can 1 person be managing director of 2 companies?
ajay arora (student-cs prof.) (106 Points)
07 August 2010
can 1 person be managing director of 2 companies?
12 Replies
Amit Sarawgi
(C.A. Final & Arical)
(101 Points)
Replied 07 August 2010
Yes my dear 1person canbecome director in more then 1 company.
CA Tushar Lakhanpal
(CA)
(416 Points)
Replied 07 August 2010
NUMBER OF MANAGING DIRECTORSHIPS SEC 316
* IT DOES NOT APPLY TO PRIVATE CO.
* A PERSON (ONLY INDIVIDUAL) CAN BE APPOINTED OR REAPPOINTED (MAX. FOR 5 YEARS ) IN A PUBLIC COMPANY
* UNANIMOUS DECISION IS REQD. BY THE BOARD U/S 316 FOR APPOINTMENT AS DIRECTOR IN SECOND COMPANY
himanshu
(ca)
(104 Points)
Replied 07 August 2010
yes it can be but there is formality and some requirement as per sec 316
jaikumar
(dealer)
(24 Points)
Replied 12 August 2010
Dear Friends.
Iam Student of IPCC. I have some Confusion about Study Material Provided By ICAI. I have Studied a Topic on Commercial Paper in Which
Minimumm Maturity Period as Per ICAI is . 7 days to One Year.
I have also Readed RBI Guidelines on Commecial Paper, in that Maturity period is Minimum 15 Days to One Year.
Which Is the Right Answer
Jaikumar Singh
Jaipur, 09001320715
vivek
(CS)
(751 Points)
Replied 12 August 2010
Right answer is 7 Days, this is not the right thread to response for the same check the below link.
vivek
(CS)
(751 Points)
Replied 12 August 2010
@ Mr. Jai kumar check the below link:-
/forum/maturity-period-of-commercial-paper-98869.asp
jaikumar
(dealer)
(24 Points)
Replied 12 August 2010
Dear Mr Vivek,
You are Right but we cant Ignore RBI Guidelines
Plz Chek In this File in Attachement for Commercial Paper
Attached File : 22 16259.pdf downloaded: 223 times
vivek
(CS)
(751 Points)
Replied 12 August 2010
@ Mr. Jai Kumar,
Ur contention is valid but the attachment is same wht i have earlier attached and that belongs to year 2000 and in supression RBI is issuing every year on 01st july Master Circular which is binding on everyone untill next amendment. Please refer my second attachment which clearly states minimum maturity period for CP is 7 days.
Regards,
vivek
(CS)
(751 Points)
Replied 12 August 2010
Please note the point 2 of the master circular issued on 01.07.2010, which is read as under:-
Refer:
RBI/2010-11/84
IDMD.DOD.14 /11.08.36/2010-11 July 1, 2010
2. A Master Circular incorporating all the existing guidelines/instructions/ directives on the subject has been prepared. It may be noted that this Master Circular consolidates and updates all the instructions/guidelines contained in the circulars listed in the Appendix, in so far as they relate to ‘guidelines for issue of CP’. This master circular has been placed on RBI website at www.mastercirculars.rbi.org.in.
The very same circular also states at page no.4 :-
4. Maturity
CP can be issued for maturities between a minimum of 7 days and a maximum of up to one year from the date of issue. The maturity date of the CP should not go beyond the date up to which the credit rating of the issuer is valid.
Regards,
jaikumar
(dealer)
(24 Points)
Replied 12 August 2010
Dear Mr. Vivek
Thanks a Lot for Providing me Details.
Jaikumar Singh
Vijayamahantesh V. Khannur
(Company Secretary)
(91 Points)
Replied 17 August 2010
Yes. but subject to unanimous approval of the board. also he can draw salary from both the companies but the limit is highest admissible of the both companies.
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