Dear All,
Kinldy suggest whether a person can hold 2 KMP positions like CFO & CS at the same time as per New Companies Act 2013.
P C Agrawal
(Registered independent director Past Chairman of Aurangabad Chapter of ICSI Practicing Company Secretary at Aurangabad)
(8229 Points)
Replied 04 May 2014
Section 203(1) requires appointment of following KMPs:
i) MD or CEO or Manager or WTD;
ii) CS and
iii) CFO.
Intention of law seems to be that there should be at least one person from each of above 3 categories. DIR.12 also does not accept selection of multiple positions for same individual in single form. One will have to try to file two different forms - one as CS and one as CFO.
I am holding the view that same person cannot hold these two positions. However MCA clarification on this is expected.
abhay kumar
(Corporate & Legal Professional)
(23 Points)
Replied 17 August 2018
Dear Sir,
DIR-12 is accepting for selection of multiple positions for same individual in single form. Many Companies doing this type of Practics e.g. Asian Paints Limited a big listed company. But there no any clarification from MCA/SEBI or stock exchanges in this regard. There is need to tack action by ICAI/ICSI in this regard.
Landmark Judgments: Important Provisions of the EPF & ESI Act interpreted by the Honorable Supreme Court of India