Viral Thaker (Company Secretary) (78 Points)
16 January 2012Dear All,
Mr. A is a Whole Time Director In XYZ Pvt Ltd. Now ABC Ltd wants to appoint Mr. A as a Managing Director W.E.F 31st December,2011.
Whether it is possible to appoint Mr. A as a Managing Director in ABC Limited in accordance with the Companies Act,1956
Regards,
Viral
Parashar
(Company Secretary 2004)
(1013 Points)
Replied 16 January 2012
In my opinion yes. Your first company is a pvt. ltd to which section 269 do not apply, so there is no problem subject to your AOA. Certainly in the case second company as it is a public ltd. you to follow the route of section 269 alongwith Schedule XIII. Wait for others valuable replies.........................!
ars
(CS)
(445 Points)
Replied 17 January 2012
NO. - If your query is that whether the same person can be a WTD in one co. and MD in other co. at the same time.
1. WTD - as the words themselves describe is that the director has to manage the affaires of the co. during the whole of office hours and beyond.
2. the act permits appointment of same person as MD in two diff. co. and not as a WTD.
3. The status i.e pvt or public co. does not matter here. what matter is the managing the affairs of the co.
CAclubindia
