15 September 2009
The companies act,1956 does not define a 'whole time director. However, explantion to section 269 states that the expression 'whole time director' includes a director in the whole time employment of the company. By virtue of the whole time employment, a whole time director cannot act as such in more than one company.
But my answer is a bit different. If both the companies are group companies having regd./corporate office in one premises then there is no issue at all.
As law is silent regarding WTD and explanation of 269 is not mandatory in nature (just an explanation) a person may be a WTD in 2 companies.
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