23 January 2009
"Whole-time director" for purposes of section 269 is a director rendering his services whole-time to the company. The explanation to this section merely states that "whole-time director" includes a director in the whole-time employment of the company, and apart therefrom this expression has not been defined.
23 January 2009
Managing Or Wholetime Director, Link With Nature Of Duties, Not Designations Department's Clarification.-Whether a director is to be regarded as a whole-time director or as a managing director of the company would depend on the nature and extent of the duties entrusted to him and that the designation under which the appointment is made would no! make any difference in this regard. Thus, if a director is entrusted with managerial functions, he would be in the position of a Managing Director notwithstanding the fact that he may be designated as a technical adviser or as a technical director of the company. [Fourth Annual Report Year ended 31 st March, 19601.
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