” would be , if the director holding it receives from the company anything by way of remuneration over and above the remuneration to which he is entitled as director, by way of salary, fee, commission, perquisites, any rent-free accommodation, or otherwise. Thus assuming your MD is only getting fees for being member of committees of any other company. So I am of the view he can be a member of the committee
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