CS Ankur Srivastava (Company Secretary & Compliance Officer) (17853 Points)
20 July 2011
Nominee Director appointed on behalf of Public Financial Institutions, Financial Institutions and banks on the board of companies should also be treated “officer in default” or a “director(s)” or “persons” as provided in Section 5 of the Companies Act, 1956. Accordingly, nominee director also comes under the ambit of officer in default and the they are also liable for compliance of various provisions of the Act.
CS Ankur Srivastava
(Company Secretary & Compliance Officer)
(17853 Points)
Replied 20 July 2011
No approval of Central Government will be required by the listed companies and their subsidiary companies, which are not having profits or having inadequate profits for payment of remunerations exceeding Rs. 4 lakh p.m., if the managerial person:-
(a) is not having any direct or indirect interest in the capital of the company or its holding company or through any other statutory structures at any time during last two years before or on the date of appointment and
(b) is having a graduate level qualification with expert and specialized knowledge in the field of his profession.
Mukesh Kumar Singh
(CA-FINAL)
(4094 Points)
Replied 21 July 2011
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