Friends,
Under section 196 of the CA 2013 no person can be appointed as a WTD/MD/Manager for a term exceeding 5 years at a time. This is applicable for a independent private limited company also. So, what is the position for those Directors who have say served for 3 years in the Board already. Will 5 years be counted from 1st April, 2014 and a fresh resolution be passed for a 5 years therefrom.
Regards,
Hi,
As per my understanding, this should be considered only at the time of appointment/reappointment of WTD/MD when the contract with them will be made/renewed....
So the continuing Director should continue to hold the office till the original contract is in force.....
Regards
Saini Pati Shah & Co LLP, Chartered Accountants
Mumbai
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