Proviso to section 203(3) of the Companies Act, 2013, allows KMPs to become non-executive directors in other companies with the permission of the Board.
In view of the above, Does BOD have to give permission on case to case basis, i.e every time whenever a KMP wishes to become non-executive director in any Company he has to take permisision from BOD again and again.
Will a general authorisation by the BOD that all present and future KMPs can act as Non-executive directors in any Company will be sufficient for this???
CAclubindia
