28 January 2009
is section 255 applicable for private ltd. companies, can all the directors of a private company be appointed as permanent directors. can a director be named as Managing director for life in the Articles of Association - Shivashankar
28 January 2009
pvt ltd companies are previleged with waiver of many sections of companies act, section 255 dose not applicable to pvt ltd companies, also, in companies act there is no definition as "permanent" or "directorship for life" the director can hold his position untill resigned/vacated. a director can be appointed as MD only by passing board resolution, and filing F.32, but ensure compliance of s.267.
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