Hello Every body.,
Can any let me know about the following query...:-
1. How many MD/WTD/Manager a Public/Private Company can appoint at a time..?
2. How many Companies (Pvt. Co/ Pub Co.) a person join as MD/WTD/ Manager...??
4 Replies
Pratibha
(Service)
(94 Points)
Replied 04 October 2010
every public company (including private company which is subsidiary of public company) having paid up capital of Rs. 5 crores or more must have a Managing Director or Whole time Director or Manager. (private company and Govt. company exempted with this provision of the Companies Act, 1956)
Managing Director or Manager can join more than one company with unanimous Board Resolution and can join more thant two companies with approval of Central Govt.
Whole Time Director cannot join more than one company.
Thanks & Regards,
Ajay Mishra
(Company Secretary)
(74342 Points)
Replied 05 October 2010
Agreed with Ms. Pratibha.....
The provisions of appointment and re-appointments of MD/WTD of Companies Act, 1956 will not apply to private company.
Regards
Arvind Sharma
(ACA)
(1432 Points)
Replied 05 October 2010
tell me
whether CG Approval is required
if a person already employed as MD in two Pvt Co (not subsi of Pub Co.)
to appoint him as MD in a Pub Company..??
As I read, the ans is yes....
If you have diff view or same view please reply and as far as possible please mention Sec no. or Citation...
Thanks for reply...
Pratibha
(Service)
(94 Points)
Replied 05 October 2010
As mentioned that Pvt. company is exempted from the provisions of Section 316, so CG approval is not at all required.
Thanks & regards,
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