Remuneration to whole time director

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S.M.Gulati

S.M.Gulati (Querist)
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03 February 2011 Can a whole time director of two limited companies (one of the company is a listed company)withdraw remuneration as whole time director from both the companies within the limits prescribed by the Schedule XIII.

Jayashree S Iyer

Jayashree S Iyer (Expert)
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03 February 2011 In my opinion a person cannot be appointed as WTD in two companies. WTD is in the whole time employment of the Company and by the very nature of office of WTD, a WTD cannot hold the office of MD or even a WTD in any other company, public or private.

As per Section 316, only MD or Manager can be appointed as MD of another Company.

Experts in the forum, please share your views.